Five Mistakes to avoid when buying waterfront Homes

KEY WEST, Fla. - March 31, 2014 - PRLog -- Per Richard Medlin Top producing Key West Luxury Home Expert, " There are 5 major things that buyers need to consider when buying a waterfront property.

1. Not Understanding the importance of controlling Depth.

When buying waterfront property, both the actual value of the property and it’s usefulness as to boating are governed by controlling depth.

2. Not knowing what types of Boats are allowed.

Generally there is no problem with pleasure craft, however jet skis and commercial fishing boats can be a problem based on neighborhood (subdivision) restrictions (if any)

3. Not paying attention to Flood Zones.

What type of Flood zone is the home you are buying?

For example flood insurance for a home in a VE will be triple that of a home in an AE zone. So one of the first things to find out is the Flood zone and then check with a local insurance company as to costs.

4. Using outside of the area lenders.

If you are buying waterfront property in Florida and are considering a lender in Colorado, you can have a problem. Why?

Because lenders outside of the state can place prohibitive restrictions on a property.

5. Not determining area (county or subdivision) rental Laws.

If you are considering using your waterfront home as a rental, look into the area or subdivision zoning laws as to rental periods allowed.

For example-can you only rent monthly-every 6 months or are weekly rentals allowed. Whatever the law, it will make a big difference in both ease of renting and your potential income.

About Richard Medlin

REALTOR Florida Keys Real Estate Co, specializes in the sale of Luxury Properties in the Middle to Lower Florida Keys and Key West area.
For more information see www.homesofthekeys.com
Contact Name:Richard Medlin Contact Email:medlinrealtor@gmail.com