There is a difference between buying a waterfront home and buying the usual house. Before you go looking at the gorgeous Lake Minnetonka waterfront homes for sale, check out these helpful guide on buying homes by the water:
Understand the responsibilities of owning a waterfront home
Owning a waterfront home poses unique challenges and responsibilities that typical homeowners may be unfamiliar with, among them, dock repairs and boathouse maintenance. You’ll also have to deal with weather and water damage which are common with these types of properties.
Look into all aspects of the property
A waterfront home is more than just the house itself. You’re also buying the view, privacy, and access to the water. It’s important that all other aspects of the property are in good condition before making an offer. Remember, you can always change the house, but not the location.
Find out everything you can about the body of water your property is in. Take a look at the water quality, depth, and the type of fish swimming in the area. Doing this will let you know if your potential waterfront home is more suited for fishing, swimming or other water activities.
Figure out what you can (and can’t) do with the property
When building structures on the water, you need to get permits from local government agencies and follow zoning rules. Before making your purchase, know the extent of customizations you can make with the property. Imagine purchasing your dream waterfront home only to find out that you can’t really make it your own.
Aside from permits and zoning, you should also take a look at the homeowners’ association (HOA) presiding over the property. The HOA may have their own rules about the maintenance of the property and certain conditions, covenants, and restrictions you have to follow.
Find out all you can about the neighborhood
Talk to potential neighbors or other members of the community so you can get better insights into the neighborhood. Ask them what they like about the area, what needs improvement, and how tightly knit the neighborhood is. You should also inquire about waterfront-related issues they have with their property.
Get a home inspection
Getting a home inspection is especially crucial for waterfront homes because, as said earlier, they’re more susceptible to water and weather damage. With a home inspection report, you’ll know if a home has major issues like structural defects, plumbing or septic tank problems, and the like.
Find the right real estate agent
Getting the right real estate agent for the job is key to a successful home buying experience. It’s best to get a realtor with experience in dealing with waterfront properties and who is knowledgeable about the area you’re buying into.
A realtor specializing in waterfront properties will know what to look for when viewing homes, what type of questions to ask the seller, and how to get you the best deal possible.
Ready to buy a waterfront home? Learn more about Lake Minnetonka real estate and your options in the area by getting in touch with me, Adam Fonda. Give me a call today at 612-308-5008 or send a message to adam(dotted)fonda(at)lakesmn(dotted)com.