Have you ever thought living on a beach with the ocean at your feet or a lake house with endless opportunities for fishing, boating, or simply relaxing waterside?

Although this is a dream for many homeowners, owning waterfront property comes with many positives and negatives that you may not realize. Unlike your primary residence, there are different things to consider before purchasing a waterfront property. Everything from lifestyle and activities to location and lake specifications will need to be researched before signing on the dotted line. Here we break down the do's and don'ts of buying a waterfront home.

photo by Roger W / CC BY-SA

Do:

The first thing you should do when thinking about buying a waterfront home is determining your lifestyle and needs. The same questions you asked when buying your primary residence are still at play here. How important is proximity to conveniences like grocery stores and hospitals? You'll also need to decide what activities are most important to you. Boating, fishing, and kayaking all require different bodies of water and storage facilities. If you want to boat then you will need to look for waterfront homes that have a dock or seawall as well as the proper water depth. If you want a more intimate experience, then smaller lakefront properties for kayaking and canoeing are best, as they tend to work better on calmer and less crowded lakes.

Deciding on a lake or beach home is a significant investment and that's why you need to determine how much time you will spend on this waterfront property. Will you use it once a year or during an entire season? Some homes lack the necessary insulation or a central heating system, which will make it difficult to live in during colder months. It's also important to consider the location of the home. Do you want it to be two or three hours away from your primary residence? Real estate agents say more than a three-hour drive will not allow you to take advantage of spending time in your waterfront home. You also need to consider the amount of traffic it will take to get to your waterfront home. Driving in traffic every weekend during the busy summer season is definitely not a good - or relaxing - way to spend your time.

Once you've figured out your what you want, you will need to research a variety of properties because not all waterfront homes are alike. Find out if the home has a sandy beach, unobstructed water views, flat lots, proximity to water, privacy, and whatever else you find important in a secondary residence.

It's also important to hire an agent who specializes in waterfront properties. They will have more knowledge about the area like lake depth, road clearings, and building permits. They will also know if the bottom of the lake is rocky, sandy, muddy, or full of oyster beds that can make getting boats in and out of the water difficult. Agents will help you not only find your ideal waterfront home but a great waterfront property too. After all, you can always make changes to the home but you can't make changes to the land.

photo by Unsplash / CC0

Don't:

Don't fall in love at first sight. Homebuyers usually fall in love with the house at first sight. But it's important to not get carried away after simply pulling up to the property. Scope out a variety of options and see which ones meet your needs as well as budget.

Don't avoid insurance policies. Insurance is extremely important when buying a lake or beachfront property and it shouldn't be neglected. It's typically sold separately from general homeowner's insurance, and, depending on the location of where you buy your home, it can come as three separate policies altogether, typically wind, flood, and general hazard insurance policies.

Don't neglect your responsibilities as a waterfront homeowner. Homebuyers should check the structure of the home to see if it can withstand the natural elements. Typically, waterfront homes receive more abuse than ordinary homes because of their proximity to large bodies of water. Investing in storm shutters in hurricane-prone areas as well as stainless-steel locks to avoid corrosion from salt air is a must. You should also find out if there is a homeowner's association that manages the lake area where you plan to buy your home. Find out what your responsibilities will be in regards to the maintenance of the property and review the conditions, covenants, and restrictions carefully.

Don't buy a boat before the lake home. Sure you are excited to buy a lake house where you can take out your boat whenever you want but it's important to research and select the right waterfront property. Lakes have different boat and motor size restrictions and limitations so it's necessary to look for lakes that will accommodate the boat size you have in mind.