Consider the following tips for avoiding common pitfalls when buying luxury homes in Florida:
- Private or Public Spaces – A waterfront home is often considered a luxury, but many homeowners may not think about whether the waterfront advertised is private or public before making an offer. The term “public” may also refer to members of the same community being able to access the waterfront, similar to how members of an HOA can access pools and other amenities. To know your rights, speak to a Realtor.
- The Difference in Terminologies – A waterfront property is drastically different from a home advertised as inclusive of a “water view.” Some of the implications with the varied terms include the owner being able to flex their muscles with restrictions and new structures. As an example, owners with waterfront property may be able to deny access to others, build a new pier for their own use or apply for the relevant licensing for waterfowl hunting. A water view may merely give a view, as described.
- Planning and Zoning – As an example, perhaps you’re buying a waterfront property in West Palm Beach. Should you plan ahead for new developments or simply go with the flow? If you anticipate building common structures like a pier or fence line to maintain privacy, it’s always recommended to check with the district’s planning and zoning departments. This way, you prevent the nuisance of arguing with neighbors. It’s easier to cross your Ts and dot all Is when buying luxury homes in Florida.
- The Cost of Upkeep – It’s one thing to buy a waterfront property in Palm Beach County and quite another to maintain it. Like most real estate transactions, owners are advised to learn about the hidden costs of ownership. In the case of luxury and waterfront homes, the surmounting costs that can be expected include fees for thwarting soil erosion and new permit fees, in addition to general maintenance. Unlike renters, homeowners must further conduct annual checkups on the home’s systems and appliances so budget accordingly.
- The Caliber of Agent Chosen – Using a Realtor can make your life much easier when it comes to the real estate experience. In a similar example, if you’re shopping for a waterfront property in Palm Beach County, an agent can narrow down the ideal choices and steer you in the right direction, through to getting the key in your hands. In addition to a real estate agent, buyers will have to search for several other professionals, including an inspector, appraiser, lawyer, escrow manager and more. A real estate agent can connect you easily with local professionals.
By evaluating the above tips, prospective buyers can make the deal with their eyes wide open. Surprises are furthermore limited when you work with a qualified real estate agent. If you’re shopping for oceanfront homes for sale in Fort Lauderdale, Palm Beach or Miami, contact us. Florida Exclusive Homes has more than a decade of experience in the luxury market in Florida homes.