Who doesn’t want a waterfront home? The idea of seeing the lapping waves of the ocean or a beautiful river flowing nearby is often a prized idea for many. After all, is there anything that demonstrates the beauty and power of nature more than flowing water? The ocean is perhaps the most impressive part of our planet, as the views are second to none.
That said, water houses do have certain caveats to keep in mind. Sure, you might not expect a tsunami anytime soon as is the major worry for many coastal areas in some countries (like Japan), but that doesn’t mean there aren’t practices to keep in mind. In this post, we’ll discuss what some of those are, and how you could plan for them, if intending to move into a coastal home:
Local Erosion
Now, before you get completely carried away by the beautiful view, it’s very much important to find out exactly how the land under and around your potential home has been changing over time. Coastlines and riverbanks are always moving, which means some areas lose ground much faster than others. You can often ask the local council or survey office for old maps or records to see how much property has been lost to the water over the last few decades.
Knowing the rate of erosion gives you a bette idea of how much risk the foundation of the house might face in the coming years. Why? Because the little stretch of sandy beach could be completely gone in a relatively short time, and it’s important to remember that, as it changes the whole value proposition of buying the house.
Consider The Home’s Elevation
The elevation of the house, meaning how high it sits above the average water line, is going to have an impact depending on how close to the water you are. A few extra feet of height can potentially help you ignore most storm surges. If you can, you should look at the official flood maps for the area and understand the zone the property falls into, because that will help you plan everything from insurance costs to building restrictions.
You also want to make sure the house sits well above any historically recorded high water mark. The zoning rules will also let you know if any flood defence barriers have already been mandated for the area or if you have to invest in that yourself.
Review Insurance Coverage Requirements
When you buy a home near water, your homeowner’s insurance policy often won’t cover damage caused by flooding (yeah, we know), as flooding is considered a different issue from damage caused by a burst pipe. Flood insurance is often a separate policy and is something you should look into deeply before signing any papers. The cost of this coverage is directly tied to the property’s flood risk, of course, and insurers are very careful about judging what quote to give you based on the likelihood of your home being wetter than average, lets say.
However, we’d suggest you ask if any specific mitigation efforts, like elevating the utilities, are required to get the best rate. The true total cost of owning the waterfront home must include the full cost of the insurance coverage, perhaps more than any other property.
With this advice, we hope you can more easily live near the water if you intend to, but knowing what to expect.
