The opulence and luxury involved in living on an oceanfront lot can be attractive. If you've explored home prices for oceanfront real estate and think you may be able to buy a property, you might find yourself eager to start exploring. However, to actually end up with the keys and deed to an oceanfront place, you'll need to contend with these details first.
Getting Mortgage Approval
Even if you've bought a house before, it's important you realize that oceanfront properties work a little differently. Because they tend to be much more expensive than others, it can be more of a nerve-wracking experience to seek a loan. It's quite an investment for you and a bank to deal with, and you need to look at interest rates more closely since you may be paying them longer.
Oceanfront mortgages can sometimes need more time to be processed, so work with lenders as soon as you're set on an oceanfront place. The freedom you'll then have to ogle properties in your own range--knowing you can pay for them--will simplify your property search quite a bit.
Exploring Littoral Rights
If living near land is something you've always done, the phrase "littoral rights" can seem foreign. Basically, these rights apply to the right of the property owner to use the shore and water that lies adjacent to their home or land. This information can let you know whether you'll be able to build a staircase that lead down to the beach or build a dock in the water. If an oceanfront property doesn't include littoral rights, you may not be able to stop people from sitting on the beach in front of it. Therefore, see what you can find out about the littoral rights attached to the properties you're considering.
Thinking About Floods
Many oceanfront properties are what's considered a flood risk. Your mortgage lender may require that you carry additional flood insurance. If you do, make sure to consider how the extra costs will affect your monthly budget.
Check Bulkheads
Just as fences surround a property, if you're going with an oceanfront property, it's likely to have a bulkhead in place to deter flooding. Just as you'd inspect a fence, you should be inspecting the bulkhead to look for cracks and other signs of damage. You may need an entirely new one; if that's the case, that's something that should be discussed with the oceanfront property seller.
