Things to Consider when Buying Waterfront Real Estate. If you are ready to put an offer in on a coastal RI real estate property there are a number of things to consider: homeowners insurance for coastal area, flood zones, structural lower level wash away walls, etc. On the water, water view or just by the water there are challenges as you should be aware of.in living by the water in Rhode island real estate .
Hurricane or storm surge windows and construction meeting home insurance requirements must be considered.
A waterfront RI real estate property has challenges sometimes meeting current insurance requirements depending upon the year built.
You want to ensure that any home inspection process for you covers all aspects of a coastal review to meet current codes. From roofing tiles to pilings or supports of the oceanfront home, these are not points to be overlooked. Otherwise, you will be need to factor that onto after purchase costs to own your coastal home.
Knowing your flood zone and requirements for maintaining the integrity of the waterfront home is necessary. The flood zone determination should be part of the purchase and sales process and not left to the listing side. Ensure your real estate agent is skilled and knowledgeable in these areas.
Be aware that flood zone maps changed in the fall of 2010 ( primarily due to Hurricane Katrina and weather changes) and all coastal RI towns have them on file. Find out the classification of the flood zone for your potential coastal RI real estate purchase. Depending upon your flood zone classification, the annual cost will vary.
It is all part of making the waterfront RI real estate home on Narragansett Bay or the Atlantic Ocean come together for you in any purchase. Thinking of buying waterfront RI real estate? Time to talk with me about your wants and needs. I would love to help and am knowledgeable in waterfront home purchases, so reach out to me at 401.529.7849 to set up an appointment now. Things to Consider when Buying Waterfront Real Estate.
Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings and important tidbits of information well.