There are real benefits from buying a lakeside or riverside property. There is nothing more tranquil than living near water and the resale value on these properties is usually high. However, living near water also comes with certain risks. Many rivers, for instance, can flood or develop smells depending on the weather. 

Look into insurance – it can be costly and complex

The cost of insuring a lakeside or riverside property is likely to be a major expense. The cost will depend on factors like its location and elevation. Look into this early to find out as much as you can. In some areas, you have to buy a flood policy, a wind policy and a general hazard policy. 

If you want to find out if the property lies within a flood zone, you can find out from the Federal Emergency Management Association’s (FEMA) website, where there’s a map of local flood zones. Lending institutions require flood protection if the property is in a flood zone. 

Find out about property issues and restrictions

You may fall in love with the idea of living in a waterfront property but the reality may be different from what you imagine. Some areas will have restrictions on speedboats and other watercraft so your idea of cruising around the lake may stay a dream. You may find that it’s difficult to get to the water and the place is not that private. 

You can change the house but you can’t change the location so you need to find out as much as you can about the property. It may help to talk to neighbors and find out what they love about the location and if there are any issues you should know about. This will help you to settle on a property that truly fits your lifestyle. 

Find out about the risks of flooding

Waterfront homes are often more exposed to the elements than the average home. Extra measures may need to be taken to protect them. For example, storm shutters may be needed in areas with severe storms. Many rivers will break their banks after a huge storm. Provided the home is well above the level of the river, you should be safe from flooding. 

If your home is flooded, the damage you’re left with can be extensive. You won’t just need to get rid of the water but to mitigate damage. You will need to get help fast and water damage restoration in Phoenix, Fire and Water Recovery and Restoration will quickly get things back to normal for you. 

Look into utilities if it’s a rural area

Buyers accustomed to the conveniences of city or suburban life may assume that certain services are available. You will need to check if utilities like electricity, the septic system and clean water are available. 

If you need to bring these services to remote areas, it can be very expensive. You will also need to check there’s internet in the area as this could be a major consideration, especially if you work remotely. 

Know your responsibilities

If you are part of a homeowner’s association, you may have certain upkeep and maintenance requirements. Talking to the homeowner’s management company is essential if you want to know what’s expected of you. There may be various restrictions on what you can do on your property. 

You may want to add a dock and find out you are not allowed to do this. You don’t want to purchase a million-dollar house and find you can’t do what you want to do on the property.