If you’re thinking about moving to the Austin area, please reach out to one of our agents! With every closed transaction, agents donate a portion of their commission to help provide pure water to impoverished communities. Pure Realty matches those donations 100%. Learn more about our mission here.
Austin, TX is surrounded by some of the most beautiful rivers and lakes in the country. Lake Travis is nestled among the green hills, and the Colorado River snakes through the middle of downtown.
Living alongside the water is the dream, for a lot of people, but there’s a lot that goes into buying a piece of waterfront property.
Perks of Waterfront Property
It’s probably not difficult to imagine all the great benefits of living on a lake or the beach, but in case you forgot:
- The views are (probably) fantastic.
- There’s plenty to do: kayaking, swimming, fishing, canoeing, etc.
- It’s a great investment! Waterfront property is extremely limited, so as demand increases and inventory stays the same, the value on that property will increase more than properties elsewhere in the area (or at least, that’s the most likely scenario!)
- Potential for more privacy. Living along the water likely means your house is not built on top of your neighbors’ houses.
Tips For Buying a Waterfront Property
- Hire a REALTOR®.
If you’re buying or selling any type of property, you should really hire a real estate agent. Real estate agents are property experts who can guide you through every step of the process, which makes your life so much easier. Try to find an agent who’s experienced with waterfront property to help yourself out even more.
- Look for a loan early.
Waterfront properties often come with a bigger price tag, so you’ll be asking for a jumbo mortgage loan. They take more time to get approved, and the criteria to qualify are stricter. In order to save yourself some stress in the long run, look for loans early, and try to even get pre-approved. That way, when you’re shopping for homes, you don’t have to risk someone else snatching it up while you wait for your loan approval.
- Know what you own.
When it comes to waterfront property, it’s important to know what is actually yours. Sometimes, your property ends x amount of feet from the shore. Other times it goes all the way to the water, but you may not be granted water access. And sometimes, you have full water access, and you might be allowed to build a pier, if you’d like. It really just varies from place to place. Work with your agent, the seller, and even a lawyer to make sure you know what you own.
- Get the right insurance.
You’re living near the water, which means there’s a higher likelihood for flooding. Make sure you shop around for insurance and get proper coverage at the best price!