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Picturesque views of the Puget Sound, late summer nights on the shore, and the ever-present possibility of an orca sighting. While the serenity that comes from a waterfront home can’t be beat, there are some considerations to keep in mind for this type of property. What exactly do you need to know before buying a waterfront home in Kitsap County? We’ve explained some key components below.
Enjoy a strong potential for appreciation in home value
A huge benefit of waterfront properties is their appeal to potential buyers. On average, waterfront homes appreciate faster than others. In addition, they are often highly sought after when they are listed.
Discover the investment property potential
Another benefit of owning a waterfront property is the potential to rent it out. The short-term rental market is ideal for waterfront homes. If there are times of the year when you would be willing to rent (such as summer), it could be a profitable venture. Our colleagues at Windermere Property Management manage hundreds of homes here in Kitsap County, including waterfront properties, and they’re happy to answer any questions you have about rental properties.
Choose between high-bank and low-bank waterfront properties
Once you’ve decided to purchase a waterfront property, there are two types to consider. A high-bank waterfront property is situated higher above the water line than a low-bank property. This often results in more expansive views. However, high-bank properties will not always be beach accessible.
Conversely, low-bank waterfront homes are closer to the shoreline. As a result, they tend to be better for buyers looking for easy access to water sports and the beach.
Understand your property line
Waterfront property can be subject to fluctuations because of the changing tides. Be sure to fully understand what your property line includes and how the lateral line extends into the water. Depending upon Washington or local regulations, portions of your property might be open to the public.
Know how tide heights impact the use of the property
Property along Puget Sound will be affected by the tides. Shifting tides could affect the recreational use of the property. For example, low tides may make using boats at certain times of the day impossible. High tides may take away the beachfront of the property. In some instances, king tides may make the property more susceptible to flooding.
Get proper insurance
Know what your insurance covers since waterfront properties require difference insurance than homes further inland do. A homeowner’s policy might not be enough. You may be required to have flood insurance if the property is in a flood zone. Some lenders require certain insurance coverage before finalizing a home loan. Sufficient coverage will give you peace of mind and protect your waterfront property.
Conduct thorough inspections
Waterfront property inspections have different needs. Along with the main property, there are often structures built into or around the water and shoreline. Find a qualified home inspector to thoroughly inspect bulkheads, pilings, or docks. A great local real estate agent will be able to connect you with a highly knowledgeable home inspector who will check everything and answer any questions you have.
Be prepared for emergencies
Emergency preparedness is important for all homes in Kitsap County, but you may find some unique needs as an owner of a waterfront property. If the home is more isolated or not on a main road, it may be harder to access in an emergency. Also, waterfront homes are often more open to the elements. This can make them more susceptible to wind or water damage. It’s important to always be prepared for an emergency, especially on the waterfront.
Consider additional costs of a waterfront property
There are extra costs associated with waterfront properties. Reinforced windows and exteriors may be needed, which are more costly. In addition, to enjoy the benefits of living by the water, you may spend more on outdoor furniture and outdoor activities. Finally, maintenance costs are generally larger to keep docks, boat lifts, and more in working order.
Be prepared for winter on the waterfront
It’s important to be ready for those chilly days and nights. There are special steps to take when winterizing your waterfront property. First and foremost, prevent any potential water damage from freezing pipes by properly disconnecting and caring for the plumbing. Ensure the roof is secure and the gutters are clear. Take in outdoor furniture and seal any air leaks around windows and doors. Finally, inspect your dock and make sure any water vehicles are properly stored.
For many, owning a waterfront property is the dream. With these tips in mind, owning a home on the water here in the Pacific Northwest should be a wonderful experience with fewer surprises. For more information, check out our home-buying checklist or speak to one of our highly-rated local real estate experts here at Windermere Poulsbo. Many of our brokers have extensive experience buying and selling waterfront properties and can answer any questions you may have.
