Order the survey and elevation certificate immediately after the contract is fully executed. You may need an elevation certificate BEFORE you can get a quote for homeowners and/or flood insurance.
Make sure your insurance is paid for and in place early in the transaction. If a named storm forms in the Atlantic or the Gulf of Mexico BEFORE the insurance is in place, it may be put on hold and could possibly delay your closing.
Get a seawall inspection as part of the overall home inspection. Seawalls are expensive to repair or replace and you will probably need to hire an expert in this field.
How many feet of water frontage does the subject property have? Appraisers determine the current value of the land based on the amount of waterfront footage and the size of the lot.
Get a CURRENT appraisal. Always a smart idea when one is spending this much money. Some appraisers actually specialize in waterfront property. Make sure you choose the right appraiser.
Be careful regarding “non-conforming” space. If you need further explanation of this term and the ramifications, hire a builder who specializes in waterfront construction to view the property and explain this to you.
Purchasing a waterfront property is probably one of the largest and most important investment decisions you will ever make in your lifetime. Make sure you surround yourself with experts. If you have additional questions or require further assistance, please contact me.