Have you and your family always dreamed of living on waterfront property where you can experience all of the beauty and fun of nature whenever you want from the comfort of your own backyard? It is something that those individuals who do not live in a location where waterfront properties are available will never be able to embrace. Owning waterfront property is one of the most special investments you can make. That is why we have put together this guide filled with our best tips for first-time home buyers waterfront in Lake Nona.
At Your Home Sold Guaranteed Realty - Florida Waterfront, our team of realtors understands how important it is to find the perfect waterfront property in Lake Nona so that all of your real estate dreams come true. We also know that buying this type of property is unlike any other home buying experience, and we strive to make it as stress-free and risk-free as possible.
Once you read through our guide, you will better understand the process of buying waterfront property in Lake Nona, and you will feel more confident that you are making the right decisions for yourself and your family.
What Is Waterfront Property in Lake Nona, FL?
First and foremost, let us define what exactly waterfront property in Lake Nona means. If you live in Lake Nona, that means that you have to travel a bit of a distance either east or west in order to reach the ocean. However, that does not mean that you do not have access to beautiful Floridian water. In fact, in the Lake Nona region, you have Lake Nona, Red Lake, Buck Lake, Lake Whippoorwill, Lake Hart, Mud Lake, and Lake Mary Jane within close proximity.
Having these lakes no nearby means that there is ample opportunity to find the ideal waterfront property in Lake Nona for you and your family. When you buy a waterfront home, your property extends to the water’s edge so you have access to it whenever it pleases you. From relaxing on the beach to taking out your boat, all of the fun you can have on the water can be done from your own home.
What Makes Florida Waterfront Property So Unique?
When you are a first-time waterfront home buyer, it is important to remember that there are a variety of different property types, and the terms for these all seem to be called waterfront. However, not all of them actually qualify as such. To begin our discussion of the reasons why waterfront property is unique, we must first explain what exactly the term means.
If you own legitimate waterfront property in Lake Nona, that means your property (with or without buildings on the property) actually abuts a body of water. In this case, it would be lakefront. In other words, your property touches the water. Your right to the use of that water, though, is something that you should find out immediately before making any assumptions about it.
There are other terms you should be aware of, especially when you are searching for the right waterfront property in Lake Nona. Water view properties are often confused as waterfront, but they are significantly different in a major way – you only have a view of the water rather than being on the water. The level of your water view can also be very subjective, depending on how the property is laid out. You may be able to see it between trees or on the other side of your neighbors’ houses.
Water access is a very difficult term to define and can be quite subjective. Basically, you have access to the water via an easement, your own property, or through community amenity. Again, it is important to understand what rights you have to accessing the water that you live on or near before you invest in the property.
Finally, water privileged is a term that refers to a community-based access to water through an easement or community amenity. It may be given through a beach, pier, or boat ramp. Obviously, the access will vary, depending on the particular community in which you are a part.
Another important aspect to understand concerning the ownership of a waterfront property in Lake Nona is the flood zone and having flood insurance. Because you are located on the water, which is susceptible to inclement weather conditions, it is vital that you determine the level of flooding that may occur and affect your property. Some homeowner’s insurance policies will require that you have flood insurance, which is usually an extra cost to you. The vast majority of insurance policies do not automatically include flooding insurance.
Lastly, if you are planning to use your waterfront property and the access to the water for boating or other water activities, you should certainly find out what is allowable according to the community in which you live as well as zoning restrictions. Some areas do not allow boats to be docked or accessed from residential areas.
Our Best Tips for First-Time Home Buyers, Determine Your Maximum Budget
As with any home you are considering investing in, you will want to determine your price range/maximum budget for your waterfront property in Lake Nona. In addition to the cost of the property itself, you will also want to think about all of the associated costs related to maintaining the property.
The water can have unique effects on your property and the buildings on the property, and other homeowners who do not live on the water will not have to worry about them or their costs. Maintenance of a waterfront property can be quite expensive, and that is why it is critical that you take those costs into account when you are planning your budget.
Our Best Tips for First-Time Home Buyers, Get Pre-Approved for a Mortgage
There are many benefits of getting mortgage pre-approval, and just about any experienced realtor will highly recommend it. With pre-approval, you will know exactly how much of a loan you are qualified for so you can use that amount as a parameter for your property search. With the pre-approval in hand, you can also rest assured knowing that you will not have to worry about delays at the end of the process – the time when many home buyers find themselves in a serious time crunch.
A second benefit of getting mortgage pre-approval for your waterfront property in Lake Nona is being able to show the home seller your Certificate of Financing. If the home seller has more than one offer on the property and all other relevant criteria are the same, that home seller will be much more likely to choose the offer from the home buyer who already has their financing secured. There is no concern about waiting for financing or delays, so they can close faster and move forward with their lives sooner.
If you are searching for the right mortgage lender for your new waterfront property purchase, it is important that you take several different factors into account before making your decision. One of the best ways to find the perfect lender for your situation is to discuss options with your realtor. At Your Home Sold Guaranteed Realty - Florida Waterfront, we understand the unique challenges associated with buying waterfront properties, and we can make solid recommendations for lenders who have experience with these types of loans. Make sure your lender has knowledge about buying waterfront properties in Lake Nona and can account for the attributes of that purchase when it comes to your financing needs.
Our Best Tips for First-Time Home Buyers, Only Work with an Experienced Florida Waterfront Realtor
Whether you are a first-time waterfront home buyer or have done it in the past, it is still wise to work with an experienced Florida waterfront realtor who has expertise with these types of properties. They will understand what you are looking for, have knowledge of the local waterfront real estate market, and be able to show you the ideal home for your family’s needs.
When you are searching for the right realtor, be sure to ask them the tough questions about finding you the right home. Ask about their experience. Be sure they provide you with recent customer reviews from clients who purchased waterfront properties. Make sure they are familiar with the local waterfront real estate market. The more they know about the area, the better off you will be when it comes time to make your investment decision.
Our Best Tips for First-Time Home Buyers, Hire a Professional Inspector
When a home buyer is considering buying a specific home, they will often ask to have a professional home inspection completed. That way, they know exactly what they are investing in and if there are any serious issues that will need to be taken care of. If the home is listed as move-in ready but there are severe plumbing issues or the need for a new roof, that will cost the home buyer lots of money.
When you are buying a waterfront property, you will also want to have a professional inspection completed, but there are additional facets that need to be taken into consideration. For instance, an inspector should know that the area of the property which abuts the water should be inspected for any signs of damage, erosion, or other costly issues. They should also inspect the other buildings on the property, if any, for signs of wear and tear or damage. If you are a first-time home buyer, this is especially important since you may not know exactly what to look for with the waterfront property.
In addition to the inspection, there are other considerations when buying a waterfront home in Lake Nona, FL. You need to complete a title search and survey. If you aren’t sure what these are or why they are important, our realtors at Your Home Sold Guaranteed Realty - Florida Waterfront can discuss them with you in detail so that you are clear about everything that needs to be done before you make your investment decision.
The same applies for information regarding maintenance and upkeep of a private dock or seawall. These are special circumstances that many other homeowners do not need to consider or factor into their decisions when buying a home.
Be Sure You Understand the Homeowner’s Association and Community Rules and Standards
If your waterfront property in Lake Nona is part of a gated community or a Homeowner’s Association community, then there may be specific rules, regulations, and standards that all homeowners in the area are expected to abide by. It is essential that you read through the documents you are given by the HOA or community and understand them completely. If necessary, you may want to have a realtor or attorney review them for you so that you are totally aware of your responsibilities as well as any protections.
Very frequently, the consequences of breaking one of the HOA rules can include steep fines and penalties or the inclusion of local law enforcement. To prevent any unwanted issues within your community, it is essential that you know and understand the rules and standards of the community before you buy the waterfront property in Lake Nona.
Contact Our Lake Nona Realtors to Find Out About Our Best Tips for First-Time Home Buyers Waterfront Property for You!
If you and your family have decided that it is time to invest in the type of property you have always wanted – waterfront – but you are a first-time home buyer, be sure to contact our team at Your Home Sold Guaranteed Realty - Florida Waterfront to get the expert assistance you need. Our team of experienced realtors has the expertise, knowledge, and skills necessary to walk you through every step of the process and help you purchase your dream property.
For more information about buying a waterfront property in Lake Nona or details on any of the above mentioned topics, feel free to give us a call at 407-307-2617 or fill out the form below with the requested information to receive a detailed response from a member of our team.
We look forward to hearing from you and helping you buy the perfect waterfront property in Lake Nona!