Merritt Island Dream Homes By

A Step-by-Step Guide to Buying a Waterfront Home in Merritt Island, Florida

Buying a waterfront home in Merritt Island, Florida, is a dream for many. With its stunning views, access to beautiful waterways, and vibrant local community, Merritt Island offers a unique lifestyle. However, purchasing a waterfront property involves several specific considerations. This step-by-step guide will help you navigate the process, taking into account local variables and essential factors for a successful purchase.

Step 1: Define Your Needs and Budget

Before you start house hunting, determine your needs and budget:

• Type of Home: Decide whether you want a single-family home, condo, or a larger estate.
• Budget: Set a realistic budget, including down payment, mortgage, closing costs, and ongoing maintenance.

Step 2: Hire a Knowledgeable Realtor

Work with a realtor experienced in Merritt Island waterfront properties. Rick Houston, a local expert, offers unique home showings by pontoon boat, providing a comprehensive view of waterfront properties from the water.

Step 3: Obtain Pre-Approval for a Mortgage

Getting pre-approved for a mortgage will give you a clear idea of how much you can afford and make you a more attractive buyer to sellers.

Step 4: Understand Local Variables

When buying a waterfront home in Merritt Island, consider these local factors:

Inspections for Sea Walls and Docks

• Sea Walls: Inspect the condition of sea walls, which protect your property from erosion and flooding.
• Docks: Ensure docks are structurally sound and meet your boating needs.

Boating Considerations

• Draft and Canopy Height: Know the draft of your boat (how deep it sits in the water) and the height of its canopy. The Banana and Indian Rivers are shallow, making navigation challenging for large boats.
• Bridge Clearances: Bridges, such as those on Sykes Creek, limit the size of boats that can navigate through. Plan accordingly.

Step 5: House Hunting by Water

Experience the property from the water by touring with a realtor like Rick Houston. This method provides a true sense of the waterfront lifestyle and reveals aspects that land-based viewings might miss.

Step 6: Sign a Buyer’s Agreement

Due to new real estate commission rules, you must sign a Buyer’s Agreement with your realtor before showings begin. This agreement outlines the realtor’s duties and your obligations, ensuring transparency and clarity.

Step 7: Conduct Thorough Inspections

Waterfront homes require specialized inspections:

• Structural Inspections: Check for water damage, mold, and foundation issues.
• Sea Wall and Dock Inspections: Hire professionals to assess their condition and necessary repairs.

Step 8: Understand Higher Costs

Waterfront properties come with higher costs for inspections, insurance, and taxes:

• Insurance: Expect higher premiums due to flood risk and proximity to water.
• Taxes: Property taxes may be higher for waterfront homes.
• Closing Costs: Include inspection fees, appraisal fees, and other closing costs in your budget.

Step 9: Review National Trends and Local Market

Stay informed about national real estate trends and local market conditions:

• Market Trends: According to Zillow, waterfront properties have seen steady appreciation over the past year.
• Local Insights: Local realtors predict a slight increase in Merritt Island waterfront home prices over the next year due to high demand and limited inventory.

Step 10: Make an Offer and Close the Deal

Once you find the perfect home, work with your realtor to make a competitive offer. After your offer is accepted, proceed with the final steps:

• Final Inspections: Conduct any necessary follow-up inspections.
• Closing: Review all documents carefully and complete the closing process.

Conclusion

Buying a waterfront home in Merritt Island is an exciting journey that requires careful planning and consideration of local factors. By following this step-by-step guide and working with a knowledgeable realtor like Rick Houston, you can find the perfect waterfront property that meets your needs and lifestyle. Stay informed, plan meticulously, and enjoy the unique experience of owning a waterfront home in Merritt Island, Florida.