Buying Maine Waterfront Properties, Five Things To Watch Out For.
Maine waterfront properties, five things to watch out for in the eenie meenie miney moe of the listings.
LIke any real estate purchase, it starts with your expectations, your budget. How the property on the water will enhance your life. Dove tail, fit in to your day to day.
First, if you live many states away, the Maine property on the water may be used a few times a year at best.
Because your home base is not here in Maine, on the waterfront. Yet. Loose ends to tie up first.
But your plan is to buy now, while prices for Maine property listings are low.
So you can take the income tax benefits of owning a second home on the water in Maine.
Is the desire to make this a Maine waterfront property a rental vacation spot or not?
Because if it is, you might be able to afford a more expensive Maine property on the waterfront.
It becomes hard working. Not empty and just sitting around unused. Yawning, waiting for your now and then highly sporadic visits.
Deducting the interest expense if mortgaged, the Maine property taxes. Keeping track of what you put into the place if you decide let’s rent it out. Make it pay or at least subsidize itself. Plan to talk to the bean counter, CPA that studies your yearly numbers. Helps you fill in the blanks on the income tax return you file. To know current tax laws, any changes annually.
Second, if you plan to use the place on say a Maine lake more often as you near retirement, how far away is the circle you draw as acceptable for travel time on a purchase? To consider buying something a set number of hours away. Because you plan to maintain this routine of visits schedule for a number of years to come.
These first two considerations about what to think about when buying Maine waterfront property listings have to do with you, not the real estate itself.
Your life, driving time distances, actual ability to use, enjoy. Wallet contribution to purchase the place next to Maine water gets some attention. A little discussion with the whoever you brush your teeth with each morning and night. To look ahead to the future.
Never have regrets looking back at what you should have thought about when purchasing the property listing on the Maine waterfront. But did not.
Third, the property on the Maine waterfront.
What to consider out of the batch of listings, the real estate that commands a higher price if next to the H2O.
If you plan to move lock, stock and barrel, year round use of the Maine property on the waterfront, access is everything.
If summer use is easy but a private twisting, hilly road is the big obstacle during a Maine winter, then picture yourself struggling with that roadway as you get older. Worrisome, sick to your stomach concern? Means find something with year rounders for neighbors that all pitch in. Or something with pretty much easy access terrains and manageable distances.
Most of the roadways around a rural lake in Maine are private. Everyone for themselves in whatever you can do for access. Some areas of the watefront easier than others to access. More and more are adopting more formal road associations. Than the just the pass the hat and hope for a contribution. Like you were a one man band musical act on a street corner. Pan handling and hit or miss.
Set fees for year round or part time use are spelled out, collected by officially set up road associations around the Maine waterfront property you are toying with purchasing?
So you know how the primary Maine waterfront roadways are plowed winters. Graded to remove potholes, funding in place for culvert replacement, soil erosion control, then that dead of winter or spring time mud season access is less of a concern.
Being a good steward, protecting the Maine lake comes with the property listing purchase as a given.
A major responsibility when kicking tires on Maine waterfront property listings.
Fourth, if the land on the Maine waterfront, a lake, river, pond, the ocean, island, whatever type of stream or brook is vacant.
Make sure to have an HHE 200 soiil test done before buying.
Don’t pass legal papers, lay down the hard earned cash for the deed trade to buying the Maine real estate on the waterfront.
Before digging the hole, screwing in the soil auger to see if the soil profile, what you want to build and service with a private sewage disposal system can happen. Get a Maine licensed soil tester on board to know for sure. What you can, can not expect to do that may limit the use of the Maine waterfront. Or determine it is not buildable at all.
If the place on the waterfront has land, an established structure, still find out for certain what that bathroom, kitchen empty into you can not see.
Is it a 55 gallon drum with a leachfield of a pile of rocks?
Used for the occassional camp overnight but not designed for the heavier demands of year round home use?
A 300 metal tank, or concrete 1000 gallon septic system with leachfield designed in recent years following a soil test plan?
Holding tank that’s 2000 gallon in size with an alarm when full but has to be pumped often. Depending on your use and not designed for year round plans you had in mind?
Know for sure before you buy the Maine waterfront property. Otherwise the unplanned for purchasing more land at a king’s ransom if available behind the property that you did not budget for will be needed. For a disposal system with possible pumps, infiltrators, lots of site work added expense.
If the lot is empty waterfront, is it big enough to build on? To construct the dream property you envision, carry around in your head? Again, the soil test is needed, but also local building permits to know the side line set backs, the 100′ back from the high watermark required in Maine shoreland zoning regulations are observed, obeyed. Will it all fit the lot legally?
Compliance is everything to be compliant, to protect the Maine waterfront property resource out front that you, your family it gets passed down to want to enjoy to its fullest.
207.532.6573 | [email protected] | MOOERS REALTY 69 North St Houlton ME 04730