10 Questions to Ask When Evaluating Coastal Property

  1. What is the elevation of the property and does it require flood insurance? The requirements of flood insurance in low-lying areas and the associated monthly fees can dramatically affect the monthly ownership costs.
  2. What are the homeowner fees and what do those fees include? Homeowner fees range from one community to another and generally cover the maintenance of community areas, including landscaping, amenity areas, and road maintenance (depending if they are public or private). Some communities require additional fees in addition to the standard homeowner dues to utilize community centers and belong to clubs and organizations.
  3. How strong has the appreciation been over the last year? Over the last 5 years? It is always important to understand what you can expect to gain if you decide to sell your property, whether you are an investor or eventually looking to build.
  4. What is the current population density and future density of the community? Density can drastically affect the convenience in which you can use the community amenities, as well as reserve tee times at golf communities. Know the current and anticipated number of amenities centers and golf membership limits.
  5. What architectural standards exist and what it the planned minimum home square foot minimums for a given community or neighborhood? Continuity of neighborhoods and communities will help preserve the value of your property.
  6. How many access/exit points does the community have? Being able to come and go freely and with out needing to drive through the entire community should not be overlooked. An extra 25 minutes to reach the main access gate of a community can be frustrating and in some cases pose safety concerns.
  7. How close is shopping and entertainment? Having easy access to grocery stores, restaurants and entertainment are an obviously convenience issue when dealing with communities that are remotely located.
  8. Are you required to build your home in a given time-period? Many developers will require you to begin construction in a specific period of time, which could be as little as 30 days from property closing. Be sure that the requirements, if any, fit into your plans.
  9. What is the visible storm water run off systems? Storm water systems include the barriers or curbs, as well as storm drains and retention ponds. Generally, the wider the curb-side gutter the better. This not only looks appealing, but also will keep storm water off of your property and channel it into storm drains.
  10. What is the developer’s reputation? This is one of the most underrated criteria of evaluating a community. The experience and reputation that a developer has in a given area is chief to any other factors of success. It is not the size of the company that determines the success of a development, but the commitment of the developer to do things properly, their relationship and standing with the local leaders and overall experience.

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