Does the idea of turning your love of spending weekends out on the lake, fishing, or lounging by the shore, into your everyday way of living? Buying a house on a lake could be your answer. However, be aware it comes with challenges making it a tall order. Still, the effort is worth it!
Let’s look at eight crucial steps when buying a house out on the lake:
- Connect With a Local Real Estate Agent
Talk to a trusted local real estate agent as soon as you decide you are in the market. It is not unusual for some agents and firms to specialize in lakefront property. Explain your needs, and they will help you find a terrific property for you. - Visit the Property Multiple Times
Depending on how developed the lakefront area is, your neighbors could have a significant impact on how inviting the property is to live in. Visit several times – at different times of the week and hours of the day – to get a better sense of the community’s culture and the level of privacy. - Make Sure the Water Meets Your Needs
One of the biggest reasons to pursue lakefront property is to enjoy boating any time you want. This is a laudable goal, but make sure the property can comfortably accommodate your boat. Also, get familiar with local ordinances on boating and docking that could affect your enjoyment. - Factor in Your Frontage
Frontage is the area of the home that sits along the water itself. In general, the more the amount of frontage, the higher the asking price will be. Rough waters can damage your dock facilities or the lake-facing wall. Factor in these costs and ask the seller about any past repair work. - Give Yourself a “Lifestyle Realty Check”
Whether you buy a house on the lake or by the ocean, waterfront properties all lend themselves to a certain lifestyle. Double-check to be sure it’s really what you want before you commit. The premium you pay for a lakefront home may not be worth it if you never hit the water! - Get a Complete Home Inspection
Before committing to any lakefront property, get a complete home inspection done. A qualified inspector can uncover issues, such as electrical problems, that might make a home much less attractive. You’ll be “in the know” about any repairs that need to be done. - Look Into Wind and Flood Insurance
Waterfront properties have become riskier buys as climate change strengthens summer storms. In many areas, flooding can happen even outside the rainy season. Depending on your location, this can add substantial insurance costs, so check up on your policy options. - Double-Check for Hidden Costs
In addition to insurance and vulnerability to weathering, waterfront properties can conceal other hidden costs. One common issue is higher water and sewer rates. Also, review any docking and lift fees and any septic tank or well upkeep charges that apply to your property.
For the right buyer, a lakefront home is an ideal choice. As a primary residence, a seasonal vacation getaway, or even a rental property, it’s an excellent investment in your quality of life. Use these eight tips, and you’ll be on your way to a successful lakefront buy.
THINKING ABOUT BUYING OR SELLING A HOME? I can help make the process easy, get in touch today!
Be a good neighbor and share this:
CBR, SRES - Licensed Real Estate Salesperson
Phone: 516.849.5895 | [email protected]
As an experienced professional Neil will do the leg work, keeping you up-to-date with new listings and the various market conditions that may impact the home purchase process. Sellers can also benefit from his skills in finance, negotiation, contractual agreements, and RE marketing. Call today and allow Neil to guide you through the complexities of buying or selling your home, eliminating hassles, and stress.
Member of:
National Association of Realtors
Long Island Board of Realtors
Multiple listing service of long Island
New York State Association of Realtors