It is not every day that you get to buy a home, let alone a lakefront property with a beautiful view and at one of your favorite destinations. Living next to a lake for any amount of time will change your lifestyle and activities you have a chance to participate in on a daily basis, but you want to make sure the lakefront home you buy is the right one. Here are some tips to consider as you proceed to look for and buy a lakefront single-family home.
Consider Your Ownership
Purchasing a home on the lake may be your next step in life, but when you consider the home's costs you want to evaluate what type of use you will have from it. Will you plan to live at the lakefront home full-time or are you going to keep it as a vacation home that you will travel to several times each year? This question is one that you should answer right upfront so you know what you are getting into in terms of financial responsibility and maintenance costs. For example, if you plan to stay in the home full-time, it will be your permanent residence and you won't need to plan for any off-season maintenance while you are not there.
On the other hand, if you only plan to use the property periodically, it is going to sit vacant during the other times so you may consider renting it out to other guests. You can turn your lakefront home into a vacation rental and earn some extra income that you can put toward the property's costs, such as the mortgage and repairs. This will also provide you the opportunity to hire a property manager to manage the rental and also keep an eye on the property. They can complete needed maintenance or have the property winterized if necessary.
Arrange For Professional Inspections
The visual condition of a property is an important consideration, but you need to also look below the surface and check into the property's underlying condition. A waterfront property may look like it is in good condition, but the shoreline, outdoor structures, or seawall structures may have some problems.
For example, waterfront property is going to be exposed to water from the shore and can also be exposed to other types of damage. A home along the ocean will be exposed to excessive saltwater and wind that can corrode metals and other structures. And if the property includes a pier or a dock, the dock's structure below the water should be thoroughly inspected. Talk to your real estate agent about arranging for professional inspections to check these specific waterfront areas on the property before you close on the purchase.
Contact a local real estate agent to learn more about finding a lakefront single-family home.Share