If you are in a position to purchase a lake house or beachfront property, lucky you. This is something that many people merely dream of. As the old saying goes, any property is all about location, location, location, and you can’t find a property better located than on the water.
Before you start your search for lake houses for sale, there is a lot that needs to be considered. For most people, property cost is a huge factor, but that is by no means the only consideration. Before signing the papers and moving into your very own waterfront home, these 5 questions need to be asked and answered.
Are you flexible on location?
Before anything else, decide on your specific location. Are you looking for something within an hour of your existing home, or are you open to looking anywhere within the continental USA.
You can greatly narrow down your search by deciding on a location, and chances are you already have a specific location in mind.
What’s your budget, and is that a strict number?
Establishing a budget is just as important as narrowing down the geographical options, perhaps even more important. Your budget often determines whether or not you can invest in a property right on the water, or you have to find one that is a bit away from the water.
Research from realtor.ca has shown that “on some lakes, you can shell out at least 40% more for a house with private water access.” Are you willing to dish out the extra cash for easy water access, and is that even an option. These are all questions that need to be answered before the search begins. If you do find something right on the water that is extremely affordable, you should look into why with plenty of inspections to make sure there aren’t any red flags.
How do you feel about motorboat traffic?
Having a house on the lake calls for wakeboarding, tubing, and waterskiing. But is that what you want? If this is something you’re interested in, make sure that the lake and community actually allows for motorized boat traffic – not all lakes do. Or if you’re looking for a more eco-friendly lake that does not allow motor boats, do your research to find one that only allows kayaks, canoes, and sail boats.
Night owl or early bird?
Finding a lake that caters to your type of crowd is an important thing to think about. Some lake towns are known as party spots that get quite rowdy in the summer months, while others are more geared towards the retirement community. There’s nothing worse than wanting to have some peace and quiet, and not being able to get it at your home.
Do you plan on renting the property out?
Lastly, is this property just for you and your family to enjoy, or are you hoping to rent it out to turn a profit?