There’s nothing better than walking out of your beautiful new home to take in the picturesque views of your beautiful new lakefront property! Lakefront homes are the envy of the real estate world, causing plenty of competition between potential buyers so if you’re serious about finding your dream lakefront home, be prepared to work for it!
There are thousands of man-made and natural lakes all over the country, so buyers seeking a lakeside property have plenty of options. Whether you prefer to find a secluded home situated on a small, private lake or you’re seeking a more populated area found on a large lake, perfect for socializing, you’ll have lots to choose from when you take to the real estate listings.
Lakefront properties tend to be more expensive than the traditional, land-locked properties, but the benefits are definitely worth investing the extra cash! Lakefront homeowners are blessed with a little slice of heaven in the form of their own private oasis along the shores of scenic waters. This vacation-style form of homeownership may take a lot of research, patience, and money, but the rewards totally pay off!
For those looking to invest in this gorgeous form of real estate but aren’t sure where to begin, read on for the complete guide to buying a lakefront home!
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What are the benefits of owning a lakefront home?
Where to begin? There are so many incredible benefits of owning lakeside property! Ideal for full-time and part-time residents alike, a lakefront home provides an escape from the hectic world we live in. As much of a hassle as searching for that perfect waterfront home can be, there are a plethora of reasons that can make up for the effort involved in the purchasing process. Here is just a small sample of the many benefits of living on the lake:
- Picturesque Views: Of course, one of the biggest draws to purchasing a home on the water is the stunning views. Waking up to the tranquil sounds of water splashing against the dock is a great way to start your day, but once you grab a cup of hot coffee and step out onto your deck or patio and drink in that sensational sunrise, there’s nothing that can spoil your mood!
- Relaxing Atmosphere: Living along the shores of a beautiful body of water offers a vacation-style setting. There’s something about being surrounded by nature’s finest that instantly triggers your inner zen. Whether you’re planning on living lakeside full time or retreating to the water just during the warm summer months, you’re guaranteed to find peace and tranquility all year round.
- Recreation Abounds: If you’ve got a taste for adventure out on the open water, a lakeside home is the perfect option for you! Lakeside living allows ample opportunity for water-based recreational activities such as fishing, swimming, and boating, both motorized and non-motorized, depending on the rules of your particular lake. A lakeside home is also the perfect place to host a get together; everyone will jump at the opportunity to indulge in your idyllic lifestyle!
- Inspirational Jackpot: Many creative and artistic folks are drawn to the lakeside. The surrounding scenery, the quiet waters, and the privacy offer a constant source of inspiration for many artists. The calm, natural setting is ideal for photographers, the peace and tranquility offers an ideal space to find your muse, and artists can capture the vibrant colors during any season.
- Investment Opportunities: Owning your own lakeside home not only provides the ideal space for yourself but the possibility to offer an escape to potential renters. If you’re planning on living at your lakefront paradise part-time throughout the year, you have the option of renting out the property while you’re not occupying the space. This will give you a little financial boost to go towards the costs of owning a second home.
These are just a few examples of the benefits of owning a lakefront home. If you have any hesitations when it comes to such a big purchase, just picture yourself sitting along the banks of a peaceful lake. Whether you’re looking for a new, permanent home or you’re seeking out a summer retreat, you’ll find that lakeside properties are some of the most coveted properties on the market, and for good reason!
What’s involved in the purchasing process of lakefront property?
Before you make any commitments, you need to know exactly what you’re looking for, what you can afford, and what sort of maintenance comes with owning a lakefront home. The purchasing process is slightly different when you’re searching for a property on the water compared to traditional residential real estate. If you’re a little intimidated by the whole process, which is completely understandable, here is a list of a few things you’ll want to keep in mind during your search.
Understand the varieties of real estate. Many people get confused when it comes to the definition of lakefront and mix it up with lakeview or lake access properties. It’s important to understand the differences so you know what to look for.
- Lakefront: A lakefront property means your home is situated directly along the banks of a lake. The property should back right onto the water to fit into this category and often includes a dock, a boathouse, or a small beach area.
- Lake Access: If a home is described to have lake access, it means you can get to the water from your home, but you won’t have direct access. Typically, residents of lake access homes can access the water through a shared pathway, beach, or pier.
- Lakeview: A house with a lake view offers residents views of the lake, but the property again does not sit directly along the shoreline. Lakeview homes are often a more affordable option for those searching for the views, but not necessarily the access to the water.
Hire an agent familiar with lakefront properties. Real estate agents come in all shapes and sizes and many specialize in a certain form of real estate. You’ll want to find an agent that is experienced in lakefront property, one who knows the ins and outs of lakeside real estate. An experienced agent will help you ask the right questions, offer a wealth of knowledge when it comes to maintaining a waterfront home, as well as provide information about the lake features such as the quality of the water, the condition of the bottom, and the type of recreational activities allowed on the water.
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Inspect the property thoroughly. Rural properties situated along the water react differently to the elements than a more urban property. When you tour a lakeside home, you’ll want to inspect the structure of the home for any water damage, mold or mildew, or any other issues that stem from the proximity to the water. Typically, the extra moisture in the air can negatively affect your lakefront home and requires additional maintenance measures that you’ll definitely want to be aware of. If the house includes a basement, you’ll want to ask about any water seeping into this section of the house or if you need to take any precautions against flooding during heavy sessions of rain.
Book a return visit. If you’re really interested in a property, if you can envision yourself living along the water and are serious about purchasing, ask to visit again. The next time you visit, make sure it’s at a different time than your initial visit. If you return at a different time of the day, you’ll be able to experience the home in different lighting. If you originally toured on a weekday, book a tour on a weekend to get a feel for how crowded the lake gets during a busier time.
Understand the insurance requirements. Due to the proximity of the water, lakeside homes typically have higher insurance costs than the average home. Lakefront properties have an increased risk of various natural damages such as flooding, strong winds, and even earthquakes depending on the area. The insurance requirements that come with lakefront homes are a bit more complex and you should be sure to fully understand what to expect before you make any commitments to a home.
Ask about any hidden costs. When it comes to homeownership, there are always a number of fees and expenses that buyers may not be anticipating. When you initially work out a budget to stick to in the purchasing process, it’s easy to overlook a few costs, particularly when it comes to lakefront properties. Some expenses to consider include:
- boat and dock fees
- septic tank fees
- water and sewer rates
- additional lawn maintenance
- rural utility fees
Many of the standard fees you’re expecting to pay, such as utilities, property taxes, and other routine homeowner expenses, can be more costly in a rural area, which is the location of most lakeside properties. To be sure you’ve gotten all your expenses in order, ask your experienced real estate agent if there’s anything else you should expect after you sign those documents.
Research the shoreline’s history. Over the years, water and dirt mix in unpredictable ways so there’s a potential for the shoreline to shift and move over time. Before you make any decisions, ask about what the property used to look like. It’s possible that the shoreline has either receded or the water levels have raised over time, which could affect your decision to purchase. If the shore has receded, it means you’ll slowly have less and less water access. If the shore is creeping onto your property, that could be detrimental to your home in time, causing water damage and ruining your beautiful home.
Consider your finances. For those who are dreaming of a second home or a vacation home along the lake, it may seem financially problematic to own two pieces of property. However, there is one major benefit of owning a gorgeous lakefront home: many renters are willing to pay top dollar to experience your beautiful lifestyle while you’re away! If you’re unsure if your budget will allow for a second home, renting out your vacation home while you’re not occupying the space can really help with the extra expenses.
Get all the rules and regulations upfront. When you purchase a property on a lake, you are agreeing to follow the rules, regulations, and expectations of the water. Most lakes are permitted for certain water activities and ask that residents respect the local noise regulations and maintenance expectations. Some lakes are not deep enough to allow motorized boats, some don’t meet the quality expectations to allow safe swimming, and some have certain fishing laws that you’re expected to follow. It’s best to get all the rules in writing for reference so you’ll know exactly what you can and cannot do.
The process of purchasing the perfect lakefront home can be long and tiring. It can be discouraging if you can’t find exactly what you’re looking for, you may feel hesitant to agree to the many rules and expectations specific to each lake location, and you may be worried about the added expenses that come with waterfront living. But to be honest, once you find that ideal home, all of those worries and hesitations just melt away! The tranquil lifestyle associated with lakefront living is a highly coveted lifestyle that not all are able to experience. For those lucky folks who can achieve this dream, living on the lake is the ultimate luxury and offers a rewarding rural experience like no other!