Buying A Lakefront House? 3 Things To Remember
Purchasing a new home can be a big decision, whether you plan to live there full time or want to use it as a vacation home. Fortunately, by thinking critically beforehand, you can pave the way for an excellent investment with great returns. Here are three things to think about when buying a lakefront home.
1. Friends and Family May Visit More
When you own a lake house, your family and friends will want to come by and enjoy the water. However, this means that you might need a larger space than you were originally considering.
Think about everyone who may come to visit you when you live in your new place and where they would sleep. Try to select a place that is large enough to accommodate everyone and that would have common areas big enough to keep everyone comfortable.
2. The Home May Have Added Maintenance Requirements
Anytime you purchase a home that will act as a vacation destination or that is situated in an area near water, there may be added maintenance.
Think about when you will be at the property, how large the lot is, and whether or not you would need to do work to keep the property maintained. If the lot is large or contains lots of landscaping, add the costs of professional landscapers into your budget estimates before placing an offer.
To protect yourself from unforeseen damage, always get a home inspection, especially for lakefront properties. Have inspectors check for previous signs of flooding, water damage, and other issues that could have been a problem in the past.
3. Waterfront Homes May Be in Short Supply
Sought-after homes in vacation destinations like lakefronts don't last long on the real estate market, so act fast. The shorter the supply is of homes in the area, the steeper the competition will be, and you'll want to avoid getting involved in a nasty bidding war. Put in your best and final offer as soon as possible to prevent issues that could keep you from getting your house.
Investing in a new house that someone else has lived in previously is a huge decision, so don't make it alone. Talk with your real estate team, your mortgage broker, and other professionals so you know what to expect. After your bid is in, be open to negotiations, and honest about time commitments, expectations, and your opinion about the condition of the property.
To find a waterfront home for sale, contact a local real estate agent.
