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5 Things to Consider before Buying a Lake Home
1) Motivation: Together time – “Buying this lake house was the best decision we ever made for our family.” I hear it all the time. There’s no better reason for a busy, scattered family to come together.
“You never know how many friends you have until you have a lake house.” It’s true – reconnect with your buddies over hobbies that lake homes supply: fishing, hunting, boating, skiing, or just relaxing. There’s nothing that says retreat like the water.
Bucket list item – Set your goal, start researching, and go look! The waterfront market is still at market recovery prices, but by 2013 sales indication, not for long.
2) Time: Commute – The average person buys 1.5 hours away from their primary home. Consider your schedule…will you see this as a year-round weekend getaway? Will you spend your long holidays and vacation here? Rent it? Could it serve as a conference center where you conduct business? This may help you map your area where you would consider purchasing.
Maintenance – Don’t spend ½ your 2-day weekend cleaning…look into lawn maintenance and cleaning services – even local concierge options, where the fridge is packed/boat is gassed to maximize enjoyment of your time at the water.
3) Expense: Waterfront properties are, as a rule, more expensive than homes not on the water. Price is determined by waterfront footage…not necessarily the amenities within the four walls of the house.
Costs of seawalls, docks and piers vary and can require the input of the entity that “manages” the water. The corporation manages water levels and administers permits, dictating what can be done on areas that touch the water.
Budget for “water toys” like boats, jet skis, life jackets, floats, coolers, etc. – It’s a fantastic subculture. If you can imagine it, they waterproof it.
4) Where? Think about costs for taxes, licenses, tags, etc. Lakes are usually in rural areas. Rural areas sometimes have less cost-of-living expenses. On the flipside are the premium prices for boat gas and other water “must haves” during lake season.
Proximity of those who will be joining you – Out-of-town family and friends will weigh the ease of getting to and from your slice of sunshine. If you want them there often, take note of their route.
“Year-round water” vs “summer pool” – Your local realtor should be an expert on what properties look like all year. Winter months are the best time to get a “worst case scenario” snapshot of the property. As a rule of thumb, if you like it in the winter, you will love it the rest of the year.
5) Advantages: They’re not making any more of it. Unlike hotels or rentals, when you arrive, it’s all your stuff. Memories, memories, memories.
