Whether you enjoy the view or being outdoors on the water, a house on the lake can be a great investment. Of course, buying a waterfront property is not as simple as buying a home built in a more traditional location. Thankfully, help is available to ensure your waterfront home purchase is a smart one. If you are considering buying a house at the lake, here are a few tips.
Search for the Right Agent
One mistake many buyers make is thinking all real estate agents are the same. Although they do all have experience helping clients buy and sell homes, certain real estate agents are more equipped and more knowledgeable to help you purchase a waterfront home.
Hire an agent who has experience helping clients buy and sell property at different waterfront locations, such as the lake and beach. This experience ensures the agent will help you avoid buying a house on the lake that is not a good investment.
For example, the agent may have gone through the inspection of waterfront homes in the past, which means they learned the signs that there are underlying issues with the property. Going through these trials in the past allows an experienced agent to be there for you during the purchase of your lakefront home.
Factor in All Expenses
If you have purchased a home in the past, you probably already know about closing costs, appraisal and inspection fees, and a variety of other expenses that go along with securing a mortgage and owning a home. Unfortunately, there are different expenses that you will be responsible for when buying a property at the lake.
Insurance, for instance, will be higher because you will be required to carry extra flood protection due to being so close to the water. In some areas, your insurance carrier may also require that you have additional hazard and wind protection.
Many lake communities offer amenities that are appealing to buyers. Amenities, such as a clubhouse, docks, playgrounds, and even community events, can all be attractive when considering a property at a specific lake. However, it is important to remember these amenities will most likely come at a cost. Make sure to take these HOA or community fees into consideration when deciding on a specific property at the lake, since they will become important expenses to include in your budget.
Buying a house at the lake can be a great option for you and your family. These simple tips will help you with your purchase.