Is A Lakefront Single Family Home In Your Future? 3 Important Considerations
Posted on: 28 November 2020
Finding the perfect home is the goal when searching the residential housing market. However, buyers who are searching for the perfect lakefront single family home are likely to find their search more difficult because of the more limited supply.
While supply issues can make it seem like a good idea for prospective buyers of lakefront single family homes to relax their criteria, doing so can raise the risk of future dissatisfaction with the house. If you are currently searching for a lake home that will be comfortable and welcoming for your family, here are three important points to consider.
HOAs
The first thing to consider is where the home is physically located. If it is within a lakeside community or development, you should take time to make sure that any regulations and governing boards, such as HOAs, are well-managed and beneficial to the homeowners who live there. Taking time to chat with other owners and study available documentation about each HOA will help you determine if it is run properly and beneficial to the homeowners it governs.
Prospective buyers who do not wish to live in a regulated community or development may want to search for a home located on a smaller, privately owned lake where they will have more freedom to make changes in their home and property.
Inspections
Inspections are critical in any home purchase process, but even more so when planning to buy a lakefront home. In addition to the standard structural and condition issues that must be considered with any home purchase, lakefront homes can be subject to even more issues due to their closer proximity to water and more moist conditions. Some of these issues include:
- greater damage to wood and surfaces
- septic drain field absorption issues
- soil stability and erosion issues
Lakefront homes should also undergo a more thorough pest inspection to look for termite infestations in the soil or wood used in the home and nearby structures, like boat storage sheds, docks and marinas.
Costs
The more limited availability of lakefront property makes these houses more expensive at the time of purchase, but the same classification can also raise the costs involved in ownership. Recurring costs of ownership, including property taxes and home insurance costs are typically more expensive, especially if additional coverage is needed, such as flood insurance.
Purchasing a lakefront home that fulfills your dreams will be easier to do with the assistance of an experienced real estate professional who specializes in this type of property. Before beginning to shop, take time to locate an agent with lakefront property expertise to help guide the process.
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