Is a Lake Home Right For You?
If you are thinking about buying a lake home, there are many things you need to take into consideration. While living in a lake home can be a dream come true, purchasing one without thoroughly investigating the property and considering your personal needs can be a recipe for disaster. Therefore, before you purchase a lake property, you need to be sure to answer the following questions.
Question #1: Can I Afford it?
It is no secret that waterfront homes are more expensive than homes that are not on a lake, but you need to consider more than just the purchase price of the home when deciding whether or not you can afford a lake house. For example, due to the proximity of the home to the lake, you may have to pay higher homeowner’s insurance. This is particularly true if the house is located within a flood zone. Furthermore, many lake homes are part of a Homeowners Association. Therefore, it is important to find out how much your HOA dues will be each year before you decide to buy.
Question #2: Is it Worth Paying the Extra Cost?
Even if you can afford to purchase a lake house, you need to ask yourself if the purchase is worth the added expense. After all, you might be able to purchase a much larger home or a home with more amenities if you apply the same funds toward a home that is not on the lake. Of course, the lake views and the convenience of living on the lake may be well worth the extra expense, but you need to consider your personal lifestyle and needs when determining if the cost is worth it to you.
Question #3: How Often Will I Be Able to Access the Lake?
Just because you live on the water, it doesn’t necessarily mean you will be able to access it whenever you want to. First of all, your HOA guidelines may restrict your access during certain times. Or, there may be times when the lake isn’t accessible due to weather, fluctuations in water levels and other factors that are beyond your control. By researching the lake and learning more about the area’s climate, you will be better able to determine the amount of access you are likely to enjoy.
Question #4: What Activities Can I Enjoy on the Lake?
Before you purchase a waterfront house, you certainly want to find out more about the activities that you can enjoy on the lake. If you enjoy fishing, but fishing is restricted on the lake or is nearly impossible because of all of the activity that takes place on the water, you may feel quite disappointed with your purchase. Therefore, you should be sure to find out more about the activities that can take place on the lake as well as when you can enjoy them.
Question #5: What Types of Restriction are Placed on the Property?
As part of your HOA guidelines, there may be restrictions placed on the type of changes you can make to your property. For instance, you may not be able to add onto the home or expand your dock. If you think alterations may be in your future, you need to be sure to read the HOA guidelines thoroughly in order to be certain the property will meet your needs today as well as tomorrow.