Having a house by the lake is a dream of many people, and for a good reason. Due to their picturesque settings, breeze along the shore, and range of outdoor activities, lakefront properties will give you the feeling that you are on a non-stop vacation. Still, purchasing a lakefront home is not only about buying a piece of real estate, but it is also “buying” into a certain lifestyle. Owning a lake house is a lot of fun, but it also comes with a set of challenges you must prepare for. Here is everything you need to know about buying a lakefront property.
Consider the financing when buying a lakefront property
Before you start looking at houses, you need to take into consideration the financing and ask yourself whether you are able to afford an investment like this. A lot of costs come with purchasing a lake home, and it’s not just paying the mortgage. Before you buy a waterfront property, consider the following:
- ● property cost – for starters, waterfront properties are more expensive than other types of properties. Plus, if it is your second home, financing will come with more stringent requirements. However, if you have firmly decided to own a lakefront property, there are many easy ways to save up for a new home.
- insurance and maintenance – don’t forget to buy flood insurance, because even just a few inches of water can cause costly damage to a home. Keep in mind that regular homeowner’s insurance typically doesn’t cover flood damage. Additionally, homes near the water tend to get more wear and tear, thus you will need a larger maintenance budget for your lakefront property.
- fun stuff when you buy a lakefront property -Well, let’s be honest, fun stuff is a major reason why you are buying lakefront property. But, remember that all the fun activities, such as boating, jet skiing, and water skiing aren’t cheap.
Consider the location of the lakefront property
If you want a lakefront property to be your primary home, you must consider the distance from school, work, medical clinic, and standard amenities like grocery stores and post office. For example, choosing a lakefront property in Orange County, VA is a great idea, since it is near major cities such as Richmond, DC, and Charlottesville. Even if you want to lead a more rural lifestyle in a picturesque waterfront home in Lake of the Woods, you can have reasonable access to these services and make your everyday life a pleasure and not a chore.
Also, the proximity to your residence is important if the lakefront property is intended to be your vacation home. Some experts recommend that vacation homes should be one to two hours away from your primary home so that you use your vacation home more often and don’t get discouraged by a burdensome drive.
Make sure you have enough space in your lake home
A good lake house shouldn’t be small, because when you finally transport extra furniture you have, there should be enough space left to accommodate you and your friends and relatives because they will no doubt want to visit you. Apart from being big enough to provide comfort for you and your guests, there should also be enough activities available in the area. Besides water sports like fishing, swimming, or jet skiing, ask around if there are other activities like hiking, biking, and bird-watching. Also, ask about amenities like swimming pools, a gym, or a clubhouse.
Before buying a property talk to the neighbors If you want to get inside information on the property, ask your neighbors because they probably have all the information you need. You can ask them if they enjoy living in the community, if they have any issues with the property you are thinking about purchasing or if there are any waterfront related problems. If you are young and want to buy a property that is a bit rural, but at the same time modern, you can find some of the best neighborhoods in Orange County for young couples.
People in Orange County are charming and friendly, and you can find many interesting things to do and see here – there are local breweries, you can glance at the private life of James Madison, and most importantly, in Lake of the Woods, you will find magnificent lakefront houses no matter your age or interests.
Choose the right waterfront home for you
If you are considering buying a lakefront property, make sure you chose the right one for you. A lakefront home is a great place to move to after retiring, so you might want to buy a home that is a bit secluded without many people around. On the other hand, if you are young, you might want to have access to the activities you’re passionate about, so choose a property accordingly. Hopefully, these tips will give you the confidence you need and help you decide on the right lakefront property for you. Your lakeside life, full of serenity and happiness, can begin now.