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.
Thinking about investing in property, or how nice it would be to vacation at your own lake house instead of renting one? Recently, the economy has led to an increase in second-home purchases, nationwide. Especially in the state of Virginia. When buying a vacation home in Virginia, you’re making one of the few investments that offer both financial and personal rewards. The best thing when purchasing a vacation home is that you don’t have to be rich to pull it off. This investment allows you to diversify your income, plan for retirement, take a vacation without extra costs, and maybe even build wealth. You need to set your goals before buying a second home. Weigh out the pros and cons, and once you’re clear on why you want to buy it, you can focus your search and match it with your priorities.
Advantages of buying a vacation home in Virginia
No matter which part of society you belong to, whether you are a retiree who is seeking to escape city life or a lake lover who wants to live in Lake of the Woods, you have the option of buying a home. Whether you’re looking to buy a property as a vacation home for summers or winters or just looking for an investment property to rent out, there are homes that can meet a wide range of budgets.
Today, people are
starting to value short term over long term profit, because earnings are more
significant when repeated many times over a short period. Luckily for you,
vacation properties have retained their value because they are located in areas
which are still popular. Because the mountains and shorelines are limited,
there is a finite number of houses which can be built. That holds the price
when it comes to vacation properties.
Vacation properties have retained their value, so renting it is
a good choice
When buying a vacation
home in Virginia, think about tax deductions and how you want to use your
property. Will that be a home for rent, or will it only be for personal
enjoyment? Many people prefer not to rent their second home because if they did,
the interest on the mortgage and the property taxes would be fully deductible
from the gross income. This mortgage can be treated the same way you are
treating the mortgage on your primary residence.
A great thing about
buying a vacation home in Virginia is that you can decide to rent it out. You
can always use it yourself. Whether you are renting it or just personally using
the property, you are going to have to invest in it. Furnishing a house requests
a certain amount of money, but renting afterward can help you return at least a
part of it. You have the option to move things from your family home to a
vacation home, this way you can redesign your home. Moving your household with professional help is your best option for a
stress-free move. Once you have furnished your vacation home, you can start
renting it out.
Rental fees differ from
season to season. Another important factor is the popularity of the resort
location. For most resorts, weekly rental fees are equal to or greater than the
monthly mortgage payment.
Buying a vacation home
in Virginia can be really convenient. You have the option to keep the items
that you exclusively use there in your vacation home, which simplifies travel
and packing. If you and your family like to ski, you can store some of your
winter clothes and ski equipment in your vacation home. This allows you to
easily make spontaneous trips for a weekend of skiing without having to worry
The goal most retirees
strive for is to have a place of retreat for the times of the year they dislike
spending in the primary residence. Buying a vacation home in Virginia is a
great investment for those people. You would be one of the lucky ones if you buy a second home before retirement. You then
have the time to experience the benefits of a refuge. If it turns out that
wasn’t your dream, you also have time to correct the mistake and maybe sell it.
Memories are the one thing no one can take away from us, and places stir memories in people. Both big and small families enjoy annual gatherings. Building a tradition keeps families strong and in some way obligates them to see each other, even for one day. Buying a vacation home in Virginia will not only be an investment for your future, but also an investment for the beautiful memories you’ve created in the past. The annual gatherings keep families close, especially if people are all over the country.
You can’t put a price on the memories – especially a home that
has been a site of many happy gatherings.
Some people struggle
whether to buy a vacation home or not, even when the finances are acceptable.
Some of the questions they encounter are:
I want to vacation in the same place every year?
this make me happy?
I handle renting the property to a stranger?
I come as often as I hope?
· Will my kids and grandkids use this property once I am gone?
Some people struggle to decide whether to buy a vacation home or
Buying a vacation home in Virginia is a long-term commitment. You need to be prepared if your dreams don’t come true because you could be stuck with high costs and responsibilities for years. For many buyers, dreams do come true, and the payoff is well worth it. Sometimes, you have to risk money to make money.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
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