4 Practical Things To Consider When Buying A Lakefront Home
Posted on: 27 June 2016
For many homebuyers, purchasing a lakefront property is the ultimate dream. A home on a lake offers peaceful tranquility, sought-after views, and endless possibilities for outdoor recreation. Buying lakefront property also involves a few important practical details that shouldn't be overlooked. Here are four practical things to consider:
Look Into Insurance Before You Buy
One of the hidden costs of lakefront property is more expensive homeowner's insurance. In some states, you may be required to purchase flood or natural disaster insurance in addition to your standard homeowner's insurance. Be sure to consult with your insurance agent before you buy your lakefront home so there aren't any unpleasant surprises. It is better to budget a bit more for comprehensive insurance that will cover the cost of repairs if the lake overflows and floods or otherwise damages your home.
Carefully Consider Building on the Property
It is often difficult and expensive to get building permits for lakefront property. This is because building so close to water is complicated and needs to be done in a way that does not cause erosion or other damage to the shore. For this reason, it may make more sense to spend more upfront to buy a home that is already exactly what you're looking for, rather than buying a fixer upper or too-small home that will require additional building after you make your purchase.
Don't Forget Tourism
If you buy a home on a lake that is popular with tourists, you should keep in mind the impact this may have on your quality of life. If you are looking at homes during the off-season when the lake is quiet and there is plenty of privacy, you may want to talk to neighbors about what life is like during high season when there are many more people around. If you are seeking a quiet retreat, it's probably best to buy a home on a lake that isn't a tourist destination.
Hire a Qualified Home Inspector
Waterfront property is susceptible to damage from the elements since it's so close to water. From shoreline erosion that can affect your landscaping and even your home's foundation, to basement water damage caused by flooding, your home inspector will need to expertly and carefully examine the home and property for issues. Ideally you will choose a home inspector with significant experience inspecting lakefront homes.
By keeping these practical considerations in mind, you will be more likely to make a lakefront real estate purchase you will be happy with long-term. Be sure to hire a real estate company with lakefront property expertise to further assist you in navigating these matters. Contact someone like Chistopher Paul Johnson, P.A. for assistance with your property search.
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