A lake house is a solid investment or so most people would think. But you would be surprised at how devalued the market for lake houses is under the current conditions. Chances are that they are bound to shoot up again and which is why this would be the right time to purchase a lake house. Keep in mind that the median rate for new home purchases is at a high but given the low volume of houses being bought, it is bound to impact the prices in the near to medium term. And under such conditions, you may want to purchase a lake house as a good investment and upsell it when the prices curve again.
- Location always matters: Whether you are purchasing a real estate property in Newark or one in Idaho, it always makes sense to consider the location. And that could not be more apt when purchasing a lakefront property, adjoining a water-body. Granted that you are bound to have a few concerns regarding flooding and water stagnation which is why you must hire the services of a home inspector in Orlando, to inspect the lakehouse property at the earliest. He would need to be reputable, one who has the requisite experience and skills to assess a lake-front property. He should be able to tell you, after his assessment, whether the property has residual flaws that need to be fixed and even highlight the ones that need to get sorted right away. You can use the inspector’s report to further bring the asking price down.
- Feels like you’re on vacation: One of the distinct advantages of purchasing a lake-front property is that you are bound to feel like you’re away on a long vacation. After all, you are in a secluded area, with the lake upfront and center. Moreover, if your kids love watersports, then they are sure to fall in love with the lakefront property as well. This would be the perfect weekend getaway spot for the whole family, one that you all are bound to cherish in the time to come. Just make sure that the property in question has the requisite electronic appliances along with Wi-Fi services as well.
- Water-sports: Granted that your family may be into water sports, from rowing to kayaking. Given that the property comes with a wide, open lake right at the front, it would be a crime to let it go to waste. Just make sure that your kids always wear the safety jacket when out on the lake, at all times. That said, you may want to lean back as your family gets to enjoy themselves out on the lake.
- Wear and tear: One of the cons of purchasing a lakefront property is that you need to put up with all the ‘wear and tear’ generally associated with purchasing one. For example, your property is bound to be open to the elements and the lake is bound to have high humidity. And all these are bound to have an impact on wood and other associated materials, that went into the construction of the pier as well as the main house. So there’s bound to be more than a little impact, which should translate into frequent repair bills.
- Flood insurance: When it comes to purchasing any property, one of the first to-do items would be insurance. You might be surprised to learn that lakefront properties generally carry a higher insurance premium than most properties on account of being flooded often. That’s another issue that you need to keep in mind as well when it comes to purchasing one. Whenever you are purchasing a property fronting a lake, there’s bound to be some amount of flooding due to the lake’s proximity, especially during a heavy storm. And that’s why the insurance costs are slightly higher when it comes to lakefront properties.
These are some of the pros and cons of purchasing a lakefront property, do check them out.