What You Need to Know About Buying a Lakehouse

Buying a lake house is one of the most exhilarating things that can happen in your life. The scenery alone is enough to make you smile.

The fresh air and long lazy days spent swimming or boating on the water are some of the most tantalizing things about owning a waterfront property. There is no doubt that owning a lake house is a lot of fun. However, it can also bring a lot of work with it.

Here is a look at what you need to know about buying your first lakefront property

The Cost of the Property

Waterfront properties are more expensive than other types of property. If the waterfront property is a second home your financing may come with stricter requirements. A second home also means that you may need to have a higher credit score to qualify for a mortgage.

Be prepared to receive a higher interest rate because it is your second home. Your Lakefront home may also require you to put down a bigger down payment to secure a loan. 

Your Insurance

When you have a lakefront home you might end up having to pay for flood insurance. You will also face home insurance costs that are higher than the average. Even if you don’t have to pay for flood insurance you should consider getting it.

Homes that are close to bodies of water can get damaged when the water rises. It doesn't take a lot of water to damage your home significantly. Regular home insurance often does not cover this type of damage and you may end up having to pay out-of-pocket which can be quite expensive.

A Maintenance Budget

Even if you have insurance having a maintenance budget when you have a lakefront property is a good idea. Homes that are near to the water go through a lot more wear and tear than regular homes. You will more than likely have a dock that will need to be maintained.

A Real Estate Agent

Consider employing a real estate agent such as Caren Burroughs to deal with the purchase of your lakefront property. A real estate agent will be able to help you to get a good deal.

Your real estate agent will ask all the right questions when you go to view different lakefront properties. In this way, you will find out as much as you can about the property you wish to purchase before you put in an offer.

Get a Home Inspection 

A home inspection is one of the most important things you can get before you purchase the property. Water can do all types of damage that may not be visible to the naked eye. If the home has a septic tank you should make sure that is inspected as well since repairs can be costly. 

If your inspector finds severe issues you should ask the homeowner to fix it or give you a discount on the selling price.

Get Your Dream Home

Before you buy your lake house property always make sure that you do due diligence. This will prevent you from regretting your purchase. The last thing you want is a lakehouse that you cannot fully enjoy.