Tips When Buying Lakeshore Property
Purchasing real estate is always a big decision, but when you are looking at buying lakeshore property, there are other important considerations.
Purchasing a lake home is an important decision, and future value will be determined mostly by the quality of the lake and the lakefront land. Here some tips that you should keep in mind when you’re looking for the perfect waterfront property.
- Don’t buy any kind of land without setting foot on it first; of course, this applies to any real estate purchase. Take the time to look it over closely and inspect it personally. Locate a copy of the plat map and find exactly where the property lines are.
See if there are any flood plain restrictions. If you build or buy a lake home in a flood zone it may be difficult to get insurance.
- Talk to the neighbors. Ask what they think of the area and the lake. Are they happy with the neighborhood? If they love living on their lakeshore property, they’ll let you know – if they hate it, they’ll tell you that too.
- If you want to build a lake home, be sure the lot will support a house of the size and setback you want. What are the shoreline restrictions?
- If you’re buying lakeshore property in a remote location, know who is responsible for maintaining the road. Some banks need a road maintenance agreement before they lend on remote properties.
- Determine if the lake is constant level. If it’s not a constant level lake, then the water levels could fluctuate drastically.
- Learn how this lakeshore property will change in the different seasons or when the weather changes.
- If you’re planning on building a lake home, make sure you’ll have access to electricity, water, sewage and other utilities. Never assume that you can just “hook up”.
- What size boat or boats do you plan to have? Is there adequate docking for it? If not, are there covenants that restrict you from getting it?
- Interested in building a boat house or other structure after buying lakeshore property? Then make sure that there are no restrictive covenants preventing you from doing so. Many lake areas have limits on the building of new boat houses and/or docks.
- Are you into fishing? Recreation? Swimming? Learn everything you can about the lake. Some lakes do not allow any motorized watercraft. Some lakes are great for swimming or fishing, and others are not. If you’re really into sport fishing, be sure to check which lakes have the best fishing for the particular species you like to fish.
- Lastly, before you make the purchase offer on any lakeshore property, always make it conditional on an inspection of the land, its improvements, and any other specific items that apply. For example, if you don’t have access to sewage lines, make the offer conditional on your ability to get permits for a septic system. Of course, always make your offer for buying lakeshore property contingent on your ability to get financing for this lakefront property.
With these practical tips, you should be able to find and purchase the perfect lakeshore property, and enjoy if for many years to come!
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