Buying a lake home is a big commitment, so you have to be sure the timing is right. Lake Homes Realty’s CEO, Glenn Phillips, shares 4 reasons why you may want to postpone purchasing your dream lake home.
- Peak-ish Prices: We are still at the peak of the real estate market. Because of the high demand/ low supply of homes and growing interest rates, now may not be the best time to invest in a home.
- Patience Required: Competition for lake homes is at an all-time high which will make it difficult for you to get the home of your dreams. It may be best to avoid the hassle of waiting for the perfect property until demand starts to slow.
- Time: Taking on a new lake home is exciting, but it doesn’t come without its maintenance. If you don’t have the time to go between two homes, travel to and from the lake, and do general upkeep, now may not be the time to take on the responsibility.
- Chapter of Life: Before you buy, it’s important to assess what chapter of life you are in. Are you ready for a change in pace and to relax by the lake, or are you still heavily involved in your job and other time-consuming activities?
‘Not now’ doesn’t mean ‘Not ever’. Wait to buy your dream home until the market is right, and you feel ready to take on the long-term commitment of lake living. You’ll find that the perfect home is worth the wait!