[listly id=”196X” layout=”slideshow” per_page=”1″ show_list_badges=”false” show_list_tools=”false” show_item_tabs=”false”]
To see all of our current Tennessee listings, click Here.
Tag: investment property
6 Reasons We Prefer a Lake Home to a Beach House
There are cat people and there are dog people. Chocolate or vanilla? Lake home or beach house? When it comes down to it, there is no right or wrong answer, but here are six reasons why we prefer a lake home to a beach house!
Reason #1: Sand
Sand. Sand everywhere.
If you spend time out on the beach, prepare to bring pounds of it back home with you.
You can rest assured that the hard-to-clean-up substance will end up in your shoes, your car, all around the house, and even in the bed.
Oh, and that’s without even mentioning sand spurs or sand gnats/flies!
Reason #2: Salt Water
Some may prefer the saltwater to the freshwater, but it’s nice to be able to look around underwater unaided by goggles and without burning your eyes.
Reason #3: Sharks
While not a completely rational fear, there is a percentage of the population who is afraid of sharks.
If that’s the case, come on over to the lake.
There are no freshwater sharks, with the exception of the bull shark, which can travel up rivers but generally stays near the coast.
Not to mention, there is no way for a bull shark to get over a man-made dam which almost all lakes of size are created by.
Reason #4: Rope Swings/Cliff Faces
Beaches do not offer trees, nor does it offer a “deep area” where someone can just jump in the water from some height.
You are forced to wade into the shallow water until it gradually gets deeper.
On the other hand, lakes can be hundreds of feet deep right at the edge of the shoreline. This provides ample opportunity for cliff jumping, launching from a rope swing, or perfecting your dive!
Reason #5: Docks
A large portion of lakeside properties includes a private dock or the ability to construct one, whereas many beach homes do not.
Similar to reason 4, this can provide a platform to dive into the water, even from as high as 25 feet if you have a double-decker dock.
In addition to diving, the dock provides an excellent platform to fish from, and many species of fish will naturally take cover in the water under the dock.
It’s also the perfect place to relax or hang out.
You can grill out, sunbathe, read a book, or whatever you’d like, all the while enjoying the sounds and scenery of being right on the lake.
Reason #6: Cost/Availability
While both freshwater and coastal shorelines can only provide a finite amount of real estate, there are actually many more miles of lake shoreline than coastal.
In fact, there are more lake shoreline miles in the state of Alabama than there are coastline miles on the entire Atlantic Coast and Gulf of Mexico (in the U.S.) combined.
What does this boil down to? Supply and demand.
Both properties are more costly than your average primary home, but there is a much larger supply of lake property, making it a lower price point in many instances.
At the end of the day, both lake and beach properties make for fantastic getaways. And though we may be a little bit biased, there are pros and cons to each location.
We just choose to head to the lake.
Do you prefer the lake? If so let us know why in the comments below!
Lake Property and Shoreline Ownership
Every lake home buyer has the same question when it comes to shoreline ownership. Do you own this land, or lease it? The choice does not always belong to you.
Who Legally Owns the Land?
The owner of the lakebed and the shoreline property may have stipulations on the way they can legally offer building lots. Most owners of major, developed lakes in the United States are public utilities. Utilities such as power companies or government agencies like the U.S. Army Corps of Engineers.
In fact, some estimates show that these kinds of shoreline ownership accounts for about 90 percent of the approximately 41 million acres of lakes and reservoirs in the United States.
When a public utility builds a lake because it needs water for industrial use, such as hydroelectric power, cooling of industrial power plants, etc., the public utility, within Federal Energy Regulatory Commission (FERC) agreements, retains possession of much of the land around the lake, including shoreline areas.
The FERC may allow the public utility to only lease shoreline lots to homeowners. In other cases, the public utility is able to actually sell the lots to homeowners.
Whether they lease or sell the lot is based on the individual public utility’s agreement with the FERC regarding a particular lake. Additionally, highly detailed state or local lake protection ordinances contain restrictions covering many concerns. These concerns include how many homes can be built along shorelines, how close to the water they can be, and how wide visibility buffers must be between them.
Things to Consider with Leased Land and Shoreline Ownership
Potential lake home residents are cautioned to read the fine print on land lease documents. For instance, a lease may stipulate that if “improvements” are not made within a certain number of years, the lease could be terminated.
This means that a person who intends to eventually build a retirement home on leased land, let’s say in 40 years, may not be allowed to do so. This is because the lease could stipulate that “improvements” or building of the home must occur within 5 years.
Land leases can run for a maximum of 99 years, while some lake leases are much shorter. Sometimes running 35 or less. A mortgage lender will typically not issue a mortgage to buy or build your lake home for longer than the length of the lease on the lot. For instance, seeking a 30-year mortgage to build on a lot that is leased for 25 years is futile.
Consideration for inheritance must include the length of the property lease and whether it is renewable. With many leases, after the lease term expires and there is no renewal option, all land and “improvements” (inclusive of houses and other structures) revert back to the organization who has issued the lease to the person.
So don’t build a lake home on leased land with no ability to renew. Also don’t expect your heirs to automatically have ownership of the lake home.
At some lakes, ownership of the ground might be an option when deciding to build a new home or purchase an existing home. There is usually more opportunity for this on a privately-owned lake, although many publicly-owned lakes offer ownership as well.
Some public utility officials say the trend at public utility-owned lakes is moving more toward selling the lots, rather than leasing them. But, only if it is allowed in the FERC agreement.
Floodplains and Your Shoreline
Keep in mind that whether leasing or buying land to build on, power companies by law must retain ownership of the floodplain. In practical terms, a floodplain is a certain number of feet of land extending from the shore of a lake.
This boundary is determined by federal and state agencies. It is vital for storm runoff, vegetation diversity, water quality, wildlife habitat, and aesthetic qualities.
Turn to an Expert
There can be many complications when it comes to purchasing or leasing property on a lake. This is why it is always best to enlist the help of a real estate agent. Specifically one who focuses on lake real estate.
A true lake specialist will be very familiar with all of the details of their lake. They will be glad to walk you through all available options and what each will mean to you as a buyer.
Value of My Home Is Rising … Do I Need More Homeowners Insurance?
Home prices fluctuate considerably, often times leaving people to wonder whether or not they have adequate homeowners insurance coverage.
That’s especially true whenever home prices are on the rise around the country.
But just because the value of your home has risen recently doesn’t mean you need additional insurance coverage, as there are a number of things that play a role in determining the amount of coverage that you’ll really need. Continue reading “Value of My Home Is Rising … Do I Need More Homeowners Insurance?”
Must-Have Amenities For Renting Your Lake Home
Renting your lake home is a great way to earn additional income while you’re not using it. However, because you’re only renting it out as a vacation home during certain parts of the year, you’ll still have to provide those amenities that renters have come to expect.
Just as important, you’ll want your lake home to stand out from the crowd and encourage renters to choose your home over others.
The following are some of the amenities that you should provide to renters when renting your lake home to make it a more attractive vacation destination: Continue reading “Must-Have Amenities For Renting Your Lake Home”
How To Get Your Lake Home Rented Fast to Great Tenants
Many lake home and vacation homeowners rent out their properties during the year to offset their property’s holding costs, but also to earn additional income as well.
But renting out your lake home can be a lot easier said than done, especially if you’re looking to get your lake home rented quickly.
There are a number of factors to consider when trying to rent out your home quickly to great tenants, including how to set the rental price, how to find your renters, and how to market the property effectively: Continue reading “How To Get Your Lake Home Rented Fast to Great Tenants”
Pros and Cons of Renting Out Your Lake Home
Buying a lake home can be an incredible investment. There’s nothing like having a second home that you can use for vacation – especially one that’s on the lake. What better place to take the family on summer vacation than a home right on the lake? You’ll be feet away from being able to go for a swim. You could even invest in a boat that you can take out onto the water whenever you want. However, if you are buying a lake home for use as a vacation home, you may want to consider renting it out during the offseason or the months that you won’t be using it.
Before you jump at the idea, however, you might want to consider all the pros and cons associated with renting out your lake home. The following are some of the more important pros and cons to consider:
Continue reading “Pros and Cons of Renting Out Your Lake Home”Advantages of Buying Vs. Renting A Lake Home
Living in a waterfront home is a dream for many Americans, and it’s easy to understand why.
The water is enchanting, peaceful, and seems to offer a different view every time you gaze upon it. Shoreline homes offer great places to escape the noise and stress of the city as well as entertain friends and family.
Owning a lakefront home is a sweet reward reflecting success for many Americans. There are, however, several pros and cons to consider when buying or renting.
We’ve listed several advantages of buying vs. renting a lake home below:
When Owning a Lake Home is Better than Renting
- Building equity – The chief reason to buy a waterfront home as opposed to renting one is that you can build equity in your new home each time you make a mortgage payment. Since waterfront property is highly prized in most parts of the United States, there is less downside equity risk involved with owning shoreline property.
- You know where you’ll be staying – When you rent a waterfront house for the summer season, you usually have to start looking the day after New Year’s to secure a place for the coming season. Even when you’re a long-time renter, there’s no guarantee that the place you’ve grown to love will be available for the coming summer. The owner may run into financial difficulties and decide to sell the home or may choose to stay there for the summer. When you own the lake house, you will know exactly where and when you will enjoy lake season, year after year.
- You can pass it down – When you buy a waterfront home, it becomes part of your estate, and you can enjoy the thought of your children and grandchildren spending their summers at the house long after you’re gone, ensuring many more fond family memories will be made.
- You have an any-time retreat – No one says you can only use your lake home in the summer. When you own a lake home, you have a place to which you can retreat for the weekend or gather for holiday celebrations.
Sometimes Renting a Lake Home Makes More Sense
As intriguing as owning a lakefront property may be, there are some scenarios where renting a lakefront home might make more sense.
- You’re simply unsure about owning waterfront property – One very good reason to opt to rent rather than buy a lakefront house, at least for a few years, is to see if owning–and maintaining–a waterfront house is right for you and your family. It’s much easier to change your mind if you rent.
- The size of your family may change –
Another good reason to consider renting instead of buying is if you think your family size may change. For instance, if you have a house full of teenagers today, in a decade they will all likely be at college, married, and have families of their own. That five-bedroom home that is just perfect for your family today will be way too much house for you in a few years. - It’s easier to forecast expenses – Shoreline homes have different maintenance needs than homes in the city. When you rent, painting, maintaining the waterfront, and taking care of the dock are the landlord’s responsibility. Not having these added, unfamiliar expenses makes it easier to stick to your summer budget.
- You don’t have to spend money on furnishings – Many seasonal rental homes are offered furnished, saving you from furnishing a home you might only use part of the year.
Spending the summer in a lake home can create memories that your family will enjoy for the rest of their lives. While buying such a property is certainly intriguing, it’s wise to weigh the pros and cons of owning versus renting.
Understanding Endangered Species Along Your Shoreline
As a homeowner, one of the best real estate investments you can make is in waterfront property. Homes on the water make excellent retirement or vacation homes because of their location and natural beauty. They also present special challenges though when it comes to endangered or protected animal species.
Here’s what you need to know about how the Endangered Species Act could affect your own private shoreline. Continue reading “Understanding Endangered Species Along Your Shoreline”