When you are considering buying a lake home, particularly in a rural area, here are 4 “Gotta Haves” you will have to keep in mind.
Cell Signal
Internet Access
Television Service
24-Hour Emergency Room
There might be hundreds of miles of lake shoreline, one side of the lake might have these services while the other side might not. Also, the terrain of the lake areas might determine the availability of these services as well.
Our knowledgeable agents are here to help you answer these questions and assist you in your lake home-buying journey.
There’s no question that the pandemic has rendered city life stifling. With no bars, movie theaters, or indoor dining, the draw of big cities has dissolved. As a result, more people are investing in lake houses for the freedom the city doesn’t provide anymore. Real estate appraiser and consultant Jonathan Miller told CNN that he calls these “co-primary” homes.
Instead of spending more time in one home and occasionally vacationing, those with co-primary residences spend equal time at both. According to Forbes, people are especially seeking markets where you can live comfortably “off the grid.” As the pandemic continues, this trend isn’t slowing down. If you’re looking to make a lake house your co-primary home, check out the key reasons driving this trend.
A simple rationale for this trend is that due to the pandemic, a city home isn’t necessary anymore. Many people stayed in cities for their in-person obligations. However, more shutdowns of offices and social life defeat the purpose of owning a city home. According to brokerage firm Miller Samuel Inc., Manhattan Sales have fallen 54% from last year. Instead, New York dwellers are investing in lake houses and other vacation homes in places like Connecticut and the Hudson Valley. This way, they can go back and forth between their co-primary homes whenever they need.
Before COVID-19, a thriving social scene, and employment opportunities were a huge draw for urban environments. Living in a small apartment didn’t matter because many people practically lived at the office. However, as non-essential workers continue to work remotely, spacious homes are a bigger priority. With more people choosing open spaces over proximity to a now fading city life, investing in lake houses has become popular. According to a Zillow survey, among Americans working at home currently, 66% would consider moving homes if their job continued remotely. This majority position marks a clear priority shift from access to work to access to space.
Many buyers cannot afford a lake house as a co-primary residence. These individuals may move to the lake full-time, in part, because it’s less expensive. This trend is especially true for buyers who have lost their jobs due to the pandemic. The country’s unemployment rate rose from 3.8% in February to 13.0% in May. According to the Pew Research Center, even these numbers might be underreported. When money is scarce, why stay in a pricey urban apartment when you can retreat to a less expensive lake house? Saving on expenses is just one reason why city renters are buying lake houses as a first home.
Typically, buyers see lake houses as an investment—something to put stock in and reap the benefits later. However, now that things are more distressing and uncertain, buyers want something they can enjoy immediately. For similar reasons, rentals have been harder to come by. Robert Nelson, sales managing director for Brown Harris Stevens, told CNN that those who may typically rent their lake house to guests are opting to spend more time at their vacation residence. When everything else is up in the air, being at a lake house offers a sense of immediate security.
This Pandemic Was the Last Straw
For many buyers, investing in lake houses during the pandemic was not a split-second decision. They had been mulling over it for a while, and COVID-19 was the final straw that prompted the purchase. In New York specifically, an influx of people have left the city in favor of more remote locations. According to CNBC, there are not enough homes on the market in nearby vacation areas to meet the current demand. Many of those who said “maybe one day” to their dream of a lake house are deciding that day is today.
With so much uncertainty ahead, owning a lake house provides a much-needed sense of warmth and comfort. Are you interested in hopping on the bandwagon? Check out our listings in multiple states at Lakehomes.com!
If you’re looking to buy or sell a lake house, you may wonder if it’s necessary to pick an agent with a physical office. Contrary to popular belief, brick and mortar isn’t necessary to sell a home. Lake Homes Realty CEO, Glenn Phillips, gives 6 reasons why your lake agent doesn’t need an in-person office.
The office isn’t relevant in a digital world
Time is precious, and office meetings take time from viewings
Many top producing agents work more effectively without a physical office
Offices don’t sell houses — agents and brokers do
Buyers enjoy the convenience of an online platform
Money spent on office leases could be spent helping clients
Just because an office environment is familiar doesn’t mean it’s the future of real estate. The best agents can do their work anywhere. Find an agent today at Lakehomes.com to have your questions answered.
Are you thinking about using a mortgage to buy a lake home? Since interest rates are low, it’s a good time to use a loan. However, mortgaging a home comes with unusual considerations during the pandemic. Lake Homes Realty’s CEO, Glenn Phillips, names these 4 mortgage challenges to keep in mind:
Money is not easy or fast
The process requires extra verification
The pre-approved letter doesn’t matter as much as it used to
It’s important to take extra time in the process
When you’re ready to buy a lake home, visit lakehomes.com and check out our daily listing updates.
Especially during the pandemic, many people are considering buying a lake home for social distancing. If this is you, Glenn Phillips, Lake Homes CEO, has some tips. First, set appropriate pricing expectations, keeping in mind that the lakeside location may add to the home’s cost. Although a market peak should keep prices from further escalation, appropriately-priced property is hard to come by, so it can help to seek multiple lakes for your dream home. When you find that home, be sure to act quickly because other buyers are looking, too. Finally, when buying a lake home, it’s best to seek out a Lake Homes agent with local expertise.
COVID-19’s impact on many businesses has brought on significant changes to rules and regulations that can be seen on a global scale. The real estate industry is also having to change to meet the needs of its buyers during these times of uncertainty.
In this video, Glenn Phillips, CEO of Lake Homes Realty, discusses the types of buyers you’ll find in the present COVID-19 marketplace. Learn how to navigate the delicate new economics of real estate in this exploration of buyers.
Every dream home has some quality that makes it distinct. That’s why we’ve compiled a list of the top five featured home listings in the state of Alabama. Each listing must meet a few qualifications: it must be listed at over $1 million as a featured listing of Lake Homes Realty, be over 4,000 square feet, and located on waterfront property.
Each home has interior and exterior details that make it stand out among other houses. They each have an element of charm, beauty, or uniqueness. Some offer vintage and imported features, while others have entertaining spaces that would make anyone envious.
Imagine that you’re looking to buy your first house or apartment. More than likely, it’s in an urban or suburban area, and the most picturesque views that you’ll get is of your neighbor’s backyard or the recycling bins outside. But of course, it has its benefits — it’s near work, it’s close to the city, and it’s just practical. Perhaps thoughts of a luxurious lake home seem more like a pipe dream than a reality. Something to save up for and wait several years before even thinking about it. But who says that you have to postpone your lakeside living fantasies?
According to CNN, there’s a rising trend of people buying vacation houses as a first home. For many new homeowners, this method is the ideal way to obtain real estate without sacrificing all their assets in one purchase as you might in an expensive city. From saving money to stressing less, there are several perks that come with buying a lake home as your primary investment property.
It’s no secret that major cities like New York or San Francisco are very pricey for small units of space. Not surprisingly, both were ranked among the top 25 most expensive cities in the U.S. For good reason, many people are now opting to buy properties at vacation spots adjacent to these major cities while continuing to pay rent for their small urban apartments. This way, new homeowners can get the best of both worlds — an investment in real estate while also living in the city. For example, New York dwellers might choose to buy a house on Lake George, about a three hour drive from the hustle and bustle. When the work week gets stressful and a weekend retreat is in the cards, there’s nothing better than a nearby destination that you can proudly own. Buying a lake house as a first home solves this issue.
2. Rent it Out
If you aren’t planning to live at your lake house full time but still want to invest in the property, there’s a great opportunity to rent your vacation home to others who are looking for a weekend getaway. Since it’s going to be left unoccupied when you aren’t there, you might as well be making a profit. According to the data studio Priceconomics, AirBnb hosts make $924 per month on average. By including your lake home on a platform like AirBnb, you can offset the mortgage cost each month and make your investment a little more affordable. Plus, with amazing views of a nearby lake and serene nature surrounding the house, you’re bound to get plenty of booking requests.
When it comes to buying a house, there can be a lot of pressure to make sure it’s the right decision. After all, you’re placing roots in a space that you expect to enjoy for years to come. But if you’re living in an expensive city, the stakes are high and dropping more than $150,000 on a downpayment (based on the average listing price of $779,000 in New York City) is not a decision to be taken lightly. If you’re ready to be a homeowner but can’t commit to city prices, choosing a more affordable vacation home is a great way to lower your stress and buy some time before investing in city property.
4. Invest in the Future
If retirement is already on your mind, imagine the kind of place where you’d like to spend the years following your career. Likely, it’s a place where relaxation is the name of the game. By investing in lake house property early on, chances are that you’ll be far enough on your mortgage payments where you can retire comfortably at your vacation home. Not to mention, you’ve secured a vacation destination and weekend getaway for all those pre-retirement years when you need to take a break.
Of course, the decision to buy a vacation home as a first home comes with a few considerations. For example, the upkeep is your responsibility and this may be harder to keep track of when it isn’t your primary residence. However, those who have taken the plunge and bought a vacation home while renting in the city say that it helps to keep close ties with neighbors who can alert you if anything suspicious is going on. And if your property is just a few hours away, you should be able to make it for a maintenance day one weekend a month. If you decide that you’re ready to take on the homeowner responsibilities, consider all the benefits of making your first home one with an incredible lake view.
Nestled within the Western Maine Mountains and surrounded by a ring of evergreen trees, Rangeley Lake epitomizes the natural beauty of northern New England.
Rangeley Lake, a sprawling 6,400-acre freshwater lake, is one of the major headwaters of the Androscoggin River watershed. It takes its name from Squire James Rangeley, Jr., an Englishman who established one of the earliest settlements in the area in 1825. Squire Rangeley’s legacy looms large in the history of the region; the nearby town of Rangeley is named after him, as is the main river that flows out of Rangeley Lake.
With a population of just over 1,000 people, Rangeley may come across as a sleepy town. However, when warm weather comes around, vacationers and residents come in from all over the Northeast to wile away the days in their summer homes. In the past, some travelers have come to Rangeley in the winter for access to nearby ski resorts such as Saddleback Maine.
With a strong local community and plenty of reasons to visit, Rangeley Lake is sure to remain one of Maine’s premier lake-living locations for years to come.
The History of Rangeley Lake
Before white settlers established the town of Rangeley, Rangeley Lake was home to five different Native American tribes, most prominently the Abenaki. In 1796, the region was forever changed when four American men—including James Rangeley, Sr., the father of Squire Rangeley—purchased a large tract of land that included Rangeley Lake and the surrounding area. Over the next few decades, settlers gradually trickled into Maine from the lower colonies, forging homesteads out of the forested land near the lake and surviving off of Rangeley’s bountiful fish and wild game.
In 1825, Squire Rangeley loaded a wagon with his family’s belongings and established the town that would later take his surname. Supported by a burgeoning lumber industry, the population of Rangeley continued to grow over the following decades—and as the town gained prominence, it began to develop a reputation as a prime fishing destination. By the 1860s, Rangeley Lake had become a common vacation spot for American fishermen, kickstarting its reputation as a paradise of the North.
Many locals consider the late 1920s and 1930s to be the “Golden Age” of Rangeley. In the years leading up to the second World War, affluent visitors from across the Northeast would flock to the lake to take advantage of its high-quality hotels and natural beauty.
After World War II, Rangeley transformed once again, eschewing its ritzy hotels in favor of a more relaxed style of tourism centered on the town’s established reputation as a vacation spot. The fancy hotels are long gone; instead, loyal seasonal residents come year after year to summer in their lakeside vacation homes. Generations of Rangeley Lake families have passed their homes down through years; for many, Rangeley is just as much of a home as their primary residences down south.
The natural splendor of Rangeley Lake is its greatest strength, but for residents who have had their fill of verdant beauty, the lake offers a number of additional amenities.
The legacy of Rangeley’s Golden Age lives on in the form of the Rangeley Lake Resort. The resort is a cluster of log cabins located on the former golf course of the Rangeley Lake House, once Rangeley’s classiest hotel. The resort features a clubhouse with hot tubs and a heated pool, canoe rentals, a network of snowmobile trails, and ample opportunities for scenic hiking.
Photo courtesy of The Maine Golf Trail.
On the shore of Rangeley Lake, visitors might stumble upon Mingo Springs Golf Course, a high-quality course that has been owned and managed by the same local family for over four decades. Though the local Saddleback Maine ski area has been closed since the 2014–2015 season, plans are underway to reopen the mountain for 2020, and the renowned skiing and golfing at Sugarloaf Mountain is only a 45-minute drive away.
For nature lovers, a number of companies offer cruises and kayaking on the lake, and the Rangeley Lakes Heritage Trust has mapped and documented miles of birding trails throughout the area.
And on rainy days, visitors can drive down to the Rangeley Lakeside Theater for a selection of seasonal live performances and film screenings.
Rangeley Lake Real Estate is one of the premier markets for lake homes in the state of Maine. At any given time, there are around 130 lots and homes for sale on the lake. Rangeley Lake homes can sell for between $89,000 and $1.5 million, with a total market value of over $36 million.
A small town with a cosmopolitan history, Rangeley is a fantastic location for both full-time and seasonal lake living.
Visit our website HERE to learn more about Rangeley Lake.
