5 Reasons to Purchase a Lake House as a First Home

For Sale Sold Sign lake house as a first home

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. 

1. Save Money

Lake George, NY
Photo courtesy of Lake George.

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

Person handing house keys to renters

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.

3. Stress Less

Lake House at Bulow lake house as a first home
Photo courtesy of The Lake House at Bulow.

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

Grandfather reading with grandson at lake

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.

5. Enjoy the Scenery

Buying a lake house as a first home
Photo courtesy of Bontena.

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. 

The Lake Home Essentials Checklist

Person checking off lake home essentials boxes

Preparing to stay for a while at your lake home can be hectic, and the last thing you want is to forget the toilet paper or toothpaste. While it’s easy to let the little things slip your mind, going without some lake home essentials can make for a miserable experience.

Having a good, solid list of the things you’ll need makes the process run so much smoother, and the headaches a lot less frequent. So here’s a checklist of the most important lake home essentials to help you stay organized.

Kitchen

Kitchen and living room overlooking a Michigan lake
Photo courtesy of Lily Pad Cottage.

There’s no better pair than the lake and good food.  Wouldn’t it be the worst if you went to make a delicious meal, only to find you don’t have anything to make it with?

You can make your own grocery list, but here are the things you’ll need in the kitchen besides food:

  • A can opener/bottle opener
  • Silverware, cooking knives, cutting board, wooden spoon, spatula and tongs
  • Oven mitts
  • Coffee, filters (if needed) and coffee pot
  • Measuring spoons and cups
  • Sponge and scrub brush
  • Dishes: bowls, plates, cups and mugs
  • Dish soap and detergent
  • A trash can and kitchen bags

Baking Items

Recipe book and ingredients laid out on marble counter top

If you plan to do any sort of baking, bring these items along to save you a trip to the grocery store. You never know when your lake home will host the next Fourth of July or family birthday party. And, you can cook just about anything if you are well-stocked with these:

  • Recipe book
  • Glass cooking dishes and cookie sheets
  • Large mixing bowls
  • Mixer
  • Sugar
  • Salt
  • Eggs
  • Milk
  • Baking soda
  • Baking powder
  • Flour
  • Butter
  • Shortening
  • Vegetable oil, olive oil
  • Chocolate bits

Bathroom

Wide bathtub with view of mountains and lake

An important lake home essential tip is to keep a clean and orderly bathroom. And you’ll want some emergency supplies as well. More guests at your lake home means more frequently used showers and toilets.

Here is a list of the things you will need:

  • Plunger and bowl brush
  • Soap, shampoo/conditioner
  • Toothbrush, toothpaste, floss, mouthwash, comb and brush
  • Bath mat
  • Towels, washcloths and hand towels
  • Small trashcan
  • Shower curtain, liner, and rings (if applicable)
  • Toilet paper and wipes

Living/Family Room

Cozy fireplace living room
Photo courtesy of New England Living.

Some days you just want to stay inside, and some days rain prevents you from enjoying the outdoors at your lake home.

Your personal taste will determine the specifics, but here are a few living room essentials for those lazy lake days:

  • Coasters
  • Board games
  • Table lamps
  • TV, DVD/Blu-ray player, DVDs, and Blu-rays
  • Gaming console and games
  • Furniture and any décor
  • Throw pillows and blankets

Bedroom

Nautical themed bedroom with view of lake
Photo courtesy of Tom Stringer Design Partners.

After a long day on the water, nothing sounds better than a good night’s rest.

Since we spend anywhere between a quarter and a third of our lives in the bedroom, it’s essential that you make it as comfortable as possible. Here are things you’ll need:

  • Bed
  • Comforter, bed sheets, pillows, and pillowcases
  • Clothes hamper
  • Hangers for the bedroom closet
  • Side table(s) and lamp(s)
  • Dresser or wardrobe
  • Full length mirror

Laundry Room

Marble and white laundry room
Photo courtesy of Sanctuary Home Decor.

If you plan on having a good time at the lake, prepare for your clothes to be covered in the outdoors. Be sure to bring these along:

  • Laundry detergent, bleach and dryer sheets
  • Laundry baskets
  • Iron and ironing board
  • Small trash can

Cleaning Closet

Organized cleaning closet lake home essential
Photo courtesy of Better Homes & Gardens.

To keep your lake home spiffy clean, you’ll want to store these supplies in a closet or cabinet somewhere:

  • Rubber gloves
  • All-purpose cleaner for glass, tile and wood
  • Stove cleaner
  • Sponges and brillo pads
  • Mop and bucket, broom and dustpan

General Items for Around the House and Garage

Organized garage shelving
Photo courtesy of Garage Living.

Other important items to keep around include:

  • Flashlight and batteries
  • Extra batteries (different sizes)
  • Duct tape, scotch tape, and electrical tape
  • Wood glue
  • First aid kit
  • Toolset which includes: hammer, Phillips and flat head screwdrivers, mix of nails, screws, hooks, and wrenches
  • Saw and sawhorses
  • Fire extinguisher
  • Hose
  • Rakes and outdoor leaf bags
  • Shovel
  • Large trash barrel
  • Sweatshirt, light jacket/rain jacket for cool and wet days
  • Bug spray and sunblock

For more advice and tips for your lake house, visit here