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Tag: waterfront property
4 Easy to Miss Items to Look for When Shopping for a Lake Home
There are lots of people in the world who would simply jump at the chance to purchase a lake home, but like purchasing any piece of property, it should never be rushed.
It is advised that you should consider a home inspection for your potential lake home, before you decide to splash the cash on your dream retreat. This will ensure that you will get the maximum value from your investment and will not live to regret the decision to purchase the lake home. So if you are considering purchasing a lake home, then you should look for the following things in a home inspection for a lake home:
The Water Counts
A lot of people don’t consider checking the actual lake when they are purchasing a lake home, which is probably one of the biggest mistakes that you can make. It may seem like only water to you at first, but there are certain water lots, which you don’t want at all with your lake home. Check to see how much waterfront footage you have on your lake, which should ideally be 100 feet or more.
Door Facing the Water
If you were living in the city, you would want to have curb appeal with your home. But, when you are living on a lake, all you should care about is pier appeal.
Check to see if there is a main door facing the lake, since you are going to want to see a whole lot of lake in your lake home. This means that every room in the house should provide you with a view of the lake, whether it is the kitchen, the dining room or the bedroom. A lake home without a great view of the lake from all rooms is less than ideal.
Topography is Essential
Not many people know this, but when you are living at a lake house, you have to consider the topography of the water lot as well. If you are going to go swimming and floating, then you should have a flat lot, which means that the water in the lake will not be deep.
If, however, you want to take your boat out every day, then you would need a steeper lot, which would mean deeper water. It may seem as a simple choice, but it all counts towards the appeal of your lake home.
Docks Are Important
It is also important to check the quality of the docks. Make sure that boards aren’t missing or loose and there are no jagged nails.
Living on the lake is a lifelong dream of most people and it is one of the best ways to spend your retirement days in comfort and relaxation as well.
Prepare Your Lake Home for an Open House
If you are looking to prepare an open house for your lake home, then you need to get a lot of things in order so that the entire process goes through smoothly.
There are lots of people who end up making the wrong decisions and then have an open house for their lake home that doesn’t provide them with the results they expected. So in order to help you avoid those costly errors, here are the top things you should be doing when preparing for an open house.
Repair or Replace the Docks & Decking
It is very important to present a good first impression on your open house and therefore you should get to work on docks & decking by replacing broken boards and decks. You should reapply paint on them, and spruce up the surrounding area to make it more presentable for buyers. It is important that you don’t have any broken boards or decks when the buyers come for the open house.
Clearing the Beach
If you have a beach area you should remove all weeds and rake the area surrounding the beach prior to the showing.
You can also add children’s toys and build a small sand castle in order to entice prospective buyers. This will add a nice touch to the property, while multiple parents are checking out the lake house. A nice clean beach near the lake house will always ensure that the entire property looks enticing to the buyers.
Clean the Boathouse
If you have a boathouse at your lake home, then you should have it cleaned and painted as well.
Make sure that there are no animals residing in the boat house. Also, remove oversized boats from the boathouse, since it will make the boathouse appear smaller and cramped. Have the boat parked outside the boathouse so that the buyers can have a good look inside of it as well.
Staging the Waterfront
The most important thing to do when preparing for an open house is to stage the waterfront properly. This will raise the appeal of the entire lake house.
You should place flower pots on strategic places such as shorefront decks and patios. Then carefully set up lawn furniture and try to create multiple entertainment area, since that will paint a pretty picture in the minds of the buyers. You can even set up a BBQ area. And, if possible, have the waterfront area landscaped by a professional.
Maximize the View
People are very perceptive when they are purchasing property, particularly if it is a waterfront property. Therefore, to increase the odds of having a successful open house you will have to maximize the view from the lake house. Try to remove things that may block the view. Clean all the windows that are facing the water to maximize the view.
Apply for New Permits
If you are hoping to sell your lake house home in the near future then you should apply for any additional permits for the following (if available):
• Perched beaches
• Permanent docks
• Breakwaters
• Boathouses
• Covered boat docks
This will ensure that potential buyers don’t have to face any hassles and will also add value to the listing price of the lake home as well.
Don’t Forget to Winterize Your Lake Home
When living on a large body of water or a lake, it seems like the elements provided by Mother Nature are amplified.
As winter comes, there are several steps that you should take to help protect your lake home from these elements. Some of the harshest winters can be found on some of these lakefront locations.
It doesn’t matter if you decide to ride these elements out or if you want to batten down the hatches and wait for spring. These precautions will save you time and money when the warmer months arrive.
Follow these simple steps to winterize your lake home.
Continue reading “Don’t Forget to Winterize 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.
How to Work Around Dock Restrictions at Your Lake Home
If you’re looking into buying a lake home, then one of the things you should be sure to do is to look into the rules and regulations related to building and owning a private dock.
For a new private dock, most homeowners associations will usually require that you submit an application in order to obtain a permit allowing you to build a private dock on your lakefront property. You’ll also be required to pay a fee for the permit.
However, don’t just assume that your application will be accepted. Before closing on the property, ask your realtor to create a contingency in the sales contract. This will ensure that building a private dock is a viable option.
Once you actually do receive a permit to build a private dock, there are usually a number of restrictions that you’ll have to adhere to.
Common Requirements when Building a Private Dock
There are usually a number of requirements that you’ll need to keep in mind when building a private dock. These requirements will often differ slightly depending on where you live and what lake you live on. The following is a list of some of the more common dock restrictions and requirements:
Avoid damaging the ecosystem
- The lake is part of an ecosystem, which means you have to be careful not to disrupt or damage it when building the dock. All parts of your dock need to have limited adverse impact on the surrounding aquatic ecosystem. This means that you’ll often be restricted from removing any aquatic vegetation or excavating any bed material in order to clear a path for your dock. If this is the case, you’ll want to take careful account of the area of water contained between your property lines to make sure building a dock will be feasible without disrupting the ecosystem and what the best way to do so is.
Blocking public access
- If your home is near a public part of the lake, then you have to ensure that the dock won’t block access to the water when you are planning it out. Your dock also cannot enclose an area of public water space, thereby creating a private area of water space for yourself. These restrictions are relatively easy to adhere to as long as you are aware of your property’s boundaries.
The location of the dock
- Private docks are usually required to be built perpendicular to the shoreline in order to maximize the offsets from any neighboring properties. Docks, moored vessels, hoists, and other structures allowed by the permit will often be required to be offset at least 5 feet from the adjoining property line. More often than not, a minimum gap of 10 feet will be required between adjoining docks, moored boats, or hoists. Again, as long as you understand where your property lines are, restrictions such as these should be easy to adhere to when planning out your dock.
The length of the dock
- Most areas have restrictions on how long your dock can be. The length should not be longer than what reasonable access to the dock would be. Also, it should not impede anyone else’s use of the lake. A minimum depth of 3 feet is considered adequate for boat access.
Displaying the Dock ID
- Docks are usually required to display the address of the property they belong to as well as the dock permit number. This must be legible and must be displayed at the end of the dock facing outwards.
Removing the dock
- Depending on where you are located, you may be required to remove your dock during the winter months. If this is a requirement, then your only option will be to build a floating dock. If your dock can stay in place all year long, then you can build a stationary dock.
Avoid enclosing the dock
- Many areas do not allow dock owners to enclose their docks using roofs or sides. However, it is common that the hoists can be enclosed. This is as long as you use roofs and sides that are constructed of synthetic fiber materials or soft-sided natural fiber for the purpose of protecting your watercraft.
Material requirements
- Some areas will also have restrictions on the types of materials that you can use to build your dock. Obviously, this is something you’ll want to go over carefully before you begin planning its construction.
Free-flowing water
- When planning the construction of water, you cannot hinder the flow of water beneath the dock. If you know what you are doing or have hired a professional to help build the dock, then this should not be an issue.
These are some of the common restrictions you might run into when looking to build a dock on your lake home. Always check the restrictions and requirements before deciding to close on a new lake house.
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”
9 Great Reasons Why People Love Living on the Water
Whether you’re looking for a full-time residence or a vacation retreat, a home on the water is an excellent choice for a number of reasons. Perhaps you’ve dreamed of owning a home near water, but never really considered all the advantages in doing so? If so, here are nine great reasons why people just love living on the water:
Continue reading “9 Great Reasons Why People Love Living on the Water”How To Find A Lake Home For A Bargain
Finding a lake home for a bargain can take time, a reasonable budget, and the ability to go outside of your original expectations in both location and layout.
Though you might not think that getting a lake house at a fairly low price is attainable, people do it all the time. Taking a deeper look at each of these factors can help you in your journey to finding a lake home for a great bargain.
Shopping for a Bargain May Take a Lot of Time
Being able to wait until the perfect opportunity comes along is probably the most important aspect of getting a lake home for a bargain. In places where there is a “seller’s market” this can be especially true.
When the right house does come up, time again plays a factor as you need to be able to get on it right away.
There may be times when there are hardly any homes on the market. Other times, there may be lots of them.
If you have the discipline to wait until the right home comes along at the right price, you can get a second home at a very large bargain.
Understand Your Lake Home Budget
Your budget is going to have a lot of influence on how good of a bargain you can get for a lake house. For smaller houses that more people can afford, you are less likely to be looking at a bargain. You will be more likely be looking at the seller getting pretty close to fair market value for their house.
Where budget does come into play is when there are very large or relatively expensive houses on the market compared to other homes nearby.
When there isn’t a very large pool of buyers for a home because of the price, you can sometimes score a good deal. This is because the sellers know that someone else may not come along for a very long time.
In these cases, you are getting a relative bargain not because you got it for such a low price compared to all the other houses in the area, but because you got it for far less than it’s fair market price.
Home Location Impacts Price
Where a home is located plays a sizable role in getting a bargain. If it is in a neighborhood that is highly sought after, there probably won’t be too many opportunities to get a home at a bargain. What you need to do is start looking away from the beaten path.
Homes in areas that aren’t as popular can often have excellent deals available. This is due to houses tending to languish on the market and a seller may be more willing to come down a lot more on the price.
The region of the country the house is in can determine what kind of price point it will be offered at. Too, whether or not you are going to be able to score a good deal on it. Places that are seeing an influx of buyers will have far fewer good deals than places where there seems to be a lot of inventory on the market.
Knowing the general market in your region of the country can help you make a decision on whether to look earnestly for a lake house now, or to wait it out until prices, or the number of buyers, come down.
You May Have to Compromise in Home Layout
Understanding what is popular with buyers in your area in terms of the number of bedrooms, bathrooms, and square footage, can help you find hidden bargains that you might not have otherwise known about. A place that is popular with families will result in prices close to fair market value for houses with lots of bedrooms.
On the other hand, that same area will see sellers with smaller homes have a much harder time trying to sell their house for close to their asking price.
Upgrades on the inside and house layout can play a part in whether or not you can get a deal on a lake house.
Most people go for open floor plans these days, while some older houses have much more compartmentalized layouts. If you don’t mind a few extra walls, you can get a good house for a very good price.
The great thing about looking for a lake house as either a second home or an investment property is that you are going to be able to negotiate from a position of strength.
Any house that has been on the market for more than a couple of weeks means that you likely won’t have much competition bidding for the house, and if the current owners need to get out quickly, you can have it for an even lower price.