Buying a lake home is a dream venture for many people, so it’s important to consider numerous factors to make a well-informed decision. Let’s look at six tips you need to know before purchasing your lakeside retreat:

Assess Your Goals

Before diving into lake home ownership, identify your objectives. Are you mainly looking for a personal getaway, or are you also thinking about it as a long-term investment property? Understanding your goals will help you identify what pros and cons to manage as you weigh your options.

Understand the Price Point

Lake home prices vary significantly based on location. Lake houses in prime or high-demand areas can be far more costly than those in less densely populated areas not in destination cities.

Choose the Right Type of Lake Home

Not all lakeside properties are created equal. Think about the environment you want to stay in. Rustic cabins, quaint cottages and larger homes each have their advantages and appeal. By deciding which type of home is right for your needs, you can narrow the focus of your search, and you may be able to identify your financing options and budget better.

Research the Location

Location is important. Even the most beautiful property at a great price may offer less value if it is so remote that lack of convenient access to your needs becomes an obstacle. Research local amenities and nearby attractions. Look into the overall atmosphere of the lake areas you are interested in. Don’t miss the whole picture for the lakeside view.

Hidden Costs and Challenges

Be aware of potential downsides to lakeside homes. Lake houses may require more upkeep due to exposure to moisture, trees and potential wind or water damage. If the lake is a popular recreational area, frequent activity could disrupt your peace and privacy. Flood insurance may be required for a lakeside property, and even homeowners insurance may be higher for a second home compared with the full-time residency of a primary home.

Environmental Factors

Lake ecosystems may vary. Research the impact water quality, seasonal lake changes, wildlife, bugs and environmental regulations may have on your lake home ownership.

Remember, thorough research and understanding your priorities and needs will help you have a successful lake home experience. Above all, ensure you understand the additional homeownership factors that come with the serene beauty of lakeside living.

Ready to find the lake home of your dreams? With mortgage loans for every budget, Cadence Bank can help. Find a loan officer in your area to get started today!

Sources:

https://www.cnbc.com/2022/12/31/best-lake-house-united-states-in-2023.html

https://www.wsj.com/articles/buying-a-vacation-home-832c8c08

https://www.realtor.com/news/trends/most-affordable-lake-towns-for-home-shoppers-and-buyers-in-2023/

https://www.maxrealestateexposure.com/considerations-for-buying-a-lake-home/

This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.