Buying a Lakeside Home

It seems like the American Dream:  owning a quaint little house on a lake with an amazing view. Or, maybe your dream includes a massive estate overlooking a lake with your very own dock. Whatever your lake house dream looks like, there are a few items to consider before “diving in”.

When you set out on your search for the perfect lake home, the home itself is vastly important, but so is the lake itself. If you are looking for a quiet, little spot, you may not want a home in a very touristy location, due to the excessive traffic. Also, if you are looking to spend your days fishing only to find out your home is situated on a lake with terrible fishing, and unappealing water, you may regret your home choice. You may think that perfect little beach in front of your home is your private oasis, only to find out it is a public piece of land. Look at the plat of the land to ensure what you see if what you purchase. Consult with a real estate agents Eufaula OK, who is familiar with the area and ask the neighbors about the lake itself. You may learn it is a hot spot for spring breakers or that it is ideal for swimming and relaxation.

When buying a lakefront homes for sale lake Eufaula OK, you may be responsible for the upkeep of the surrounding area and the beaches. This may be governed by a homeowner’s association, who may also dictate the color of your house, the upkeep of the yard and any common areas. The associations may restrict the number of people you can house at one time, rental opportunities and even the number of vehicles you can park at the home.

If you decide to purchase a lakefront property, recognize that not only is the home expensive, the upkeep is expensive, as well. Maintaining and replacing a septic system can be a costly expenditure, as is homeowner’s insurance. If someone is experiences an accident on the lake while as your guest, you can be held responsible. Make sure you are adequately covered if you intend to buy a home on a lake.

Before you buy, consider the purpose of the home. Will it be your full-time residence? If you are still going to work, you will want to determine your commute, or if you are working from home, you will want to know if you have access to the internet, for example. The seclusion and remoteness you seek may not be conducive to an internet based home business. If you intend to use the property as a weekend getaway or a summer vacation home, you don’t want to spend the majority of your time pulling weeds and cleaning the inside of your home.  If you don’t live at the home full time, you may have to enlist the help of someone to keep your home free of citations and monetary assessments You can look for local companies to keep up on landscaping, and keep the place clean. You can even enlist the services of a concierge service to prepare for you visit so you can maximize your time at the lake.

You can also rent the home to vacationers when you are not using it. This will certainly help with the costs associated with the home, especially if the home is in a marketable place. However, if the home requires a six-mile drive on a bumpy, dirt road, you may not find as many vacationers willing to make the trek. You must also remember that everyone who rents your house may not treat it like their house, and you may find they have broken items, ruined furniture and been a general nuisance. It’s certainly a risk renting your home to others, but a property management company can help screen any potential renters.

Probably the most important factor when looking to buy a lakeside home is the overall cost. Whether it will be your primary residence or a weekend escape, you will want to know you can either pay cash for the place or if you can qualify for a loan, especially if it is a second home. You will want to consider all the additional costs associated with the house, like a homeowner’s association fee, any costs assessed for maintaining the lake, and the costs for a concierge or property management service. While the idea of owning a lake home might be a dream, it can easily become a nightmare if you are not properly prepared. To truly know if lake home ownership is for you, consider renting a home in the lakeside location you are considering your purchase. You may want to stay during the off season, especially if the home is going to be a full-time residence or you’re looking to recoup some money by renting it out. This way you can see if the home is comfortable in all seasons, and you can assess the home’s accessibility to others in the rain and snow. Weather is a key factor in finding your lakeside home. If the home is in an area where it rains frequently, you will want to make sure the home you want to buy is not susceptible to flooding. Humidity can be a problem, too, by attracting bugs and even fostering mildew inside the home.

Still not sure you want to commit to being a lake home owner? A possibility is sharing the home with another friend or family member as a vacation home. This way, you can share the costs and the responsibilities but still have a home away from home to enjoy. The drawback, of course, is you both may want to be at the house at the same time, so sharing a place takes careful planning. As a precaution, it might be a good idea to have written rules for using the home to avoid any misunderstandings.

Owing a lake home can be a fun, exciting, dream come true, with planning and preparation. Happy home hunting!