Whether you’re looking to buy a lakefront house, or you’re planning to retire in a waterfront home, there are a number of factors you need to consider. This article will help you with some of the most common issues associated with lakefront living.
Resale value
Buying or selling a lakefront home is one of the most lucrative investments you can make. This is because lakefront properties tend to appreciate over time. They can also be great rental properties, giving you the chance to earn extra cash.
There are several factors that can influence the resale value of lakefront living. Those include water quality, geography, and elevation. These factors can be used to determine the true value of your lakefront property.
The HomeLight Home Value Estimator is a great tool to help determine the true value of your lakefront home. It aggregates data from several local real estate sources to give you a clear picture of the resale value of your lakefront home.
The cost of maintaining lakefront property can be a significant factor. You should keep these costs in mind when you are looking to purchase or sell a lakefront home. The cost of insurance can also be quite high.
Regulations
Whether you are planning to build a new house or are looking to renovate your existing lakefront home, there are some important regulations to keep in mind. Not only are lakefront properties a bit more expensive to maintain, but they may also be subject to additional expenses such as flood insurance. Luckily, if you’re prepared, there are plenty of ways to keep your expenses to a minimum.
One of the best ways to protect your lakefront property is by building rip-rap around the shoreline. The rip-rap must extend six feet lakeward from the full pond. You should also replace trees that fall into the lake with native species.
Another rule to keep in mind is the size of your home. If you plan to add a bedroom, you will need to modify your septic system. You will also need to install no-wake buoys. These will help reduce the wake created by large vessels.
Flood damage
Those living in lakefront homes are often at risk of flooding. This can be caused by heavy rainfall or even by high winds. It is important to know the risks of flooding and take the necessary steps to protect your lakefront home.
The first thing you should do is to learn about the different types of flooding. There are two types: freshwater and saltwater. Freshwater is less damaging than saltwater. Saltwater is highly corrosive and can damage most materials. It can also carry dangerous bacteria. Saltwater also has the potential to cause damage to your lakefront home’s foundation.
If you live in a community where your home is in a flood zone, you will need to purchase flood insurance. It can cost as much as $500 a year, or more depending on the amount of flood coverage you need.
Misrepresentations of lakefront living
Buying a lakefront home can be a daunting task. You need to know all the ins and outs of the lake, including the local zoning. You also need to know the history of the lake. You need to know if the lake has been developed or if it’s still in its natural state. And, you need to know what type of view you want. If it’s important to you, make sure the view of the lake fits your expectations. And, you might want to consider an older home that’s on a flatter lot.
You also need to be aware of any antiquated zoning. This means that you might be able to do unusual things. For example, you might be able to erect fences to block your view of the water, or you might be able to build structures that will deny you access to the lake. You should consult an attorney to find out if you can access the lake as you expect.
