The process of searching for a dream lake home can be an exciting and overwhelming process. It is easy to feel exhilarated thinking about summer days sitting on your dock in the warm sunshine. This can certainly be the case, but be aware purchasing a waterfront home is much different than a non-waterfront home and making a mistake can lead to many headaches in the future. An experienced lakefront Realtor can provide a deep understanding on what owning lakefront property entails and take the burden off you by bringing up important insight. Their invaluable expertise and experience will allow you to be a more informed buyer and provide a smooth and pleasant house hunting experience! Remember, you are not buying a house on a lake, you are buying a LAKEHOUSE!
Lakefront specialty agents understand your unique needs and help you achieve finding your dream house that you will love for a long, long time. Here are some important elements you and your lakefront agent should discuss when beginning your search!
Look at the property as detailed as you look at the house.
The beautiful thing about lakefront property is location, location, location. Buyers can change and build structures easier than the location and property features so choose accordingly. Consider how much frontage and privacy the property offers. Not all lakes are created equal and different bodies of water will impact your property value. Thinking about these factors can quickly change your perspective of if you can see yourself living long term on the property or not. Don’t forget to ask questions! Here are the top 10 questions to ask when looking at lakefront property.
Your lakefront property should reflect your lifestyle.
Finding your dream lake house is as much about fitting to lifestyle needs as it is the house itself. Is your search geared more towards boating opportunities? Or if you will be actively swimming nearby, how safe or how much boat traffic does an area have? These are great questions that a waterfront agent will provide answers and local knowledge of. Are you aware of water level fluctuations in the winter vs summer? Whether or not you plan to use the property as a second home or full-time residence can raise further questions of how weather and seasons affect your property.
Permits, laws, and regulations.
The laws and regulations on renovation and transferring ownership of waterfront property vary greatly from state to state, and even locally within states. Make sure your Tennessee shoreline construction projects are properly permitted by TVA (Tennessee Valley Authority). Does your future property and dock comply with local regulations? In the state of Tennessee, TVA owns land rights along shorelines, and it is incredibly important to have appropriate permits to avoid fines or confusion. Modifications to existing structures and shoreline landscape require approval and permits do not automatically transfer with property ownership. Understanding how far to the water your property extends can impact your planned usage as well. Lakefront agents can bring awareness and help you better understand your riparian rights.
Additional expenses.
Buyers should be aware of the extra expenses once you begin to search for lakefront properties. You will quickly realize that with the added value are the additional expenses. Looking into loans early in the process is something to keep in mind since waterfront homes tend to be more expensive. The same goes for extra insurance policies such as flood insurance. Waterfront properties may also be obligated to join lake associations or community HOAs. No one likes to be surprised and specialty agents can make this process less daunting.
Don’t let buying a lakefront property overwhelm you! If direct lakefront isn’t the right option after factoring in location, pricing, and regulations, consider lake-view and lake-access properties that don’t include shoreline. Remember that there are fabulous agents that are happy to guide you through the process of finding your dream home!
Posted by Mike Hogan, Lakefront Living, On The Lake Realty