Important Things to Keep in Mind While Buying Lakefront Homes

There is no better feeling than sipping coffee on your new deck overlooking the water. With so many Lake Wallenpaupack properties for sale, this could be your reality. Owning a waterfront property doesn’t have to be a pipe dream. If you are looking to buy Lake Wallenpaupack property, here are a few things to keep in mind.

• Not all agents specialize in waterfront properties. Homes that are located on the lake have different amenities than homes located elsewhere. With waterways, canals, docks, and beaches involved, it’s important to find a real estate agent who is experienced in waterfront properties. The right real estate agent will know how to handle the negotiations and closings of a lakefront property quickly and easily. Plus, they are much more familiar with the limitations and laws that surround the Lake Wallenpaupack area.
• Secure your financing early. Most waterfront properties come with a high price tag. Because of this, a jumbo mortgage is usually required. These special loans are in place to allow a borrower to finance a home that is listed at a higher price. Oftentimes, these loans take longer to secure. Speak with a mortgage officer to get the ball rolling early on. It’s a good idea to be pre-approved before you begin searching for a home. This makes it easier to put an offer in once you do find the perfect property.
• Understand the maintenance required. There is more to know when buying a waterfront home than just how many beds and baths each one has. While your mortgage and taxes are important to consider, it’s also important to understand what it will take to maintain your property. Because your property is located on the water, you are constantly battling the elements. In most cases, the insurance premiums may be higher. Floods, mold, mildew, and rotting wood can all be expensive to fix. Know the potential costs and make sure you have the funds available to keep your home in excellent condition.

• There may be restrictions on your property. If you are planning on restoring an older home or adding some space to an existing property, be aware of the laws and ordinances that affect your township. In many areas, you may not be able to add a boat dock as it might disturb animal and plant life. Some places also limit the types of water activities that can be done. Understand these limitations before purchasing a property or building on the water to avoid frustrations.
• Different HOAs require different things. Before putting an offer in on a new home, understand what the HOA in your area requires. Some have steep premiums while others are less expensive. A higher premium should mean that the HOA has more responsibilities. Know what the monthly cost is going to be and what types of CC&R’s are in place before putting an offer in on a home.

If you are looking for property on the water, it’s important to find a real estate agent who is experienced in finding Lake Wallenpaupack lakefront homes. With the right agent on your side, you’ll find the perfect house to make your dreams come true.