Mistakes to Avoid When Buying a Lakefront Property

When people buy a lakefront property, they find some amazing benefits for themselves and their families. They have quick and easy access to water. They can play in the water to their heart’s content then return home without much effort. They find stunning views from their home or in their yard. And, if ever they decide to sell, they’ll find that the property has been a financial asset the entire time. This is all great, but there are a few things that people don’t realize when they’re purchasing a lakefront property. Here are some important things to remember so that you don’t purchase some property blindly and make financially devastating mistakes.

Communities Are Slightly Different

In a standard neighborhood, you may not see your neighbors for days on end. Lake Wallenpaupack is a bit different. Real estate in Lake Wallenpaupack, PA, doesn’t come with your own private lake as many people expect. The lake is cared for and shared with the community. You might find that you see your neighbors far more frequently. You’ll also have to learn to share the water with your neighbors.

Maintaining the Home Requires More Effort

Buying a home near the water comes with some different challenges that a regular home isn’t going to have. Water levels change throughout the year. If the water levels are unusually high for one reason or another, you may end up with some flooding. You can prevent damage by properly maintaining your home. Of course, this maintenance is going to come with a little extra cost and effort on your part. But, if you maintain the property how you’re supposed to, you shouldn’t run into too many issues.

Insurance and Taxes Are Going to be Different

Along with the extra cost of maintaining the property, you’ll find that the insurance plan that you need is going to be a bit different. You’ll need to make sure that your insurance covers flooding as you’re more likely to have a flood than if you weren’t near a lake. Lakefront property in Lake Wallenpaupack is also going to come with higher taxes. You’ll find that any exclusive or unique areas are going to come with higher taxes no matter where you are. A lakefront community is definitely an exclusive area to live in.

There Are More Restrictions Near a Lake

A lakefront property often comes with strict regulations on what homeowners can and can’t do on the land in terms of landscaping and extending your home. Before you buy lakefront property, do your research into what is and isn’t going to be allowed. You’ll also need to look into the homeowners association’s rules that may be in place. Knowing all of this beforehand will prevent you from buying a home that you can’t change if you don’t love it as it is.

When people don’t realize these things about a lakefront property, they end up in some costly situations. Preparing for a change in your cost of living and your change in lifestyle will help you in the future. It’s also a smart idea to make sure the property has been properly maintained so that you don’t have to make repairs before moving in.

When you’re ready to buy your lakefront property, contact Davis R. Chant Realtors by calling 570-226-4518.