Tips to Help You Make an Informed Lakefront Property Purchase

Posted on: 24 February 2021

Homeownership comes with a list of benefits, financially and personally. But when you buy a home that is on lakefront property, you get extra benefits of fun outdoor activities and beautiful views. Here are some tips and recommendations for your search for the right lakefront property.

Find a Good Location

Not all waterfront properties are going to be the same or provide you with the same living experience. Look at the type of shore you are purchasing along with your property acquisition, and whether the shoreline will provide you with the enjoyment you want. 

For example, if the property is on the shore of a lake, does the lake have a bad smell to it or are there a lot of seagulls that congregate on the dock? You should check to see if you can keep your boat next to the shore or if you can store your jet skis or other equipment for water activities in the boat dock. If you are considering a property on the lake, will you own the property down to the water or will you have to lease it from a local utility company? Your real estate agent can help you check into all aspects of a lakefront property's purchase details and regulations so you can find the right location.

Check Into Homeowners Insurance

As you consider whether or not a lakefront property is in the right location, you should also look at the property's costs associated with its hazard insurance. Homeowners' insurance is an essential part of owning any type of property, so you will need to get into contact with your insurance agent or shop around to check what coverage is going to cost you.

When you are checking into the insurance of a lakefront home, you should also research any extra requirements on your policy and how much they will cost you. For example, will you need to have flood insurance? If you are purchasing a home on the coast, look at coverage options that will address damage from a hurricane or even regular aging from saltwater. Make sure the insurance policy you get will cover all structures along the shore. This may include a dock, pier, or seawall, or a boathouse. Check into the costs for these factors so there are no surprises.

For more insight, contact services like The Stockton Team: Keller Williams Showcase. Real estate services can help you find a good location and insure your investment.