What Do I Need To Know Before I Buy A Lake House?

Jun 18, 2022

What comes to your mind when you think about living in a lake house? The sound of waves splashing against the shore, the wind blowing through the trees, the warm sunshine on your skin… Though it may sound enticing, lake life isn’t for everyone. A lake house comes with added responsibilities and upkeep that you may not realize. As you consider purchasing a lakefront property, there are a few things you need to know.

Higher Property Cost

The initial cost of a waterfront property will be more than a normal lot simply because it’s on the water. Lakefront properties are limited and don’t become available too often. This makes these properties even more in demand and attractive to buyers.

If you are looking to buy a lake house as a second home, you will also need to be prepared to meet more requirements like putting more money down.

Added Expenses

With any home, there will always be needed maintenance and unexpected expenses that can arise, but a lake house is in a league of its own. A lake house comes with many added expenses that you may not know about:

  • Flood insurance – Though it may not be required, flood insurance is always a good idea when it comes to a waterfront property. Even if your house isn’t right beside the water, it’s better to be safe than sorry when it comes to flooding.
  • Maintenance costs – It may not come as a shock to you that a lake house requires more maintenance and regular servicing, especially if you have a dock or retaining walls. Lakefront homes will develop more wear and tear than a regular residence, which can take a toll on your finances if you’re not prepared.
  • Higher insurance rates – Since a lake house is considered high risk, depending on how far away from the water it is, it is more of a liability. Along with flood insurance, don’t be surprised if your home insurance is more expensive than an inland home. Both water and wind can take a toll on your home slowly over time.

Lack of Privacy

Not all lake houses have the same amount of privacy. Even if your home, or potential home, is located in a small slough, boaters may stop around your property to go for a swim or to simply look around. Most lakes are accessible to the public which means you may have unexpected guests from time to time.

Owning a Lake House is Fun!

Although owning a lake house may have some disadvantages, the main purpose of having a lake house is to have fun and make memories. Living in a lake house or owning a lake house as a second home provides a constant vacation experience. From bonfires to boat rides, living on the lake offers endless entertainment for all ages. Buying a lake house comes at a large price, but most lake house owners would agree it’s the best investment they’ve made.

Homes Warsaw Owner, Kim Clark, is a Lakefront Property Specialist

If you’re considering purchasing a lakefront home, you’ve come to the right place! Our leader, Kim Clark, happens to specialize in lake house property. We would love to talk to you about buying a lake house. Please call us at 574-527-1700 or send an email to Kim@homeswarsaw.com so we can help you find the perfect lakefront property!

Ready to buy or sell?

Our team is ready to to help you on this journey. Please contact us to start the process of home buying or selling!