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Important Questions to Ask When Buying a Lakefront Property

Living room with a nice view of lake

For many people, waking up to tranquil views and soothing sounds, enjoying endless water activities, and soaking in majestic sunsets every day is the ultimate dream.

A home right next to the lake gives you the opportunity to be closer to nature, and is a terrific investment that can be used as your very own private vacation getaway.

Before you start the search for the ideal lakefront home however, knowing about some of the unique aspects of lakefront properties will help you make well-informed decisions towards your purchase. So if you’re looking for the best lakefront houses for sale in CT, here are a few important questions to keep in mind before finalizing a purchase:

Will you be able to get a loan?

Just like any other standard real estate purchase, getting preapproved will make the entire process easier. This will help you set a budget and make an enticing offer once you do come upon your dream lakefront home.

The location of the lakefront home, and whether you’ll use it as a primary home or a vacation home are a few of the many factors that will affect financing. If you plan on using it as a second home for example, you might need a higher credit score, and you may need to pay for a higher interest rate.

Since waterfront homes tend to be more expensive than a standard home, they will require a larger loan, which can only be obtained by the most qualified buyers. You’ll need to find out first if you’ll be able to get financing before you start your search.

How do you intend to use the property?

Zeroing in on the most important factors will help you find a lakefront property that will accommodate all of your goals. For example, do you prefer living next to an all sports lake or a relaxing fishing lake? What type of amenities would you like to have access to? And if you’re planning to use the property as a vacation home, how long will it take for you to get from your primary home to the lakefront home?

Additionally, keep in mind that there are various rules and regulations established depending on each particular body of water. If you own a large boat, you’ll need to look for a lake that’s big enough to accommodate it. If you have a smaller type of watercraft such as a jet ski, some lakes have set time limits on how long you can use certain watercrafts.

Are both the house and the land worthy of an investment?

When you’re in the market for a lakefront home, keep in mind that you’re buying both the structure itself and the land it’s located in. Encountering a property where one or the other isn’t up to par is entirely possible.

The home itself may be exactly what you’re looking for, but the lake it’s located next to might not be ideal for fishing, swimming, or any type of activity you were looking forward to. Adversely, the views and the shoreline might be top-notch, but the home may require major work before you can enjoy living in it.

Identifying the most important factors and discussing them with your real estate agent is one of the best ways to find a property that will be in line with your goals.

What costs and type of maintenance will the home require?

Unlike in most homes in conventional locations, electricity, high-speed internet, cable, septic systems, and other common utilities are not always readily accessible in lakefront communities, especially those in remote locations. Availing of these services can get a little expensive in case there’s limited availability in the area you’re purchasing in.

Additionally, a waterfront home also requires more upkeep than a conventional home. Waterfront homes are exposed to a higher risk of sustaining damage caused by water, wind, sand, soil erosion, and flooding, which can drive up homeowners’ insurance premiums. Depending on the location, some homes also require buyers to purchase a separate flood insurance policy on top of the standard homeowner’s insurance.

If you plan on using the home as a vacation home, keep in mind that you’ll need to check on it from time to time or pay for a service that will do this for you when you’re away.

These are just some of the questions you’ll need to answer in order to find the right lakefront home. As long as you do your research, consult your real estate agent, and avoid making hasty decisions, you’ll be on your way to making a solid investment!

Searching for the finest Candlewood Lake, CT real estate options? Get in touch with us at Fazzone & Harrison Realty today by calling 860.354.0479, or send an email to kharrison(at)fazzoneandharrisonrealty(dotted)com