7 Things to Consider When Buying a Lake Home
We get asked this question a lot. “Hey Noll Team, should I invest in a lake home?” We talked with our very own lake lover, Charity Middleton, to answer your burning questions about owning a lake property.
What do/should you look for in a lake property?
It all depends on what you want from it. If you want quiet and fishing, or a place to do boating and water sports. It's all about what is on your wants list.
Is a lake home a good investment?
A lake home is a good investment for many reasons, mostly the memories that are made on the lake. Those are priceless! And yes, we continue to see lake prices increase. We have many lakes within an hour of us (Fort Wayne, IN), so there are tons of opportunities to get your piece of the pie! It's just that each slice of the pie can come at a different price, it's all about what you want and what your budget allows. We are here to help guide you.
How do you decide location? North? West?
Many times this comes down to where your primary residence is and how far you want to drive to get to your second home. It may also depend on the friends and family that you have in an area, maybe you want to be close to them.
Do I want lake front?
Most people do, it's ease of access to the lake and your own pier. If you do not have frontage you can sometimes put your boat in at an easement or a shared space. Typically, these are first come first serve. Sometimes properties have what is called "deed space." This allows you to have your boat in the same space every year without worry of competing for a space.
What are the hidden costs of buying a lake property?
Putting your pier in and taking it out, storing your boat for the season, boat gas, and the cost of owning two homes.
Are there insurance requirements?
No, they are the same... unless you are in a flood plain.
What are the differences in lakes? ex. shorelines, mucky bottom, boating restrictions?
There are many different types, some have more natural shorelines and mucky bottoms, others have sea walls, rock walls and sand bottoms. There are lakes that have zero wake always, there are lakes that allow skiing, tubing, etc for a restricted amount of hours per day and there are others that zero restrictions.
Lake life is fun, it's relaxing, it's a place to just sit back and enjoy the people around you. Once you get it in your blood it's pretty addicting. Many lake properties are generational, families pass the home on to their children and the memories continue to be made! Lake life is a GOOD Life!!