Some people will see a lakefront property in a nice area at a reasonable price and automatically assume that it’s a good deal. Lakefront properties come with many benefits, but they have some drawbacks that need to be considered as well. We understand that owning a lakefront property may have been a lifelong dream of yours, but you have to deal with the realities of purchasing and maintaining one before you go through with your decision. Here are some of the pros and cons of buying lakefront property.
Pro – Get Away from the City
Whether you’re looking for a second property for weekends or vacations or just realized that you don’t need to be living in the city anymore, a lakefront property can be a great option. You can go somewhere completely remote if you feel like you’re self-reliant enough and don’t need the amenities, or you could be something closer to civilization. You’ll have the chance to go jet skiing when you want or do things like fishing with your family without having to make it an event every time.
Con – Water Issues
Buying a lakefront property without inspecting not only the property, but everything surrounding it is a huge mistake. One thing that every buyer needs to know when purchasing lakefront property is the quality of the water. Another thing you will have to pay attention to is the water source, as it will often not be connected to any municipal water system.
If you want to have fun in the water with your family, you have to know how clean it is and it’s safe for swimming. You should also check if any rules are prohibiting certain activities, like fishing, for instance. In addition to the water, check the beach and see what condition it is in.
Pro – They Tend to Make Good Investments
One of the biggest pros of lakefront properties is that they tend to be favored by the public. This means that you should have no trouble unloading yours if you ever decide to sell. One of the reasons they tend to make such great investments is how scarce they are. There are only a few of these properties and they are limited to very specific areas, so you are not likely to see them flood the market.
Con – Hidden Cost and Fees
One of the things you might be surprised about when buying a lakefront property is all the hidden costs associated with them. If you get sewer and water access, for instance, you can expect to pay more than in the city. You might also have to pay things like dock and lift fees, which you may have never heard about. This is why you will need to speak with your agent and ask them exactly what additional fees you’ll have to pay on the property, so you’ll be prepared.
These are only some of the pros and cons of lakefront properties. These can be great buys, but you have to know what is entailed and be ready to deal with all the possible issues that might pop up.