Are you thinking about buying a lakefront property but aren’t completely sure yet? This is what you should consider before making your final purchase.
When you have the opportunity to enjoy a waterside view daily, you should take it.
After all, what more is better than your own private lake view?
Waterfront properties make great homes, whether that be as a permanent residence or as a seasonal vacation home. Even better, homeowners can sell their homes at higher price points since waterfront properties are higher valued than regular suburban homes.
But while we highly recommend a waterfront dwelling, there are a few things you should understand before settling in. Doing so can help you avoid unfortunate and costly surprises.
If you’re interested in learning more, keep reading. We’ll key you in on a few things you should know before buying a lakefront property, and even some solutions.
Higher Humidity
Being by the water naturally raises humidity levels for lakefront property residents. In fact, humidity levels can rise 10-20% higher than other parts of the same area.
This provides many health benefits for residents. One particular benefit is preventing dehydration such as preventing dehydration.
For residents with respiratory conditions, this is vital. Otherwise, they may have more difficulty breathing with drier passageways.
High humidity levels can also reduce the chances of airborne illness and do wonders for people’s sinuses. It can also keep skin looking fresh and healthy, helping it to retain the moisture needed to remain vibrant and plump.
However, humidity that’s too high comes with drawbacks. Sure, very high humidity levels can induce fatigue, lethargy, and heat exhaustion. But even with the proper preventative health measures, high humidity can cause a lot of damage to the property in question.
Higher humidity can degrade building materials more easily, reducing the general lifespan of your property. If you’re a property owner that cares about providing properties optimized for a lakefront setting, perform an inspection. See what changes/renovations are due and replace/treat materials as you see fit.
Backyard Water Park
The ability to casually enjoy a stunning view is a blessing in itself. But when residents are also able to use it to sail, swim, or paddleboat, they’ve got themselves a permanent vacation home, even if it’s their only home.
But activity can vary depending on seasons and holidays. While residents won’t see many people using the waters during colder seasons, they’re most likely going to see plenty of people on the waters during the summer. And with the usual trend of family/friend summer visits, there might be even more traffic.
This can disrupt the peace usually associated with serene, blue waters. However, this might not bother certain residents at all.
In fact, they may prefer the bustling activity to a totally sleepy area. So unless it’s a particularly calm area, keep that in mind when trying to convince buyers that your property is the best lakefront property.
Lack of Privacy
The expanse of water behind the lakefront property for sale doesn’t guarantee privacy. In fact, it could thwart it. While no human’s living on the waters, it’s possible that anyone on the lake can look into residents’ windows.
For people that prioritize privacy, this is an issue. It could also prevent them from using their outdoor area very often, which can lower the property’s value in their eyes.
While it’s difficult to stave off prying eyes, you could mitigate this risk by tinting the windows. This way, residents can look outdoors and enjoy the view without worrying so much about outside onlookers.
Unique Costs & Restrictions
Being lakeside means incurring some lakeside-specific costs. Most notably, homeowners will have to purchase flood insurance. This will cover any health/property costs that stem from any flood-related injuries.
Additionally, there may be additional restrictions associated with the property. They may restrict your ability to modify your property as you please, meaning you might not be able to perform all your desired renovations.
So while increasing property value through renovations is a great real estate investing tactic, you should understand which lakefront renovations are permitted.
There may also be a fee associated with your property’s lakefront status. Of course, this will depend on your area. This fee is meant to offset any expensive utility expenses in the area since lakefront homes tend to be in more rural areas.
Niche Market
If lakefront properties cost as much as a typical house in the suburbs, there’d rarely be a vacant lakefront home. But since they are higher-valued than conventional homes, not many homeowners want to actually buy lakefront property. Lakefront properties tend to have a slightly more luxurious price tag, which many homeowners aren’t willing to invest in.
That’s why you have to understand your audience if you’re selling your home. If you’re a homeowner, it’s easier to understand the general market since you are the general market. You understand what kind of buyer would love the specific benefits of lakefront property and the minimum income they’d need.
But if you’re a property developer, you need to understand what makes the lakefront real estate market so specific. You need to adjust your strategies to attract the right buyers. After all, finding the right buyers means increasing your chances of selling fast and at the price tag you want.
Know What to Expect from Your Lakefront Property!
With lakefront properties, the pros far outweigh the cons. But they also come with unique costs and responsibilities that are essential to understand. Couple this understanding with a stellar real estate agent on your side, and you’ve got a winning strategy.
At Trillium Team, we know what a great lakefront property is and how to sell it fast. That’s why we’re made up of experts that will help you sell or buy a great home in Ontario and Haliburton County. If that sounds great, call us today — you’re bound to find your dream waterside home with us.