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What to Know Before Buying Lakefront Property in a Golf Community

Owning a lakefront property is the dream of many, wishing to be able to sit on a porch swing, gently rocking back and forth watching the sun rise or set in the distance, with the light beaming across the waves. Memories are waiting to be made, while enjoying all that nature has to offer.

Of course, waterfront property differs from landlocked residences; and, in more ways than one. Everyone knows that lakefront property is more expensive because of high demand and limited space. Many decades ago, it was valued mostly for its functionality, being able to accommodate trade vessels. While that’s still the case in some areas, most waterfront property is now residential, but, it certainly comes at a premium price for such a natural amenity.

Though price is a big factor when considering buying lakefront, it shouldn’t be the only thing to think twice about. Having a waterfront property means special circumstances. With this in mind, let’s take a look at a few considerations.

Things to Consider about Waterfront Property

Since price is always the make or break decision maker, we’ll start there. Financing for a lakefront home depends on the home; and, the lake itself. So, it’s best to find out as early as possible if there will be any problems with financing the house. Speak with your bank or mortgage broker far in advance of looking at any waterfront properties.

Once you are certain about your financing options, it’s time to revisit your decision to buy a waterfront home. Which brings into play the amount of playtime you plan to spend on your lakefront property. This will either justify the purchase or reveal that perhaps short term renting is the way to go.

“Scenic lakes have lured families to their shores for generations to fish, boat and swim. Once at the lake, people discover more – like the fun of seeing a line of ducklings paddling toward the shore or the sight of a beautiful blue heron wading through shallow waters. When you buy lakefront property, you assume part of the responsibility of caring for the lake. Your actions on the land as well as in the water affect the health of the lake and everyone’s enjoyment of it. If you are thinking about buying lakefront property, a little time invested in learning about lakefront living will pay back sizable dividends in matching your expectations to reality.” --United States Environmental Protection Agency

Unfortunately, it’s not only financing and the time you’ll spend in the house, but how you’ll go about purchasing it. This is where an experienced agent or broker comes in--ask yourself, do you have an experienced waterfront property agent to work with? If the answer is no, find one who is, because there are simply too many things which could otherwise go overlooked--such circumstances could cost you dearly.

Speaking of cost, the home might look nice and the location might be great, but what isn’t conspicuous? What is hiding from plain sight? Ask the selling agent if there is any damage or structural weakness before making an offer.

Questions to Ask Before You Buy a Lakefront Home in a Golf Community

Even though you might have all the information needed above, the list of questions continues. Be sure to get clear cut answers so you know precisely where you stand when you are the owner.

  • Who manages the lake? What you’re really asking is who manages things like weed control, wildlife control, insect control, and the general management of the lake. You don’t want to buy a beautiful property only to find it’s a mosquito magnet. (Or, that it's an alligator habitat that's simply off-limits to residents out of an abundance of safety.)
  • What is the shoreline like? Lake shorelines range greatly in composition: from mucky mud, to murky, tangled grass, to rocky. This might not seem important, but it could well prove problematic after a rainstorm. Basically, you should know its regular state and any known issues.
  • Does the water level fluctuate? You’ll definitely want to know because it could present a danger to your land or even your home. The answer could also mean having to secure a high level of insurance or face certain water-related restrictions.
  • Ask about what you own. This includes not only the shoreline, but the dock (if applicable) and the property boundaries. If you do own some of the shoreline, you need to understand any riparian water rights, if these are indeed part of the ownership.

If you are considering purchasing a lakefront home, then contact us for a free consultation. We can speak with you about the differences in owning waterfront property and assist you in finding the perfect waterfront house that fits all your needs and is within you budget. We're experts at golf home properties, so we know how to best guide you through the buying process.

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Dennis Boyle, The Golf Home Pro

941-400-5584

Info@SuncoastGolfHomes.com

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