The Ultimate Guide: 7 tips before buying a lakefront property
When you talk about lakefront properties I think Madison is a superb place to buy some of the best lakefront houses. There are five lakes with over 200 miles of natural trails, which make Madison one of the most picturesque and greenest cities in the US. Owning a lakefront property is a dream come true for most and Madison is where you will find the best properties.
If you are wondering, is waterfront property a good investment? then the answer is yes, however, there are a few things you need to understand before investing in it.
For first time owners who are on the lookout for the best properties in town, consulting a Madison downtown realtor is the best way to find a property of your choice.
Among the many lakefront and Lakeview properties up for sale in the Downtown Madison area such as Marina Condominiums, Union Transfer Condominiums, Nolen Shores Condominiums are out of the most sought after because of their prime location and luxurious facilities.
Here are a few tips that will come in handy when buying a lakefront property:
1. Check utility supply
I have personally seen some properties with electricity and clean water supply problems, although these can be easily fixed however it’s always better to know it upfront and calculate the cost of fixing these issues. If possible call in some professionals and get the exact cost of fixing the commonly found problems and then negotiate that price with the asking price. When you calculate them all I can assure you it’s definitely worth it.
2. Inspect the property thoroughly
If you are not buying a newly constructed property you need to inspect the condo thoroughly. Water may be pleasing to the eyes but it takes its toll on property. Whether it is because of corrosion or water seeping into the basement there are a variety of water-related issues that only having an expert inspect will be able to identify.
Also, ask for elevation certificates and have a complete inspection done by a construction expert before you decide to invest in the condo. Of course, if you are buying a brand new property there would be no such concerns.
3. Check the quality of water
When you plan to invest in a waterfront property you need to first check out the place thoroughly. Examining the place in details enables you to determine if it is as good as you expect it to be.
You might be able to get a great view but may not have access to the water or the view may be fabulous looking through a window, whereas the water could be filled with trash or weed upon close inspection.
4. Select the right location
Buying waterfront property is not always alike. While those who love the smell of being close to the water there is nothing that can be compared to a waterfront condo. However, for those who want to hear the sounds of the waves coming in buying a condo in a bay area may not fulfill their aspirations.
Similarly, buying a condo near a large lake is great for somebody who enjoys power boating but is they are seeking serenity and tranquillity it would be better to choose a smaller water body to avoid the distraction of powerful boat engines zooming across the water.
5. Check insurance requirements
We all know that home insurance is really important however it is highly important when it comes to a lakefront property.
When you invest in a waterfront property you have to ensure that all insurance requirements are in order as the risk of flood damage is high and some lakefront properties have higher insurance costs. If insurance is in place, it would be cost-effective, so it’s best to have your home insurance planned out before buying the house.
6. Find hidden fee
Lakefront properties usually carry hidden expenses that many buyers and investors are not aware of such as sewer rates can be more expensive when living by the lake or a water body. Find out your septic tank, boat dock and lift fees (if applicable) as well. Check for property taxes, maintenance fee and if you plan to construct or rebuild your lakefront property check for construction and permit costs as well.
If everything looks well and fits into your budget then go for it or cut a deal, I usually recommend being accompanied by a local real estate agent like myself as we have more insight about the house and are better at negotiations (smile).
7. Talk to the neighbors
Grab some cookies or an apple pie and introduce yourself to the neighbors as they are the encyclopedia of the area. Ask them what the neighborhood is like and if they have had any trouble lately, also enquire about the lakefront property you wish to buy. Trust me some neighbors know a lot about the property even better than their owners. In the end, you would have a lot of information to go with and also made a few friends.
Conclusion to tips before buying a lakefront property
Lakefront property is a rare asset, therefore the profit margins are high for the owners. Life by the water is good for your health and the recreation/ food/opportunity it brings is merely priceless. This guide is meant to help you choose the right waterfront property. Investing your time to know more about the waterbody, its watershed, the neighborhood, and the property regulations can provide large dividends by enhancing your lakefront living experience.
I hope this information helped you out and you are ready to invest smartly in a lakefront property. If you have any questions, please feel free to get in touch.