Purchasing a Waterfront Property? Follow These 7 Tips from the Experts!

Have you always dreamed of living in a waterfront property? 

It’s safe to say that lakehouses can be a fantastic choice for a primary or vacation house. In addition to being a wise investment, waterfront properties also make for an incredible place to call home. 

After all, what could be better than waking up to have your morning coffee lakeside? When it comes to lakefront living, some things in life are simply priceless! 

So, how can you ensure you’re moving into the best waterfront property possible? Read on to learn seven must-know tips on purchasing lakehouses. 

Who knows? You just might be kicking back and enjoying life by the lake next summer! 

1. Inspect Carefully 

First things first, you’re going to want to take your property inspection seriously. 

There’s a lot that goes into purchasing a waterfront property. By working with a waterfront agent, they can walk you through the various property inspections as necessary. These inspections could include anything from property surveys and water quality tests to elevation certificates and plumbing details.

When it comes to purchasing waterfront property, the more information the better. This will ensure that you’re making the best possible decision moving forward. 

2. Consider the Rental Market  

How much time do you intend to spend at your waterfront property? 

If this is a second or a third property, you may want to consider the health of the surrounding rental market. Renting your property while you’re away is a great opportunity to make money on a routine basis. This is a great way to lower your overall cost of ownership and prevent it from sitting vacant. 

Be sure to speak with your agent about the health of the local rental market. This could be a short-term tenancy that takes place on weekends or a long-term tenancy that takes place over a few months.

You’ll also want to consider whether there are any agencies in the area that can take care of cleaning and management. This makes it easier to ensure that your property is taken care of whilst you’re away. 

3. Visit the Property Multiple Times 

One of the best ways to get to know a waterfront property is to visit it several times. 

For example, you might want to schedule one visit mid-week. For your second visit, opt for a weekend such as a Saturday afternoon. This will provide you with a more accurate glimpse into the reality of lakeside living. 

When it comes time to move into your waterfront home, you’ll already know exactly what a weekday and a weekend will look like on the lake. 

4. Ask Yourself What You Want

What type of water best suits your interests and your family? 

Are you looking for water that is swimming-friendly and fit for young families? If so, you may want to focus on properties that have easy access to shallow water. You’ll also want to avoid areas that are prone to strong currents or prevailing winds. 

If you’re looking for water that is fit for powerboats and water activities, you’ll want to consider a relatively large lake. After all, lakefront properties located on a small lake or along the bay might not suit such preferences. 

With approximately 568 lakes in Missouri, an expert agent is sure to find you the perfect body of water for your wants and needs. 

5. Budget for Waterfront Costs  

Just as there are specific costs for land-locked homes, there are also specific costs for waterfront homes. 

This could be anything from a homeowner’s association cost to the costs associated with building or maintaining your dock. To ensure that you stick to your budget, you’ll want to account for these costs from the beginning. 

One of the best ways to ensure that you’re accounting for all of the unforeseen costs of lakehouses is to work with an experienced agent. Ideally, this is an agent that has also purchased a lakehouse property for themselves. They will have the expertise to walk you through the associated costs. 

Choosing to rent your waterfront property whilst you’re away is also a simple way to help offset these costs. 

6. Understand Boating Requirements 

Have you always dreamed of owning a boat? 

If so, waterfront property is likely the best way to transition your dream to a reality! Depending on where your property is located and the type of water it’s on, it’s important to be aware of all boating rules and regulations. 

If you have a powerboat, you’ll want to ensure that you’re allowed to operate this boat on the lake. Likewise, you’ll also want to understand the docking rules for your specific property and portion of the lake. 

7. Work With an Expert 

At the end of the day, it’s always in your best interest to work with a real estate agent. This is why 87 percent of buyers choose to work with a real estate agent to purchase their home. 

When it comes to purchasing a waterfront property, you’ll want to take it one step further. This means working with a real estate agent with specific expertise in waterfront properties. 

Think about it—your go-to agent in the city likely isn’t the best agent for this type of property. These agents are best fitted for more urban properties such as condominiums or standard residential homes. 

A waterfront property expert, however, is going to know everything that goes into purchasing a lakehouse. This could entail anything from waterfront property inspections and associated costs to the local rental market. 

Not only is this going to ensure that you make the best decision possible, but it’s also going to protect your interests and likely save you money along the way. 

The Lakehouses of Your Dreams

Are you considering purchasing a lakehouse? 

If so, it’s time for a much-deserved pat on the back! It’s safe to say that lakehouse living is some of the finest on earth. And, if you work with an experienced waterfront real estate agent, it could be more attainable than you once thought.

If you have questions about purchasing lake houses, be sure to contact us today!