Owning a home on a lake is a truly unique experience. As a residence, lakefront property brings with it an active lifestyle closely tied to nature. For investment purposes, real estate on a lake can be a great rental property often fetching top dollar as vacationers flock to these desirable areas. Like any unique setup, however, lakefront property does come with a few disadvantages. It can be demanding to those who are not prepared. However, if you love nature or are looking for a good investment, lakefront real estate does not disappoint!
Life on a lake can be relaxing, fulfilling, and engaging. It provides its residents with a close relationship to nature, changing and flowing with each unique season. If you enjoy boating, then lakefront property is for you. The lake simply becomes your extended yard inviting activities such as fishing and swimming, or encouraging deep relaxation as one drifts and bobs in their boat on a calm lake. It allows the owner to be as active or as inactive as he or she pleases. Water sports beckon those looking for excitement, whereas a more laid-back individual can sit and gaze out onto the lake endlessly all day or night. A fine environment to raise children, nothing is more educational than being immersed in one’s natural environment year round. As an investment, lakefront property is very attractive. Its limited availability allows homeowners to ask for and receive a very generous rent from vacationers. During the busy vacation season, a home on a lake can be a very beneficial investment.
There can be some drawbacks to owning lakefront property. As previously mentioned, living on a lake immerses you in nature, whether you like it or not! Sometimes adapting to and dealing with one’s natural environment can be the most difficult aspect of owning a lakefront home. Winters on a lake can be very punishing, and if you have the aforementioned boat, then winter maintenance for your vessel is another concern. Depending on your area, warmer weather can bring hazards as well from the merely irritating (swarms of mosquitos or gnats) to the relatively dangerous (depending on where you live, snakes and snapping turtles that lurk in swimming areas). Living by a large body of water always carries with it the risk of flooding, which in turn means higher insurance premiums. There are often very strict building restrictions with lakefront property so as to protect the environment and maintain the integrity and soundness of the home. Underground septic (both installing and maintenance) can cause problems with lakefront property adding all of the tests and expenses that accompany such an issue. Investors are wise to be wary, never forgetting the seasonal fluctuations of demand for such an area. Usually rentals decline in the off-season, and winters on lakes can require some exhaustive maintenance and expense.
While certainly there are some downsides to owning property on a lake, by and large it is a truly unique and appealing lifestyle. If you’re an investor, lakefront property represents a desirable and limited asset, capable of making a substantial profit in the right hands. Whether you want to make money, or simply gaze out at an ever-changing beautiful landscape, than take a look at life on a lake!
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Jolenta Averill, Principal
Lake & City Homes Realty