Whether buying as an investment, retirement or second home, Investing in a home on a lake has its risks. Fortunately, there are helpful lake home property investment tips to make owning a home on the lake much less stressful.
Regardless of where you choose to invest, there are some things that you should know before you make your purchase.
Here are some tips to help you make the right decision when it comes to investing in a lake home property in East TN.
5 Lake Home Property Investment Tips For 2022
1. Check Out The Availability of Utilities
Many lakeside properties are located in more remote regions, with limited access to utilities. This means you may not have access to cable, the internet, clean water or electricity.
In other words, if the lake property doesn’t have access to these services, you may have to pay to have them connected which could be expensive.
2. Get To Know The Insurance Requirements
Due to the home’s proximity to a lake, it will be more vulnerable to the weather than a conventional house. Be sure to check the insurance requirements of the house before buying.
Your homeowner’s policy may have to include additional coverage such as general hazard or flood insurance.
3. Ensure That The House Has Weatherproof Features
As you’re purchasing your new lakeside property, you’ll want to know how it’s been weatherproofed solid building materials. The home you choose must be capable of resisting the wear and tear that a lakeside property endures season in and out.
Lakeside homes tend to be more exposed to the elements and confirming the durability of the building materials is important.
4. Take Lake Traffic Into Account
If you want to live on a lake home because you like peace and tranquility, you shouldn’t buy a lake house with a lot of water traffic like speed boats, water skiing, and other water sports. Lake traffic is an important factor when buying a lake home.
If you’re the adventurous type, you’ll likely want to buy a lake house with a deep water dock. This makes it easier to get out in the lake and enjoy all it has to offer, like fishing and boating.
While many homeowners buy a house near the water for the view, taking into account lake traffic helps you buy with your eyes wide open.
5. Consider the Lake’s Amenities
A lake can be completely devoid of amenities, or it can be jam-packed with them, such as marinas, restaurants, and boat docks. Familiarity with the lake’s amenities will be useful to you. That’s where a great, lake home real estate agent comes in.
An agent experienced in the area, like we are at Tellico Lake, can help find you the perfect home. We’re familiar with the builders in the area and help you find just what you’re looking for.
If we can help you find the perfect Tellico Lake home, please reach out to us. Click here for our contact page. We’ll respond to you personally and promptly. Thanks for visiting!