Most of us would love to own a second home or a vacation cottage on Smith Mountain Lake. There is just something being on or near the water that refreshes the soul and relaxes the body. Buying property at the lake is something that would benefit the health and well-being of the entire family. However, it is no small decision to invest in high-dollar waterfront property such as that at beautiful Smith Mountain Lake. Peni Gardner, a waterfront property expert, offers some tips to be aware of when considering your next lake home purchase.
- Don’t buy land without setting foot on it first. You should take the time to look it over closely and inspect it yourself.
– Locate a copy of the site plat so you can determine exactly where the property lines are. - Study the history of land development in the area. Was the development a friendly undertaking or was there a lot of controversy from the community? What was on this land before?
- Talk to the neighbors. Ask them what they think of the developer and the area. Are they happy with how their house was built?
– Were the amenities completed by the developer as promised? If they love living there, they’ll tell you – if they hate it, they’ll tell you that too. - If you’re looking at lakefront property, you need to determine if the lake is constant level or not. If it’s not a constant-level lake, then the water levels could change drastically.
- Check to see if there are any floodplain restrictions. If you build or buy in a flood zone you may have a tough time getting insurance.
- Make sure the lot you’re looking at will support a house of the size you want.
- Don’t limit your search to a single waterfront development – no matter how “in love” you are with it. If you’re not familiar with other developments, ask a local realtor for help.
- Find out how the property will change in the different seasons or when the weather conditions change. When was the last drought and what happened to the water levels then?
- If you’re interested in building a boat house, make sure that there aren’t Restrictive Covenants preventing you from doing so. Many lake areas limit the building of new boat houses and docks.
- If you’re planning on building, make sure that you will have access to electricity, water, sewage, and other utilities. Never assume that you can just “hook up”.
- If the property is remote, make sure you know who is responsible for maintaining the road. Many banks require a Road Maintenance Agreement before they will lend on a remote property.
- Lastly, before you make the purchase offer, consider making it conditional on an inspection of the land or another specific item. For example, if you don’t have access to sewage lines, make the offer conditional on your ability to obtain permits for a septic system.
– Plus, you should always make your offer contingent on your ability to obtain financing.
OK, armed with these tips, you should be ready to start your search for the perfect waterfront lot. Remember, investing in waterfront real estate requires common sense and due diligence, just like any other investment. Go put these tips to work for you!
About the Author:
Peni Gardner is a waterfront property expert and realtor who specializes in working with out-of-town buyers looking for Granbury Real Estate.
Article Source: isnare.com
Comments 2
I’m glad you mentioned that it is important to know if the lake level near your home is constantly level or not. My sister and her husband are considering purchasing a home that is near a lake. I’ll have to share these tips with them so that they know what they need to do.
My best friend would like to buy a waterfront residential home because this will be her sanctuary place. Well, I agree with you that she must scrutinize her prospective property first. You are also right that she should check its amenities too.