Daydreaming about escaping the city and waking up to glistening water lapping at the shore? The allure of a lakehouse as your second home is undeniable. For one, it makes a wonderful vacation home for people who’d like to take a break from their urban living every once in a while.
According to reports, home sales for vacation use have risen to 6.7% in 2021, meaning the demand for vacation homes continues to rise. And if you’re one of those prospective vacation home buyers, a lakehouse might be a beautiful option.¹
But before you continue daydreaming about that lakeside living, you’ll have to buy your lakehouse first and buying one isn’t as simple as spotting a “For Sale” sign and signing on the dotted line. A lakehouse is a unique and massive investment property, and careful planning can ensure it becomes a cherished retreat, not a hidden burden.
Thus, this article will discuss some of the crucial things one must consider before purchasing your first lakehouse.
Location
The location of your lakehouse is undoubtedly the most crucial factor to consider, as the allure of a lakehouse hinges heavily on the lake itself and its surroundings. Are you all about serenity with a focus on fishing, boating, and quiet relaxation?
Or are you drawn to a bustling lake with water sports and a vibrant community? Either way, be sure to research the lake’s characteristics thoroughly: its size, water quality, permitted activities, and the overall vibe (whether it’s a secluded spot or a bustling community).
But the location isn’t just about the lake itself. You’ve also got to think about the bigger picture. How convenient is it to travel back and forth from your main home base? Are there restaurants, shops, medical facilities, and other amenities nearby, or will you be roughing it in the middle of nowhere? This is especially important if you’re planning to make your lakehouse a year-round retreat cottage.
Lake Access
Another significant decision you’ll face is whether to opt for direct waterfront access or a lake community setting. Waterfront properties are a dream as they offer direct access to the lake and stunning views.
But the catch is they typically come with a higher price tag and additional maintenance requirements. A property within a lake community, on the other hand, is generally more affordable but may require walking or driving to the lake.
If you choose a waterfront property, be prepared for the potential need for lakeshore restoration and repair. Over time, erosion and natural wear and tear can impact the shoreline, requiring measures to stabilize and protect the lakeshore. It’s not a cheap or easy fix, so be sure to factor those additional costs and maintenance needs into your decision.
Now, homes situated in a lake community aren’t necessarily a bad thing either. Sure, you won’t have that direct lake access or those million-dollar views, but you can still enjoy the lakehouse lifestyle.
Plus, they tend to be more affordable and require less maintenance, which could be a major selling point if you’re on a tighter budget or just want a more low-key lake house experience. Ultimately, the decision will depend on your priorities, budget, and desired level of maintenance.
Size
The size of your lake house is a decision that will significantly impact your entire homeownership experience, everything from budget to weekend getaways. So, before you go all-in on massive lakefront properties, consider your needs. Think about how many people you typically plan to have there. Do you envision hosting big family reunions, or is a cozy space for a couple and their furry friend sufficient?
Remember, bigger isn’t always better. While a sprawling house might sound perfect for those annual family gatherings and relaxation, it also translates to more cleaning, more furniture, and potentially more guests than you bargained for. On the flip side, a cramped cabin might feel magical for a romantic weekend but lose its charm during a week-long family vacation with restless kids.
According to recent reports, many vacation home buyers prioritize functionality over larger residences, with leading buyers seeking homes around 2,070 sq ft in size or even lower. This means focusing on features that maximize your enjoyment rather than just chasing raw square footage. Ultimately, the goal is to find the perfect balance between accommodating your needs and keeping your budget in check.²
Amenities and Features
When purchasing a lakehouse, consider the various amenities and features that align with your desired lifestyle. Do you envision a private dock for your boating needs or a sandy beach area for swimming? Perhaps an outdoor kitchen or a cozy firepit is a must-have for your evening gatherings. Evaluate your priorities and ensure the lakehouse you choose can accommodate your desired features.
Maintenance Needs
Lakehouse homeownership is a dream come true, but as mentioned earlier, it also comes with its fair share of maintenance and upkeep challenges. Unlike your typical suburban house, lakefront properties face unique challenges when it comes to maintenance and upkeep. The constant presence of water means your lakeside retreat is more susceptible to moisture damage, algae growth, and other water-related issues.
And don’t forget the yard work. Lush lakefront vegetation might be beautiful, but it also means more frequent mowing and trimming to keep things tidy. According to reports, the average homeowner spends around USD$2,458 for their home’s maintenance and repairs yearly. But for a lakehouse that could easily run into the millions, that amount can start to add up really quickly.³
Ultimately, owning a slice of waterfront second home takes work, but hey, isn’t that part of the adventure? As long as you’re prepared for the maintenance and upkeep challenges, you’ll be living that lakehouse dream in no time.
Community and Neighborhood Vibe
When buying a lakehouse, you’re also investing in the surrounding community and neighborhood. Let’s start with the HOA factor. Some lakeside neighborhoods have these associations in place, and they come with a whole set of rules and regulations that you’ll need to familiarize yourself with. These might include potential restrictions on things like boat size, dock placement, and even short-term rentals if you were hoping to cash in on that sweet vacation rental income.
On the bright side, HOAs can also provide some sweet perks, like access to community parks, recreation facilities, swimming and water activities, and local attractions. Just be sure to review those HOA fees carefully because they can vary wildly and really impact your overall budget.
Beyond the HOA, you’ll also want to get a feel for the broader community and neighborhood vibe. Research local regulations and any potential covenants or restrictions that could impact your use of the property. Are there noise ordinances you’ll need to be mindful of? Zoning laws that could limit future renovations or additions?
At the end of the day, your lakehouse experience isn’t just about the four walls you’ll be living on. It’s about the whole package. So, before buying a house, take the time to really understand the community dynamics, the HOA rules (if applicable), and the neighborhood culture.
The Bottomline
Buying your first lakehouse is a significant investment that requires careful consideration of various factors. By carefully considering these factors, you can ensure your lakeside dream home becomes a reality you can cherish for years to come.
References:
- “Vacation Home Counties”, Source: https://www.nar.realtor/research-and-statistics/research-reports/vacation-home-counties
- “What Do Today’s Homebuyers Really Want? The Features Most In Demand”, Source: https://www.realtor.com/news/trends/the-most-in-demand-home-features/
- “State of Home Spending”, Source: https://www.angi.com/research/reports/spending/#part1
