If you’re considering a new real estate purchase, a lake house is an excellent option. These properties have many unique advantages, and you’ll need to approach the purchase and inspection a little differently than a traditional home. Work with a real estate agent and use the following tips for the best results.

What to Know When Purchasing a Lake House

1. The Property Is the Focal Point

When you look at a traditional home, the structure is usually the focal point. With a lake house, you’ll want to focus on the entire property. Think of how you want to use this vacation home. If you and your family love the water, look for easy and safe lake access. Think about how close it is to a dock or a marina. Many families use the land much more than the home, so make sure the property fulfills all your getaway goals.

2. Start the Loan Process Early

A lake house may have a higher price tag than a traditional home, especially considering property value, so you’ll want to start loan shopping early. Generally, they’ll be worth twice as much as a traditional home. Make sure you’re pre-qualified with a lender and then work with a real estate agent to provide pertinent property details for the loan. Staying ahead will ensure you have the funds to purchase the home when you intend to.

3. Anticipate Value Growth

The best part about a waterfront property is that you can expect value growth. This is important to remember if you have higher mortgage rates, have to take out a larger loan, or have higher home insurance premiums. Waterfront views and access will always be desirable, so even in a weak home market, you can count on the property retaining its value. While no two homes are alike and markets vary, lake houses have appreciated by 160% over a decade in some markets.

If you’re in the market for a lake house or new home in the Old Forge, NY, area, contact Herron Realty. This residential real estate agency is committed to making the home search, buying, and selling process seamless. An agent will help you through every step of the way to ensure you find a home you love. Call (315) 369-6910 or visit them online to browse their available properties.