Now that summer is finally in full swing, many people are heading out to the lake to enjoy warm days and fun in the water. During your vacation, you might find yourself interested in investing in a lake property. But should you rent or buy your lake house? The following guide offers some factors to consider before making your decision.

Renting

If you’re looking for a low maintenance investment, renting is likely the way to go. In this case, you’ll only need funds to book the home for your requested period of time. These spaces are often outfitted completely with furniture and amenities to make your stay a breeze.

The downside, though, is that there is no way to customize the space to suit your needs. For example, if you like to enjoy indoor-outdoor living while you’re at the lake, you’ll need to find a rental that accommodates that preference.

Also, you’ll need to consider timing. If, for example, do you like to go away during major weekends, such Labor Day weekend, you’ll need to plan far in advance to ensure the rental isn’t booked up.

Buying

Purchasing a lake house offers a greater deal of flexibility. You can either opt for an upgraded property that allows you to jump right in and enjoy your investment, or you can look for a fixer-upper and modify the space to suit your needs. Purchasing a house also ensures that you’ll have access to it whenever you want. Rather than planning in advance, you can simply decide to go away on a whim.

If you do decide to purchase a lake house, be aware that it will require significant maintenance. You’ll likely have to invest in a property keeper who will check in on the home when you don’t visit for long periods. You’ll also need to be aware of factors like property taxes and the impact of paying two mortgages.
 

If you want to buy a lake house, turn to the team at Herron Realty. For almost four decades, they’ve helped residents throughout Herkimer County, NY, find the perfect properties. Visit their website to browse their waterfront properties in Old Forge, Big Moose, and Eagle Bay. Call (315) 369-6910 to speak with a real estate agent about buying a lake house.