Dreaming of lakefront property? Consider budget, location, lake type, lot specifics, and choose an expert realtor for a sound investment.
If you’re dreaming of owning a lakefront property, there are several factors to consider before making the big investment. Choosing a realtor with expertise in waterfront properties and access to MLS listings in your desired area is crucial.
Price: Determine your budget and obtain pre-approval for a mortgage before starting your search. Many factors affect the price of a lakefront property, including location, distance from major cities, lake vs riverfront, lake size and prestige, elevation from the water, lot size and shape, outbuildings, docks and boat houses, home size, home style, quality of construction, interior and exterior finishes, as well as landscaping.
Location: Consider the proximity to emergency services, shopping, and other amenities. Consider whether this purchase will be your four-season home or an occasional getaway as the criteria for distance may differ. Ensure that your property has year-round access and that you investigate the local bylaws and zoning in the area. If you are purchasing a property to be used as and income property, ensure that short-term rentals are allowed and whether there are any fees operating a short-term rental.
Lake: When choosing a lake, consider whether you want to have a boat, and if so, what type of boat. Large boats require large bodies of of deep water, while canoes and kayaks are better suited for smaller, calmer lakes. Also keep in mind that some smaller lakes do not allow motorized boats or motor sizes may be restricted. Consider the amount of activity and boat traffic on the lake and whether it will affect your peace and privacy if this is a concern. Large lakes with wide-open lake views are beautiful, but large waves may restrict lake access and may require you to have a boat lift or break wall in order to protect your boat when waters are rough. Research lake depth using nautical maps that show depths and structure and keep in mind that deeper parts of lakes are usually colder. Blue-green algae is another factor to consider, as well as weed growth around the dock and swimming area. Request to see summer and fall photos of the dock and/or swimming areas since weeds will be at their worst during these times of year. Check if there is a lake association for the lake and associated fees for being part of this association. Research the depth off the end of the dock and whether you need to extend the dock to accommodate the boat size. Check to see if permits are required to add more dock space. Research the type of fish in the lake, and the shoreline's characteristics. Zebra mussels are another important consideration as they can filter large amounts of water, alter the natural habitat of the lake, damage equipment, and impact recreational activities.
Lot: Lot considerations include privacy, services available such as high speed internet, elevation from the lake or river, shape, grade, right of ways, easements, whether the shoreline allowance is open, closed or owned, amount of lake frontage, setbacks for septic systems and buildings, and coverage allowances. Investigate whether the lot has ever been flooded by rising water levels or is in a flood zone.
These are only a few of the many considerations when choosing a waterfront property. An experienced realtor can help you match your wants and needs to ensure you choose a property that is best suited to you. At House Agents, we specialize in waterfront and rural properties and have access to 22 real estate boards across Ontario. We will help you navigate the intricacies of purchasing your dream property and ensure that your best interests are protected so you dont regret your decision on one of the largest investments of your life
