One of the most stressful things any young family can do (besides getting the all relatives together for Christmas dinner) is buying a home especially if it’s their first one. But with careful planning, diligent research, and plenty of patience, most families are able to find the home that best fits their personal and financial needs. The same goes for finding a lake home. By crunching your numbers, defining what you want, and shopping aggressively, you can make your search for your home away from home go as smoothly as possible. Here are a few tips to help you get started on your lake home search.
Tip #1: Know what you can afford before you start looking.
Now I know this sounds like common sense, but you should never skip this step. Painting a clear financial picture for yourself will save you a lot of time and money in the long run. A quick and easy way to do this is to go to your bank and get pre-approved for a mortgage. A written pre-approval includes a complete credit application and a certificate guaranteeing you a mortgage up to a specified amount. Having a pre-approval done allows you to save time by instantly eliminating any properties that are out of your price range. That way you can focus on properties that are in your price range.
One thing you should keep in mind with a pre-approval is that just because it says you are cleared for a certain amount, it doesn’t mean should take on a mortgage of that size. Think of it like a credit card limit. Just because you have a $5,000 limit, doesn’t mean you should run the card up that far. You might not have enough to cover the payments. The bank may tell you how much you are approved for, but it is your responsibility to determine how big a monthly payment your personal budget can handle. Ultimately, how much you plan to spend is up to you, but it needn’t have to interfere with your day to day finances.
Tip #2: Know what you want out of your lake shore property.
Another no brainer, but a real time saver when you’re looking for a lake home. Take the time to ask yourself the following question…”What exactly do I want to do out there?” Do you want to fish and take your speed boat out on the lake? Do you want to be near a National Park and be enclosed by a secluded wood? Do you want a weekend cabin or are you looking for a seasonal home? Do you want to buy or do you want to build? Depending on your interests, hobbies, and needs, the selection of lake homes and locations will alter significantly. There are thousands of lakes in
Tip #3: Shopping Aggressively
Buying a lake home is a major investment so you want to make sure that the people working with you are up to the task. The most important individual at this stage of the game is the real estate agent. You should interview several agents in the area where you wish to buy before selecting one. Don’t’ be timid and ask them about their credentials, how much experience in selling lakeshore property, and if they are currently listing lakeshore property. A good one should be able to find the answers for all your questions and be able to be in contact with you at a moments notice.
But just remember that this street goes both ways. If your agent finds a property that he or she thinks is a good fit, be prepared to head out and view it immediately. Be prepared to view a lot of homes like this if you want to make sure that the property is a good fit for you. If the current owners happen to be there, you might as well ask them about their experiences with the property. Any insight you can gather will be valuable in your home search.
Buying a lake home can be a stressful experience, but it doesn’t have to be. With a little foresight, planning, and patience, it can be quite a rewarding experience. But before you go out scouring the newspapers and internet sites for that perfect little place in Vermilion, remember to keep the previous things in mind. A lake home can be a place of magic and memories. Make sure what you find is the right one for you.
Al Josef is the Editor of LakeshoreDreams.com
Photo used with permission of explorebrainerdlakes.com
