A lake house is the dream. Nobody needs to be sold on the idea of waking up every morning in a waterfront estate perched beside a glistening lake. The pros of buying waterfront homes for sale in michigan include:
- You’ll always have a designated vacation spot!
- You’ll have a place to retire waiting for you if you purchase a lake home as a second property.
- You’ll diversify your assets by investing in property.
- You might have the potential to make rental income on a second home!
There’s also an emotionally satisfying element to owning a home by the water. You might say that being by the water is an innate need that tugs at city dwellers and suburbanites. Waterfront living puts adventures that others have to pack up their cars to experience just steps from your door. Lakeside living pampers the lucky few who put down stakes by the shore with views, the freshest air, sublime wildlife and the status of being the person “with the lake house.” However, lakeside living is shrouded in misconceptions. Take a look at the seven secrets only lake dwellers know!
Owning Waterfront Property in Michigan Isn’t a Pipe Dream
Many people assume that lakeside living is only for the lucky few who got in early. This is simply not the case. The likelihood of scoring a lake home is especially promising for people house hunting in Michigan. That’s because Michigan is home to 11,000 inland lakes! Keep in mind that only includes lakes that are at least 5 acres in size! There’s an endless list of lakes to choose from when scouting properties. There are lots of waterfront homes for sale in michigan. You can find everything from large waterfront estates to secluded lake cabins.
A Lake Home Takes on a Life of Its Own
This is one of the most exciting parts about owning a lake house. Like the setting of a movie, a family lake house becomes the “scene” for so many amazing events and memories. The house really takes on a life of its own as it’s filled with family and guests. Many lake houses become so intertwined in the very essence of a family that they are kept in the family for generations!
A Lake House Helps You Become “More Present” in the Moment
Many people decide to buy waterfront homes after feeling trapped by the “grind” of daily life. What they discover is that living so close to a natural oasis causes them to feel nature more deeply. They often feel truly present for the first time as they watch the way the changing of the seasons completely recreates the beautiful ecosystem around them. Hosting cookouts in the summer, bonfires in the fall, cozy fireside holidays in the winter and nature-filled adventures in the spring makes lucky lakeside owners live the rhythm of the year.
A Real Estate Agent Who Specializes in Waterfront Homes Is a Must!
Lake living is different than suburban living in so many ways.
Living near the water means living according to the water! Maintenance costs on a waterfront home can certainly be higher when it comes to things like moisture-related wear and tear. Many waterfront properties also require extra water, wind and hazard insurance. Yes, this can be one of the cons of buying a house on the water for people who haven’t done their homework beforehand. However, most people who live the lake life wouldn’t have it any other way. Taking measures to keep a lake home safe simply becomes part of this way of life after a short while. The important thing is to find a real estate agent that knows the ins-and-outs of lakefront living. They will let you know exactly what to expect when buying a lakefront home. It’s so important to go in with your eyes open if you’re serious about investing in a home by the water.
Having Financing in Order Before You Browse Is Helpful
Demand is always a little hotter for waterfront properties compared to landlocked properties. Having financing lined up will give you the edge in the event of a bidding war. It’s also helpful to sync up with a good real estate team with access to great listings to help you get in fast! Having the right support ensures that you’re focusing on the right locations. You’ll also be able to know when properties fitting your property profile and price range come on the market.
A Lake Home Isn’t Just Weekend Home
Yes, many people buy lake homes because they want to be able to spend weekends and holidays at a home away from home with serenity and views. However, the idea of a lake house being just a “vacation” home is long gone! In fact, many people are exclusively shopping for lake houses and country houses “away from the grind” as more and more people take on work-from-home roles. In fact, the wilderness is the new suburb!
Buying a Lake House as a Second Home Takes Extra Planning
If you’ve already been through the buying process with a primary home, you shouldn’t necessarily expect to duplicate the process when buying a lake house as a second home. There are special requirements to buy a second home when applying for a mortgage. Here’s the general rundown:
- Higher down payments are usually required for second homes. While 10 percent is the standard minimum, you may need to put down more based on your lender’s requirements.
- Most lenders want to see credit scores between 700 and 720 for second homes.
- Lenders like to see a lower debt-to-income ratio (DTI) for second homes.
- Lenders sometimes ask to see proof that the secondary property is at least 50 miles from your primary residence.
The good news is that you can use equity from a primary home to buy a second home! Some people use home-equity loans to finance second homes. Others use cash-out refinancing to get money to finance the purchase.
Let’s Talk About the Lake Life!
At Lakes and Country Real Estate, we help home hunters find their way into lake life every day! We are locally owned and operated with many of our agents having lived in the area for many years. Many of us own waterfront property in Michigan and understand the nuances that comes along with ownership.
We can help you better understand the responsibilities that come along with owning waterfront property, the nuances of utilities, and the options available for financing.
Let us show you desirable waterfront homes for sale in Michigan that meet your needs. Reach out today!