Are You a "True" Lake Home Buyer?

Buying a lake home can be a little more difficult than purchasing a typical house in a residential neighborhood. There are a lot more factors to consider as you decide what is important to you on the water...and you may not be willing to sacrifice some of the modern conveniences that have become necessities in your life.

Generally, when an individual or a couple begin their search for a new home in the suburbs or their local community, they think about things like the drive time to work, the neighborhood, the amount of privacy the yard offers, and - of course - the design, square footage and condition of the home. Many buyers are quite set on the age of the home before they ever even begin to look, knowing that amenities like master suites, open spaces and taller ceilings are more likely to be found in the newer structures.

Certainly, when buyers begin searching for lakefront real estate, many of these factors from a normal wish list can also come into play. But I've found that true waterfront buyers tend to give up many of the features they are looking for in a home to get what they want in the property and the lake itself! They often focus on the type of shoreline, direction the home faces to the lake, depth for swimming and boating, and quality of water...not to mention fish species and fishing success rates.

This process is probably most evident with relocation buyers from other parts of the country, who sometimes imagine that most every home in Minnesota or Wisconsin must be on the lake because of the sheer number of water bodies that exist. It normally only takes about half a day for the "hopeful waterfront buyers" to realize that the home they have in mind (coming from a new development in another state) is not that easy to find here - especially at the price range they can afford. That is when we adjust quickly and help them narrow down the other factors that are important to them, so that we can get them in the right property within their limited time frame. By showing them their best options on water right away, we can help them eliminate those types of properties and give them more time to focus on what they really want.

However, I've also found that about 50% of relocation buyers are set on living on the lake, and they would rather purchase an older home or one that is further from the city rather than give up on their dream. And, generally, the smaller the lake size the lower the prices, so we are able to offer other options that can still give them their place on the water. It seems that when they have their heart set on lake living, nothing will stop them!

I'll talk about other factors that make up a "true waterfront buyer" in a future article.