Want To Buy A Lake House And Fix It Up? What To Know To Make A Great Investment

If you're looking for a summer lake property and you aren't sure what areas are the best or what areas are increasing in value, it's time to get a real estate agent to help you with the search. When you purchase a second home or a lake property, it's important that you're making a great investment, especially if you're buying something you want to fix up and resell later on.

The water levels and ability to put a dock in or drive a boat may be affected by the depth of the water in certain areas, and there may be busy areas where you can't ski or tube a lot. The agents know all the inside secrets, including what you should pay. Here are a few things to ask for while you're looking at the houses with agents.

What are the Insurance Costs?

The area of the lake and the location of the house in relation to the elevation could affect how much the property insurance is, because if the house is in danger of getting flooded the insurance will cost more. Find out the costs of insurance before you put an offer in on the house, so you don't end up over budget when you factor the insurance in.

Average Cost of Taxes

Property taxes on the water are generally higher than regular property taxes, but the location of the lake may be affected by the school district or the township and zoning. If you aren't going to send any kids to school there and you aren't going to live there full time, it may not matter what school zone you are in. For every house you walk through you'll want to get an estimate on the property taxes.

Expansion Potential

If you are looking to fix the place up you may want to add up or add on. Ask the real estate agent how much you can add to the property and what the resale potential could be in the future if you were to list the project. This is important if you hope to improve your investment greatly.

If you want to purchase some waterfront property don't try to do it on your own and don't try to reach out to the sellers or the seller's agents. Instead, get your own real estate agent and make the best financial decision possible while getting a lake house that you can love.