Home Buying in Fort Wayne>Question Details

Annap2010, Home Buyer in Fort Wayne, IN

What are the pro's and con's of buying lake front property?

Asked by Annap2010, Fort Wayne, IN Wed Jun 8, 2011

Trying to persuade my grandpa to buy a lake house but need more information and facts about the negatives and positives.

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Christopher Spurr MBA’s answer
PROS - Lakefront property is a SCARCE RESOURCE, therefore the profit POTENTIAL is HUGE...Post recession of course.
The enjoyment of being by the water and the recreation / food / opportunity it brings.

CONS - PRICE PRICE PRICE, when purchasing.
Septic issues.
Building codes, restrictions, lot size, etc.

Lakefront property should be looked at as an investment. If you don't have waterfront access, you should look at other avenues, as these property values DO NOT jump. One must also consider lake activity when making an offer. A lot of property out there right now because of the economy, and because many families cannot afford to pay the taxes and upkeep required for many lake homes.
0 votes Thank Flag Link Wed Apr 25, 2012
Flag Wed Apr 25, 2012
I have put together one of the most detailed guides you will be able to find on what you should be considering when buying a lake home. Take a look below at the web reference where you will find tons of tips and things to think about when buying a lake house.
1 vote Thank Flag Link Sat Nov 8, 2014
One other thing to note is that Lake property in NE Indiana is taking the biggest beating in relation to home values during this recession. Overall, home values have held up remarkably well compared to other markets in the country, but lake property, not so much. What does that mean for a home buyer? Let's put it this way, there are some GREAT buying opportunities out there right now, but don't expect values to begin rising anytime soon. If you are getting into lake property, do it as a long term investment with a size-able down payment. Protect your future.
0 votes Thank Flag Link Thu Jun 9, 2011
Lake Front property is usually a good investment. You will want to consider the location on the lake as beach conditions can vary. As mentioned previously the location - channel versus basin- will also impact the desirability of the property. Also, the range of activity offered on the lake is something to consider...Fishing, motor boats, skiing hours, etc are important to know.
0 votes Thank Flag Link Wed Jun 8, 2011
Hi! I am considering a house that has amazing lake views and it's right on the lake but there is a cliff there. You then have a private beach that you walk to down the private road. Does this reduce the value and would you think potential renters would be turned off by the cliff? I do have other rental property but not on the water so this is new to me. Thanks!
Flag Thu Apr 9, 2015
Also when searching, be careful to read the fine lines. Many homes will appear to be lake front, but may only be on a channel or have lake access. Both of these have a dramatic effect upon value.
0 votes Thank Flag Link Wed Jun 8, 2011
Like cars there is no replacement for displacement, when it comes to lake properties there is no replacement for water front... No negatives to buying lake front except price. Non lake front properties are no where near as desirable to buyers.

Contact me if you have further questions.
0 votes Thank Flag Link Wed Jun 8, 2011
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