Finding a bargain lakefront home on Georgia’s Lake Oconee is not easy. With the average sales price this year for a private lakefront home close to $625,000, and the average sales price of an undeveloped lakefront lot nearly $450,000 – what can you buy for under $300,000?
The first thing a Lake Oconee bargain hunter needs to think about is what matters most – the quality and location of the lot, or the quality and size of the home. You may be surprised, but for many lakefront properties, most of the value is in the lot! Lot quality is hard to improve over time, and location does not change – homes can be remodeled and expanded. When you’re choosing a bargain lake house on Lake Oconee, you have to pick your compromises.
Some questions to ask yourself:
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what kind of boating do you have in mind?
For watersports, the wide open waters of the mid-lake work great – but that’s premium real estate.
For fishing, the quiet coves of the north lake and the area around Sugar Creek Marina are best – you can find bargains there
For quiet boating – kayaks, rowboats, canoes – the moving waters of the far north side are more river like and very affordable.
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How close to shopping and restaurants is close enough?
There’s a vibrant business district near the entrances to all the gated golf communities – Publix, movie theatre, great restaurants, banks, doctors, hospital – you name it – but again, properties close to all that are generally premium priced.
Downtown Madison also has a vibrant business district – that’s an easy 15-20 minute drive from many of the north lake homes.
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Am I okay with a fixer upper, or a home that needs updating?
With a fixer-upper, you may need to hire a contractor to take care of things before beginning to enjoy your new lakehome – that means extra time and extra cost, right away.
With a home that has been kept in good repair, but needs updating, you’ll be able to enjoy your new lake home from day one, and can take care of the updates over time.
Some people are just not interested in taking on projects when they buy a second home.
One of my favorite picks for bargain hunters on Lake Oconee is this nearly 2500sf home with 4 bedrooms and 3 full baths, on a beautiful level lot with lovely views – listed for just $299,500.
The Twin Rivers area of Lake Oconee offers uncrowded waters, plenty of pristine National Forest shoreline, excellent fishing, and easy access to Big Water.
The comfortable lake cottage has a floor plan that works well for full time living, with a large master suite on the main, lakeside great room and screen porch, plus a lakeside family room/office. There’s a second bedroom and full bath on the main, plus two additional bedrooms and full bath upstairs. The Vermont Castings stove throws plenty of warmth, and the wood plank ceiling with rustic beams adds a lakey touch.
The lot is special, with just under an acre fee simple and about another .25 acre of GA Power land creating a virtual peninsula with roughly 300ft of private shoreline. Lakeside is level, with extensive garden beds and mature trees and shrubs, giving you natural privacy that’s hard to find on the lake. The dock is original to the property – it’s typical of its era with a runway leading to a platform large enough for fishing, lounging, and securing your boat.
Blue Springs is a lakefront community in Morgan County, just north of I-20 in the beautiful Twin Rivers area of Lake Oconee, and just 6 miles from Exit 121. With the Blue Springs Marina just up the road, it’s a great place to enjoy the quiet side of Lake Oconee.
Excellent view, lot suitable for both watersports and fishing, well-maintained home ready for some updates – what’s the catch? Why the low asking price of just $325,000? The compromise is the location – the Blue Springs community is one of the oldest lakefront communities on Lake Oconee, and many properties are still in the original families. Some homes in the area are older manufactured homes, often with site built additions, and some homes, like this one, are fully site built. It’s a stable, quiet neighborhood, but not a fancy one.
Call me for a personal tour – this could be your bargain lake front home on Lake Oconee.
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