We all the know the biggest question in life: The Chicken or The Egg? Which Came First?
Maybe not the best lead-in to our blog but hopefully it will make sense.
Lake Lanier is located about 45 minutes north of Atlanta. Originally real estate on the lake comprised of small fishing cabins, trailers, and lake cottages.
Through the years the homes have gotten larger, lake neighborhoods have been built, and weekend homes are becoming full time residence.
The Wells Team has lived in a Lake Lanier community for over 15 years and have been very successful in buying and selling Lake Lanier real estate! (Yes a brief commercial message)
So here is the chicken and egg concept:
- Do you buy an old home, tear it down, and build a new lake home?
- Do you buy an existing home and remodel it?
- Do you buy a brand new lake home?
The Wells Team has answers for all of these options because we have spent the past summer looking at lake properties with clients, as well as, looking at a lake home for ourselves!
Our thoughts:
1. Buy and old home, tear it down, and build a new lake home? We looked at a fishing cabin on the south side of the lake. List price $400,000. Seller contended that the fishing cabin could be remodeled. The lot was incredible. Grass and a gentle walk to the boat dock which is very hard to find on Lanier.
We brought in our contractor who told us that the home was a tear down. Based on the size of the lot we were able to put a 1500 sq ft home with a walk out basement on the property.
Total cost for the home and the lot: Approximately $750,000!
2. Buy and Existing home and remodel it? This scenario has a lot of possibilities but is also a lot of effort. The key to the success is getting the home at a good price. After looking at the older homes on the lake, we were looking at $100,000 to $150,000 in renovations!
How can you spend that amount of money? Easy....The majority of the lake homes were built in the 1970's and 1980's. New Kitchens, new bathrooms, new flooring, and the money adds up.
3. Buy a brand new lake home? The easiest and obviously most expensive. In the past few years we have seen builders buy old properties, tear down the existing home, and build a new home in its place. Financially you know what you are buying and you have a move-in ready home with the latest upgrades.
Of course the biggest factor on a lake property is....The Lake!
- How close is the dock to the home?
- How are the lake views?
- How is the condition of the boat dock?
- How difficult is the walk to the dock?
And of course the big question? HOW DEEP IS THE WATER UNDER THE DOCK?
Lake Lanier is quickly becoming a part of the Atlanta metro area. The growth around the lake continues to go at a fever pitch! As a result lake property will continue to increase in value as demand will overtake supply!
If you are interested in looking for Lake Lanier property look no further than The Wells Team of Keller Williams Community Partners.
See you on the Lake!
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