Lake Front Property
Some of the details you want to check before writing an Offer to Purchase for lake front property include:
Subdivision building restrictions:
If the lot is located within a subdivision there may be building restrictions, some of these may include, the size of the home and architectural control which may include exterior materials, garage size and approval of the plans. In most cases subdivision restrictions are available for review and are included in the MLS listing documents. Also check building offsets and restrictions which may be imposed by the subdivision, the municipality and the DNR. These may be available on the survey map included with the MLS documents. Offsets may limit the size of the home you will be able to build.
The ability to build with a basement and other land restrictions:
Soil conditions may not allow for a basement or depending on the topography of the lot the home may require a walk out basement. If the lot is wooded there may be restrictions concerning tree removal. Check with the city and DNR on tree removal and site preparations.
Water and sewer:
The further the location from Milwaukee the more likely you are to encounter a lot that requires a private well and septic system. Check the cost of city water and sewer if it is available. Some lots include fees for city water and sewer while others charge these fees when applying for the building permits. In that case it will be an additional cost, these costs may run in the thousands of dollars. If a private well and septic system is required check the cost of installation. Also check with the city to see what type of system needs to be installed.
Taxes and fees:
Taxes are generally higher on lake front property. Check with the city to find the tax rate based on a price per thousand. Also check the value and tax rate of existing homes in the area. I can e-mail this information once a possible site is determined. There may also be subdivision association fees and lake association fees.
Boat launch and piers:
Over the past years there has been a number of changes and pending changes to these regulations. Contact the state DNR for the latest information regarding piers. Http://www.dnr.state.wi.us/org/water/fhp/waterway/piers.html
If you have any further questions please feel free to call, 414-426-1784 or e-mail at DHerman@Ez1Realty.net
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