Spring will soon be upon us and the search for lakefront property will be on the rise again. Owning a lakefront property has its many perks, but there are some important factors that should be considered before one decides to put their life earnings into their dream home.
Here is a list of tips you should keep in mind when purchasing your new lakefront property.
Know your purpose: Are you looking for entertaining and a place to play on the water or are you looking for seclusion? Some parts of a lake are noisier than others. If you do not want to wake up at 6:30 a.m. in the summer to the sound of jet skis and boat motors then you will want to consider the quieter side of the lake.
Personally inspect the property: As tempting as buying online makes it, do not purchase a lakefront property without setting foot on it first. Take the time to visit and look it over for yourself. Obtain a copy of the site plan so you can determine exactly where the property lines are. Also, determine if the water is deep enough for your boat. Here at the Lake of the Ozarks, it is imperative you know where the AmerenUE property line is located. Check with Google Earth or Google Earth Pro for the topology of the lake property and the lake itself.
Check with city and DNR for lake information: You can determine the price of the lakeshore by the lake view, water depth, the watershed runoff and more. Other resources such as, old tax records, surveys, plots and disclosures can be very helpful.
Understand the lake's water level changes: Does the lake fluctuate in water levels? Look for erosion on beach and any water lines on docks, shore, or trees. These can give you an idea how high the lake rises. The changing of the water levels can make a difference in your ability to access the water. Check with your neighbors. They can tell you about how the temperatures and water levels change during the seasons and the nearest boat access if you cannot access the lake from your property.
If the property is remote: know who is responsible for maintaining the road. Many banks require a Road Maintenance Agreement before they will lend on remote property.
Purchase the right size: If you are building, make sure your lot size is large enough to support the size of home you want.
Know what kind of restrictions and covenants exists: If you plan on building a boat house, extending the dock, or putting up a fence you need to know if this is allowable. Knowing your restrictions and covenants can save you from a lot of headaches later.
More details to be aware of...
***Full views, deep water and flat lake lots are more expensive.
***Pricing differs by county and location.
***Are there any flood plain restrictions? If you build or buy in a flood zone insurance will be difficult to get.