If you are a Florida homeowner, you’re probably wondering what is happening with interest rates. This hike was the Federal Reserve’s latest attempt to combat skyrocketing inflation. But many are wondering how this move will impact the housing market. The truth is that moderately priced homes will probably not be affected as much as higher-priced homes. In the meantime, the rates will increase enough to make buying a home difficult, and even more difficult if the mortgage is more expensive than the current rate.
The average interest rate on a fixed 30-year mortgage in the U.S. reached 5.53% this week, more than double its level from a year ago. Demand for properties tends to soften as mortgage rates climb, eventually leading to a decline in home prices. If mortgage rates continue rising to 7%, home prices in some parts of the U.S. could fall as much as 40%. Sellers in Florida are already starting to lower their prices because of climbing mortgage rates, although it will take a few months. This summer might be the most opportune time for homebuyers.
The good news is that mortgage interest rates in Florida are still lower than the national average. Despite this lower interest rate, home prices, monthly ownership costs, and cost of living metrics in Florida are all comparable to those in other states. That doesn’t mean that buying a home in Florida is any cheaper than elsewhere, but it’s certainly cheaper than many other places. For sun lovers, buying a home in Florida is an excellent option.
Higher mortgage rates add thousands of extra dollars in payments to the homebuyer over the life of the loan. A $429,000 house the median price of a home, according to the St. Louis Federal Reserve Bank, will cost roughly an additional $5,750 per year at today’s rates.
If you’re wondering what’s going on with the interest rates in Florida, you may be wondering how you can get the best deal. As long as you’re paying the right price for the home, interest rates will likely remain relatively steady in the short term. You can also take advantage by refinancing your current loan. But if you’re looking to buy a house in Florida, you’ll probably need to get the right type of mortgage for your needs.
If you’re looking for the best mortgage rate in Florida, be sure to shop around. While you can lock in your interest rate for 30 years, consider a 30-year fixed-rate mortgage. It will provide you with fixed monthly payments for a much longer period of time.
While the interest rates in Florida are lower than the national average, home prices, monthly ownership costs, and other cost-of-living metrics are all at par with the national average. While buying a home in Florida may not be as cheap as buying a home in other states, it is a great option for sun worshippers. If you’re looking for a home in Florida, it’s definitely time to shop around.
In addition to the still lower interest rates, you can also take advantage of housing assistance programs in the Sunshine State. The Florida Housing Department offers various government-backed loan programs and a 0% interest rate loan for closing costs. This loan doesn’t have to be paid back until you sell the house. Aside from the down payment and closing cost assistance, you’ll also be gaining a stake in the state’s booming housing market.
Interest rates in Florida follow national trends. In May, 30-year fixed-rate loans averaged 4.25%. This rate fell to 4.25% in July, August, and September, indicating that the current market is experiencing a downward trend. However, many lenders still offer attractive rates, so it is worth researching your options. Here are the most recent mortgage rates in Florida and where you can find them. You may also be surprised to learn that these rates are still significantly lower than the national averages.
Fortunately, a recent Florida legislative change is helping judgment debtors. A recent change to state law has made interest rates in Florida more predictable. The statutory interest rate is no longer based on the interest rates in effect on the day the judgment was entered. The state legislature attempted to limit interest rates in Florida by setting a ceiling for judgment interest rates and providing a uniform number for some limited situations. These new laws may help judgment debtors in Florida, but only time will tell.
While credit is an important financial tool, it also requires discipline, responsibility, and the right approach to avoid damaging your credit and incurring fines. To get started with credit lines in Florida, contact your local bank.
Is the real estate market in Orlando Headed for Another Housing Bubble? There are a few reasons why the answer is yes, but what is the most likely reason? Several factors can lead to a housing bubble, including an imbalance between supply and demand. A housing bubble occurs when the price of homes exceeds the supply, resulting in competition that drives up prices. When a housing bubble breaks, it is often difficult to recover from the shock. Another contributing factor could be the tremendous number of mortgage forbearances that are soon due to expire. However, there are a few steps you can take to protect yourself from a real estate bubble in Orlando.
First, you must remember that a housing bubble will eventually pop, so you can’t wait around to make your purchase. Once the mortgage rates start to rise, your potential mortgage payment will increase. While mortgage rates are at historic lows now, the market may be heading for another bubble soon. In the meantime, properties purchased today will likely continue to appreciate. This is especially true if you plan on living in Orlando for many years.
The rapid rise in home prices does not necessarily mean that the market is headed for another housing bubble. However, it does indicate that speculative activity is growing in the housing market. If home prices continue to rise without any correction, the real estate market could become oversaturated with investors buying homes for the purpose of quickly selling them for profit. This process, known as house flipping, has been increasing in recent months. While it might seem like a warning sign, it’s not a cause for alarm.
While Florida has a long history of housing bubbles, it has been relatively sheltered from them. While there may not be a bubble in Orlando just yet, it has been in other regions of the United States. According to McGrath, nine metro areas in Florida have experienced home price increases of forty percent or more. In most cases, a housing bubble pops when prices begin to cool off.
If the housing market continues to rise, people will start moving farther out and buying smaller homes and fixer-uppers. This will make it harder for those who can’t afford the more expensive homes to become homeowners. Another factor to consider is gas prices. If gas prices continue to rise, people may be reluctant to buy homes further away from their jobs. In these situations, they may decide to rent instead. The result will be another housing bubble in Orlando.
The Orlando real estate market is experiencing major growth, thanks to booming rental income. The city’s population is growing at a rate of 7.2% annually, and it’s projected to hit one million people in 2020. In 2019, there were only 1,923,000 people in Orlando. The rate of growth is even higher than the Bay Area, so this is a positive factor for the housing market. This means that rental prices are increasing in Orlando.
If Orlando’s housing market doesn’t recover, the next bubble may be the one that comes. Home prices in Orlando are rising at a very fast pace, with median prices at $335,000 and the median sold price at $237,000. This means that the housing market in Orlando is a seller’s market. With so little inventory, it is a seller’s market. With this in mind, it’s essential that you protect yourself and your home from a real estate bubble.
While the housing market is growing at a rapid pace, the real estate market in Orlando is growing faster than most other cities in Florida. This has made the area a very attractive investment opportunity for many people from around the world. With its scenic beaches, growing economy, and intercultural connectivity, Orlando is a hotspot for real estate investment. The median home price has increased 14.6% since November 2019. Those who bought real estate in Orlando during the last bubble have realized a return on their investment.
In Orlando, new home construction is hot, with demand outpacing supply and rising costs of construction materials. This is driving new home prices even higher. The new homes sold in April were up 20% year over year, but this price increase reflects the cost of construction materials and the unsustainable price gains. It will likely price some prospective home buyers out of the market. It will likely take more time for the housing market to recover from this new bubble.
This better-than-new home offers a perfect layout, unique features, and tons of space for you, family, and friends to spread out. You won’t find your typical features in this home!
Even before you walk inside, you will want to take the time to appreciate how much you’ll be able to enjoy this spectacular backyard paradise. The rear outdoor living area is close to 1200 sq feet of Florida pleasure. The area boasts a paver deck, screen enclosure, saltwater pool with solar panels.
Paddle fans and LED soffit lighting with a 2-zone outdoor entertainment system. A fenced-in yard overlooking the pond and the preserve at Shingle Creek. There is a custom outdoor kitchen with a built-in grill/ refrigerator and more. The low-voltage lighting system adds charm to warm summer nights.
There’s no shortage of
space here whether you simply want to have a small family gathering or invite
others for a large party…this home has the great spaces you want to accommodate
all!
The moment you enter the home through the Custom glass and stained front doors, you’ll instantly appreciate the warm and open layout. It starts with beautiful plank tile floors leading you into the formal areas of the home, featuring Key West shutters, custom paint, and trim work throughout the entire home.
This special home has a newer kitchen with tons of storage and deep cabinet pull-outs, granite countertops, tile backsplash in the 20’ x 14’ eat-in kitchen. You won’t ever have to worry about finding cabinet space here. Also Included are all stainless-steel kitchen plus washer and dryer appliances and touch 2o faucets.
The spaciousness of this home doesn’t stop when it comes to the bedroom sizes. The 14’ x 21’ master’s retreat is large and inviting, you may never want to leave it! Complete with a custom closet with a barn door, this room is built with both privacy and comfort in mind.
The master bathroom has two separate vanities each with its own cabinet space, a separate shower, and a soaking tub for those long days where you just want to unwind.
Three nicely sized additional bedrooms along with two fully remodeled baths tie this home altogether. A sunlit fifth room can be used as a bedroom/ nursery or as a home office for those days when you want to work quietly and privately from home.
Every aspect of this home contains a unique feature that you simply won’t find anywhere else. A newer roof, completely re-plumbed, and small features like a Lutron CASETA lighting technology, USB ports strategically located throughout. Loads of small details that take years to achieve and time to appreciate are all right here waiting for you.
A spacious family room complete with a linear gas fireplace, space for a 75” TV, or use the drop-down 110” movie screen. A state-of-the-art built-in Onkyo 3 receiver home AV system is included in this stunning property.
Combine all these
features together and it creates a home that easily surpasses anything in the stripped-down
new homes you’ll find anywhere on the market.
Hunters Creek has all the amenities you want in a community. Hiking and biking trails, tennis, and basketball courts. Soccer fields and playgrounds and of course dog parks for us pet lovers.
What’s PMI and why am I paying for it? So many new homeowners, especially 1st time home buyers have no idea what PMI even is. We’ll break down what PMI is and even more importantly… how to get rid of it!
So many homeowners want to know how to eliminate their PMI aka private mortgage insurance.
If you’ve recently bought a home without giving a down payment of at least 20 percent, then you were probably required to get private mortgage insurance. Some new homeowners tend to get so caught up in the excitement of buying their new home, they didn’t even notice their insurance payment was a little high.
In the beginning, you don’t even care… but as the months go by and you check out your mortgage bill you say wow!… my PMI is expensive!
Of course, your first thought is “how do I get rid of this PMI?” This is actually one of the questions I get asked most often as an Orlando real estate agent.
The truth is, getting rid of private mortgage insurance isn’t that hard when you follow a few steps.
What is PMI or Private Mortgage Insurance?
My first-time homebuyers will ask me what is private insurance and why do I need it? Private mortgage insurance is in place to benefit the lender. It ensures the lender will be covered in case you stop making payments on your loan. If the home becomes a foreclosure, then the lender is covered against non-payment.
The lender considers you to be high risk because you didn’t have
enough to cover 20% of the contract price. They want to be sure that if you can
no longer make your payments, they are still covered. PMI unfortunately can substantially
increase your mortgage payment.
For example, if you buy a house for 300k and your PMI is .5%, then you’re paying an extra $1,500.00 per year. That comes to $125 per month. That’s money you could’ve used towards other bills. The kicker is that PMI is of no benefit to you and only benefits your lender… even though YOU pay for it!
How much is private mortgage insurance?
The cost of your PMI will depend on a few different variables like the size of your down payment and your credit score. PMI payments can range from 0.3% all the way to 1.5%.
Generally,
a loan with a smaller down payment will carry a much higher interest rate. If
trying to decide between a loan with PMI and one without, you need to calculate
the overall monthly cost of both loans before deciding.
When you
understand these costs, it will help you determine what the best option is for
you and your current financial situation. You should also consider other
popular loan programs like an FHA mortgage.
No one wants to overpay on a mortgage because that’s just throwing money away! That’s why knowing exactly how to cancel your private mortgage insurance is of extreme importance to you.
How is PMI paid?
If you have to pay PMI, you should know how it will be paid.
Ask your lender if you have a choice on how to pay for your PMI.
The 3 most
common ways you can pay PMI:
A monthly payment which is rolled into your mortgage payment.
A 1 time fee when you close AKA single premium mortgage
insurance.
Combination of monthly payments with a partial payment at
closing.
Eliminating PMI Early
How can you stop paying PMI altogether? It’s pretty simple, all you have to do is pay down your mortgage to 80% or less.
Easier said than done for a lot of folks. Most homeowners in Orlando will take some time in getting to that point. Although this is the only sure-fire way to get rid of PMI early, you may want to consider these options:
Refinance to stop paying private mortgage insurance
You may be able to refinance your home if you believe your home has gone up in value. If you can qualify for a loan for less than eighty percent of the home’s worth, then you may be able to get rid of your PMI.
A few things to consider here… You need to decide if your loan rate makes sense financially. If your payment ends up being the same because of the higher interest rate, then it probably doesn’t make sense to refinance.
Get an appraisal to end PMI early
If you believe
your home has truly gone up in value, you might be able to convince your lender
to drop the PMI. By having a new appraisal done, if your house has gone up in
value enough, there’s a chance you might be able to convince your lender to
drop the PMI altogether.
The appraisal will need to prove that your home’s current value will hit the 80 percent threshold. Before ordering an appraisal, you need to make sure your lender is on board. If not then you’ll just be wasting your money on an appraisal you don’t need.
Upgrades may help you stop paying PMI
Another way to increase your home’s value so that it reaches the 80% mark is to do some remodeling. Keep in mind that not every upgrade will add value so you have to know what to upgrade. An experienced Realtor can give you some great advice when it comes to this.
At this point, you should go over the numbers to see if it makes financial sense to spend the extra money.
Increase your mortgage payment amount to end PMI
I have always believed this is a great thing to do regardless of PMI because it takes years off your mortgage. Even making small increases of $50 or $100 to your monthly mortgage payment can have a dramatic effect on your bottom line.
Obviously, the more you can pay at a time, the faster
you will be to the point of getting rid of your PMI.
The best part is that you have the extra benefit of paying your house off much faster. Be sure to let your lender know that the extra payments are towards the principal only. Out of all the ways of ending PMI early, making extra mortgage payments towards principle gives you the most benefit.
Ending PMI early when you hit 80% equity
If you are in a position where you owe the bank 80 percent or less of your loan amount, then call your lender and ask for the insurance to be canceled. If you are in good standing with the lender, it shouldn’t be a problem. They will require you to submit your request in writing.
You may be required to show proof of other debts such as lines of credit
A recent appraisal proving the home reaches the 80% threshold
Read the fine print on your mortgage
It’s smart to look over your mortgage docs with a fine-tooth comb so you are clear on terms and you should read every document your lender sends you. Track your payments to check how much you’ve paid off so far so you know where you stand.
You should also be watching your local real estate market to be aware of your home’s current value. In certain conditions, the value of your home can increase a lot faster than you would expect.
Consult with your Orlando Realtor to find out what your home’s current value is. You might be ready to eliminate your PMI faster than you think!
Be sure to use a Real Estate agent who knows how to value a home accurately. Unfortunately, many Realtors in Orlando fall short when it comes to determining a home’s value accurately. This is a skill that takes years of practice and experience.
My final thoughts on ending PMI early
You should now have a
much better understanding of what PMI is and what a waste of money it is that
you’re paying to your lender month after month. You should make a plan using
the information in
One of the great things about living in Orlando, FL is the abundance of lake communities that can be found throughout the area. Do you dream of living on the water in your very own lake house?… many people do.
Living in a lakefront home is a lifestyle choice that can be very exciting for certain people. However, like with buying any home, you should try and leave your emotions out of it and try to think rationally.
You should be aware of the considerations that go into buying a lake house in Orlando before making such an important decision.
Buying a house on a lake can be very different compared to a traditional purchase. That’s why you must understand the difference before jumping into lakefront living.
Generally speaking, lakefront homes are worth more than homes that aren’t on the lake. Even if it’s located just across the street, sometimes the value can be close to double in some areas. You’re paying extra to wake up to a beautiful lake view every day… sometimes a lot extra. But for some folks it is so worth it… myself included.
Even when the Orlando real estate market takes a dip, lakefront homes tend to keep more of their value compared to homes that are not on the lake. When considering a lake house, however, you should know going in that there’s a lot more involved than with your typical home.
There are so many things to consider before buying a
lake house. That’s why I’ve put together some questions you should be asking
before purchasing a lake house in Orlando or anywhere else for that matter.
It doesn’t matter whether your dealing directly with the seller or if you have an Orlando Realtor helping you out, the following questions should be answered to make sure you will be happy with the purchase of your new lakefront home.
What’s the current condition of the home?
Living in a house with a lake in your backyard can be lots of fun, but like anything else in life, it has its drawbacks. Moisture in the air, bad weather on the lake, and fluctuating water levels will all add up to a lot more maintenance than with a home that’s not on the lake… especially if you have a dock that extends into the lake itself.
Most all construction materials can be negatively affected by being close to the water like wood, stone, and even metals. It’s important to stay on top of the maintenance to avoid costly repairs down the line. It’s much cheaper to maintain as you go than replace every few years.
Like with any property you buy, you should go through it top to bottom, inside and out with a fine-tooth comb. Be sure to hire a quality home inspector that will reveal any issues before making any decisions. Bug infestations and wood rot are more common among lakefront homes than other homes.
Where does the sun set?
It may not seem like a big deal at first, but
remember, you’re likely to live out the rest of your life in your lake house so
be sure you know where the sun rises and sets. What part of the house gets
morning sun? Can you see the sunset? How windy does it typically get in the
backyard?
When buying a lake house in Orlando, this should be the top consideration.
Get the exact details about the lake
Lake communities in Orlando can vary quite a bit when it comes to the lake itself. For example, the community of Hunter’s Creek has some gorgeous lakes throughout the community. However, if you like boating and wakeboarding then Hunter’s Creek isn’t for you because the lakes are protected and they do not allow gasoline engines on the water.
If you’re into water sports like our family is, then you would want to be on a lake where you can use your powerboat like homes on Lake Conway. The last thing you want is to find out the lake where your house is located isn’t what you expected.
Spend some time and find out as much information as
you can about the lake community you’ve chosen. These are some great questions
to ask your Orlando Realtor when you’re considering a lakefront home:
What kind of bottom is it? Sandy? Rocky? Muddy?
Is it a private lake or is there a public boat ramp? [lakes with public boat ramps are a lot busier]
How busy is the lake normally?
Is there a sand bar where you can drop the anchor and swim?
Is there a lot of alligators? Does the HOA come and fish out the big ones? This is can be a big issue on some lakes, especially if you have little kids.
What kind of recreational activities are available? Boating, skiing, kayaking, fishing, jet skiing?
What’s the bug situation? Are there mosquitoes or no-see-ums? Nothing brings the backyard BBQ to an end like being viciously attacked by tiny flying insects.
Besides alligators, what other kind of wildlife is there on the lake? Otters? Ducks? Geese? Are they a nuisance?
How’s the shoreline? Is it sandy? Muddy? Can you access it from your home? Does it have a private dock?
Does the county stock the lake with fish?
Does the lake flood in rainy season? How far up on the yard does the water come?
Are you required to have flood insurance?
Can you keep a boat in the back or is there a community boat ramp? Are you allowed to have a dock in the back?
These questions may not all pertain to your lake but they are all things that need to be considered.
Is there a separate association for the lake?
Some Orlando communities have more than one
association. It’s a good idea to find out how your lake community works… who
maintains the lake? Is there a separate cost? Do some research and find out the
nature of any organizations you’ll need to join. Ask other residents in the
community if they’re happy with the association and how they handle issues that
may arise.
It’s a good
idea to ask your Orlando real estate agent
about any questions you may have about the association in charge of your lake.
Be sure you can do the things you were planning on
doing when thinking about a lake house. The last thing you want is to not be
allowed to do something you had on your mind when dreaming of a living on the
lake.
Generally speaking, having a lake association is a good thing for the community. Associations are made to protect the lake and resolve any issues that would threaten the overall health of the lake. Usually, there is a board of directors that meets regularly to discuss any problems with the lake and how to handle them.
Residents are usually invited to attend these meetings so they can ask any questions or voice any concerns they have about the lake.
Will the lake house be used as a vacation home or your primary residence?
If you’re buying the lake house to be used as a
vacation home, you’ll have different needs than someone buying it as their
primary residence. You may not be as concerned about where the sun sets or what
kind of bottom it is because you may only be there for a few weeks or days at a
time.
However, if you’re looking to move into the lake house as your primary residence, then you should pay very close attention to the things mentioned in this article.
How far are you from civilization?
If the lake house you want to buy is in the Orlando area, then this won’t be a concern. But if you’re buying in a more secluded area, then you’ll want to find out how far you are from modern conveniences like supermarkets, restaurants, hospitals, police stations. Not everyone enjoys feeling isolated on a year-round basis.
Cell service may also be important to you, you’ll want to check how many bars you have on your phone in and around the home you are wanting to purchase.
How far and how easy is it to get on major roads from the lake? Will you have a potential problem accessing your home if the road floods?
Size matters
Based on what your usage will be for the home, size should be a major factor. If you’re someone who gets a lot of visitors or likes to throw big backyard BBQs, then you’ll want to have a guest bedroom or maybe even a separate guest house in the back.
However, if you’re more of a private person and it’s just you and the family, a smaller home might be better for you.
Are you allowed to expand?
Consider if you want to expand your square footage or make some other major changes to the home one day… can you? This is another great question for your real estate agent.
Many times, local zoning laws can be more strict on a lake… it’s important to find out what you’re allowed and not allowed to do before buying.
Is the lake house on a septic system or serviced by public sewer system?
Another important consideration when buying a lake house is to find out if the home is on a public sewer system or if it has its independent septic system… which can be very costly to replace because they are in such proximity to a lake.
If the lake home you’re interested in has a septic system, be sure to get it professionally inspected. If it needs repairs or replacing, you may be able to negotiate the price.
What about zoning restrictions?
When you live in a lake community, there may be some additional restrictions you should be aware of. Lakes are wetlands or conservation areas which means they are protected by Orange county environment protection. More than likely, the lake association will need to approve any major work or changes you plan on doing to the property.
Some lake communities in Orlando have rules that
apply to an area directly bordering the entire lake. It’s usually a space from
15 feet to 25 feet depending on the particular lake and may be referred to as
an easement or common area. It restricts you from planting clearing out or
building anything within this area.
If you live on a private lake, then you will probably own the property down to the waterline.
When you are house-hunting with your Realtor, you’ll see some listings that will be advertised as having “lake access”. This doesn’t always mean that you are allowed to keep a boat in your backyard… It could mean that there is a public boat ramp. Again, this is where your Orlando Realtor earns their commission.
Lake houses located in some older communities may have outdated zoning laws that may allow for some unusual things. It will be worth your time to find out about any such laws.
Lake homes can have outdated zoning rules that allow for unusual things. Highly recommend researching before purchasing. You will have no option but to follow these guidelines after you buy.
Make sure your view is sufficient
Looking out over the water every morning is one of the best parts of living on the lake. Sadly, not every home on the lake offered has this kind of wonderful view. This might not be your main priority; it will all depend on your needs and budget.
You should also find out if they will continue to develop the lake or if they have completed the building. If the community is still in the developmental stages, then the view you have today may not be the view you will have when they finish building.
As an Orlando Realtor, I have worked with several homeowners that have had their lakefront or conservation view change almost overnight with no warning. Needless to say, they were not happy about it.
Find out about lake access.
Although lakefront homes are on the lake “technically”,
some lake houses can be up on a hill or maybe the shoreline is covered with bushes
or trees making it difficult to get to the water.
This is important, especially If you plan on living out the rest of your life at the lake house. You don’t want to be climbing up and down hills every day to access the water.
How much privacy do you want?
The lakefront homes in Orlando Fl are fantastic for boating, fishing, wakeboarding, kayaking, and unfortunately… jets skis. Deciding how much privacy you want is important, especially in the long term. The closer your home is to the water, the less privacy you will have. If you’re on a lake with a public boat ramp, then you will have even less privacy.
Some lots will have more distance between the home and the shoreline. Typically, homes with a clear line of sight to the water are more expensive. But sitting on your back porch in your underwear watching the sunrise on the lake… priceless.
Work with an experienced Orlando Realtor
It doesn’t matter whether you’re buying or selling a house on the lake, you should hire a Realtor that has experience with lake houses. Lake houses come with their own set of complexities and your agent must understand them. Research local agents in the area you plan on buying in. Find out how active they are and check their online reviews to see what their clients are saying about them.
Ideally, you want an agent that understands what your needs are and how much your budget is. Lakefront homes present more challenges than other homes especially when it comes to finding a good deal. The demand for lake homes is always higher and so are the prices. With a skilled Orlando real estate agent on your side, the search is easier and your chances of finding the right home at the right price are much better.
When you are buying a lake house, you should understand there’s a certain premium over a home that’s not on the lake. The dollar amount of that premium is something that a qualified Realtor can help you with. Several factors can come into play such as the zip code, the lake, lot size, amenities, water quality, and public access to boat ramps.
If you’re selling a lakefront home, you should know that marketing it to the right people is crucial. Choose a Realtor with a good reputation and even better marketing skills. Top-notch photography, drone videos showing the lake & home, and detailed descriptions are a vital part of getting top dollar for your lakefront home.
Finding lake houses for sale
In addition to finding a Top Orlando Realtor who has tons of experience with lakefront homes, you can also do some searching of your own. Just Google “lake homes for sale” in whatever area you’re looking for and you should get some results.
Your Realtor should also set you up with some email alerts so you’ll know exactly when a lakefront property meeting your needs hits the market.
FAQS about lake homes
Are lake houses a good financial investment? Yes, generally speaking. Houses located on lakes tend to have a higher appreciation rate than homes not on the water. Of course, it depends on how much you paid for it.
Are lake houses more expensive? Yes, lake houses will always be more expensive than an identical home that’s not on the lake. Just check the homes across the street from a lakefront home, you may be shocked at the price difference.
Are lake houses with a dock better? Definitely…With a dock, you can have your boat or kayak ready at a moment’s notice. Your lake house will be worth more if you have a dock.
Is it worth the extra money to live on a lake? This answer depends on you…If you enjoy water sports and relaxing lake views, then I would say yes. However, if you don’t care either way, then you can get a lot more bang for your buck by buying a home that is a non-lake front.
My
final thoughts on buying a lake house
For most people, myself
included, being close to the water gives you a relaxing feeling that is
unmatched by anything else. Whether you’re enjoying a sunset or learning to
wake surf, doing it from your own lake house is priceless. If you feel the same
way and can afford to buy one, I say go for it!
