Lake Wallenpaupack homes for sale: What to know before you buy a lake house!
Buying a lake house is a dream for many Americans. Visions of days spent on the water, lounging in a hammock as boats cruise by and family cookouts lure buyers to the water’s edge – but before buying Lake Wallenpaupack homes for sale, there are a few things you should consider:
Living on or near a lake can carry additional insurance costs. According to Coastal Insurance: “Even if you don’t live directly on one of the shores, you could be subject to higher insurance rates if you live a certain distance from the water and your home is determined to be in a high-risk area.” Due to factors like wind exposure, additional flood insurance, and higher and more frequent maintenance costs, your insurance premiums on the lake may be higher than you’re expecting – so be sure to talk with a local insurance agent before you purchase a lake house.
Location and convenience
Many lake homes are set in rural areas, so it’s worth considering the cost of convenience (and what you’re willing to give up to be on the lake). You won’t find a Starbucks or supermarket in the nearest cove, but you will have all the natural beauty, peace, and quiet of a lakefront home. It’s also worth mentioning that utilities are sometimes more expensive in these rural areas, so be sure to check with local companies and other homeowners to determine a ballpark range of what your utility costs might be per month or year.
Property costs and taxes
It’s no secret that waterfront property is more expensive than your typical single-family home. And, if you’re considering Lake Wallenpaupack homes for sale as a vacation getaway, the costs can be even higher. Non-primary residences are subject to different tax rates and often require larger down payments: 10 percent of the purchase price. There are many factors to consider when it comes to owning a second home, including a variety of tax implications you should research ahead of your purchase.
What better reason to own a lake house than to partake in all of the activities the water has to offer? From boating and fishing to jet skiing and tubing, there’s endless fun to be had on the water. But, before you purchase your lakefront dream home, be sure to check local guidelines and laws concerning fishing licenses, boating licenses, and equipment allowances on the lake for jet skis, boat types, and recreation.
Do your homework
Before you dive into purchasing a lake house, it’s important to understand how the land surrounding the lake is changing. Do your research on the history of the shoreline, the tides, erosion, and seasonal weather patterns to get an idea of how your property might change over time. And, be sure you’re aware of peak tourism weeks so you can anticipate when the lake will be most crowded. You should also look into ordinances for building a dock or adding additional structures to your property, including HOA regulations that might affect your plans.
Ready to buy your dream lake house? To get more information on Lake Wallenpaupack homes for sale, contact us today!