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Three Key Points to Remember When Investing in a Cottage or Waterfront Getaway If you’re looking to invest in a cottage or waterfront getaway, there are three key things to keep in mind throughout your search.

How’s The House?

Even if the lake is the highlight of a property you’re considering, it is important to make sure that the home is equally as great as the beautiful body of water it borders.

How’s its orientation? Is it built on the ideal angle to take full advantage of the sun? Does the deck or large windows face another house directly? The orientation is an important factor to consider as it can make or break the comfort of the property.

You’ll also want to consider the lot itself, as many waterfront properties are not built on level lots, but rather on sloping hills. If this is the case with a cottage you are looking to buy, it is important to have the land inspected to uncover any potential dangers or deficiencies. This is especially significant if you want to pursue further construction on the property in the future.

The waste system is another factor to consider, as many lakefront properties utilize a septic tank or public sewer system, which may differ from what you are used to and could cause more hassle than the home is worth.

Just How Lakefront Is It?

It is also important to consider the proximity of a house to the water, as there are unique risks that come along with bordering on a body of water. If the home is very close to the lake, research the typical rise and fall of water levels throughout the year as well as whether ice or frost develops in winter.

Make sure you have a thorough understanding of the lake specifics as well. Know the lake rules, what types of water crafts are permitted for use, how deep it is, and how busy it is throughout the year. A lake may look beautiful, but it’s equally important to ensure it will provide the experience you are looking for as well.

Protect Your Privacy

Lake front getaway homes often come with limited privacy as many properties may face each other across the water. Additionally, since space is limited around a lake, properties may be squished together to make the most of the land that’s available, and that can also compromise your privacy. Be sure to check out who you can see and who can see you, and take note of whether or not there are substantial tree barriers between you and your potential neighbors.

Feeling the Squeeze of Rising Rents? Here Are 3 Reasons You Should Consider Buying a Starter Home With real estate becoming more affordable, new homes being sold in a range of prices and the cost of rent going up, there has never been a better time to consider buying a starter home.

Put That Rent Money Into Your Own Property

People who live in areas that have become trendy know the pain of rising rent rates. At what point is the amount of money being spent on rent more advantageous to put into a new home?

Starter homes are not the crazy investment they used to be. With the increase in condo developments and the lower entry price for smaller homes, it’s never been easier and less expensive to put a down payment on a new home and put that rent money into a place that you actually have a financial stake in.

A Starter Home Is Not A Fixer Upper

There was a point in time when starter homes were considered to be houses that required a lot of work to renovate them to a point where they could be sold for a profit. This was before really affordable condo developments started to spring up in every city and began to provide younger people the opportunity to own a home.

Some people still think of a starter home as a fixer upper, an old house that will require a substantial investment and time, something that most first-time home owners do not have an abundance of. In today’s market, starter homes can be brand new and will be in the best condition imaginable.

It Can Act As A Source Of Income

Some homeowners find that when it’s time to finally make the move from their starter home into their forever home, they no longer need to sell. In some cases they prefer to hold onto it and use it as a rental property to bring in a second source of income to help with the new house.

This is more common with condos in neighborhoods that have experienced tremendous growth around them in the years after the purchase. When the price of rent skyrockets in these areas, the investment actually has more value as a rental property until the time is right to sell.

There are many reasons to invest in a starter home and the area you want to buy will change depending on your own reasons. Contact yourmortgage professional today to get the ball rolling.

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