Do you live on the water?

[adsman]

I have been looking at lakefront property for a few years as a primary residence....
Wanted to get feedback from anyone that lives on the water as a primary residence and their thoughts on making the leap to invest in premium waterfront property.

I'd love to hear some advice, wisdom, encouragement, cautionary tales, and/or regrets...

Truth be told, I've made an initial offer on a property and am in the middle of offers/couteroffers....

[deerfield]

Adsman - Primary residence? I think that would be excellent. People I know on the lake where I keep my boat have been there for decades. In some cases they are going on second generations. Have not encountered anyone who regreted it, although am sure there are. I own a lot but no house on it. For now we lease a slip and make day trips to the lake where the boat stays on a lift. Make sure you understand all rules that apply to lake use, home construction, and association membership (if applicable). Also, make sure you know the history of the lake and are comfortable with the lake's water quality. I would go big on home interior space, decks, and garage. I also would keep things simple so not a lot of time is spent on maintenance. I say go for it. - Deerfield

[Ian Brantford]

Be prepared to be more of a community activist. Sharing the water resource makes everyone more affected by their neighbour's actions than with conventional property ownership.

The most important long-term issue is any threat to your use of the lake, with water quality being at the top of the list. You'll also want to know who's who with local government. For example, anyone who could say yes or no to passing an ordinance against your favourite watersport would be of interest.

[adsman]

Thanks Deerfield ... To clarify, I am looking at buying a property with a house on it...

Not a mansion... 4bed 2.5 bath ... 3 car garage plus double covered carport....bulkheaded and Boat dock with lift for boat and two jetskis and patio/deck on top of the dock

Oh, and it's on over an acre

[VA LSV]

Lived on the water for 18 years now and wouldn't want to be anywhere else. Raised 2 kids that are both water rats for life.

Be sure you know the local zoning and shoreline regulations.

[BensonWdby]

Make sure you understand the boating regs on the lake and who controls them. I doubt you would want to live on a lake that is no-wake until noon. Good news is that the water quality is probably the worst it will be right now due to time of year.

If you are not familiar with lake get a terrain map of the bottom to make sure there is enough space for everyone. Get out on it with a boat and get a feel for it.

If you want to get in good with the neighbors - sell the jet skis (to someone not on the lake) - you will become instantly more popular. The only people on the lake that like jet skis are the ones that own them. The money you get from them could go towards paying someone to do the yard maintenance for a few years - giving you more time on the water.... or use the money to buy a pontoon.

Once you move in - introduce yourself to everyone you see on the water.

[you da man]

ditto on all the comments - two additional thoughts - property taxes- generally these are higher then non-waterfront and occaisionally you'll see special assessments associated with weed control and things of this nature unique to lakefront living. Secondly - be mindful of the septic/sewer issues. this is a big deal in our neck of the woods. most of the lakes don't have access to a sewer system and are therefore have on-site septic systems - most of which are old, failing or undersized -do your due diligence go check with the city/county and see exactly what was permitted vs what you are buying.

Speaking of septic systems, on of my best friend has a new lake house he had built and it was required that his septic system be able to notify him and a septic company via smart phone if it should fail or any other type of emergency. On a side note, his new house is on 2 half acre lots that were both acquired in 1960 by his grandparents for a trade of $800 worth of furniture.

[maxpower220]

I currently live on a small private lake in a well established neighborhood. I have found that I don't ski as much as I thought due to work schedules and trying to get people to get over. I feel that as a primary residence, the home and the location (vs your work and schools) are much more important. If you have to transit several extra miles each day to work, you are losing that time that you thought you would be skiing.
-Make sure you know the rules of the water BEFORE you buy. Also, make sure you have easy or secure access to your waterway. My lake is private with no community ramp. I have to ask a neighbor to use their ramp that they paid to put in.
-Make sure that you understand the extra costs for living on the water, usually higher taxes. Also make sure that you understand any flooding zones and the insurances that you may need. Also know how many boats are used vs how large your lake is. You don't want to fight for good water on a small lake with several boats.

If nothing else, living on the water has spoiled me by not having a back yard neighbor. The yard, then water, and the house on the other side of the lake is hard to see. It's great. In this economy and home rates, you should be able to get a killer deal. I purchased my retirement home in May as a "short sale" for about 1/2 price. I got 3.75% on the loan, but I think you can find 3.5% right now.

[usaski1]

I live on a small private lake in Texas. I moved from california just so I could live here. Its pretty awesome. Some things to note is that you will most likley be living out of town. so anything you need is 1/2 hour or more away. I would reccomend living less than an hour from a major city, so you can find employment there. Sometimes you dont realise how many trips you need to make into town. Nothing is convienent on the lake. Garbage disposal need fixing, need to run to home depot? thats an hour and a half most likely. I have not noticaed any special "water" property taxes. Make sure you know what your HOA dues are each month. Also make sure you know what the restrictions are. We have to get everything approved here. Want to wake up and build a fenced in area for your dog? Better get approval first. Just some things to look out for. You will get to know your nieghbors and those relationships will be much more important than your nighbors were on city streets.

[saskyrider]

While we don't live on the water, our lake and cabin is a 15 minute drive from town, and our cabin is just 2 cabins off the water. The beach is public property but we are friends with the people that live on the beachfront, so it is a win/win for us.. the main issue is docks. The docks that currently get put in are junk, except for one, and i'm negotiating to by into the dock as there are currently 4 people in on it (its real long) the main issues we run into is the septic!! we had an incredible year for rainfall with the lake getting over 35 inches this year! crazy and when it costs 75$ during the week for a pumpout and 125$ on the weekends it quickly ads up... our solution was to get our own tank and pump, and we made an agreement with a local farmer for dumping on his hayland. Other than that i'd love to live there year round!!

Geoff