My City May 2023

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MYCOMMUNITY

private lakes offer limited access to residents only, and vary in their usage. Some of these lakes are all-sports, while others allow only small electric motors, or small pontoons with electric motors, but nothing larger. These are “no wake” lakes. However, some don’t allow any type of motorized boat at all (“no motor” lakes). W hen buying lakefront property, the location on the lake is another very important factor. It impacts the value of your home almost, if not as much, as the condition of the home itself. Variations could include being located near the public boat launch; on a channel vs. the open water; across the street from the water with access and dock across the street, etc. Each of these lake placements come at a different cost, and each variation should be closely considered when making an offer on a home. Comparable properties used to determine your offer price should be in line with each of these criteria. Just like you wouldn’t pop into your local Ford dealer to ask about surf-boats, you should never look for lake properties with a Realtor who doesn’t live on a lake. The intricacies of lake life can be complicated. With such an expensive investment at stake, you should take the time to seek out an expert to handle your concerns and point out others you may not have considered. Many of the questions about lake homes that we help homebuyers with every day are answered using the knowledge and experience we have gained from living and experiencing lake life for decades. Happy House Hunting! ◆ Because of their limited availability, lake properties are almost always a solid investment – when they are gone, they are gone.

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