Lakefront property is an incredible opportunity to combine scenic views, water sports, and year-round fun with your homestead. Whether you’re looking for a family home or a weekend getaway spot, there’s lots to consider when buying a lakefront property.
To that end, we’re here to walk prospective landowners through the top seven considerations when it comes to buying lakefront property. Keep reading to discover insider advice, how to find lakefront property for sale, and the rules and regulations you need to know when purchasing land on the lake.
#1: Understanding Zoning and Land Use Regulations
So, is buying a lakefront property a good investment? While it definitely can be a lucrative decision, it’s crucial you’re aware of the legal limitations of your lakefront property. You don’t want to start renovating only to discover you’re in violation of the law.
Common lakefront home regulations include:
- Not building property within a certain distance from the shoreline
- Preventing water pollution
- Obtaining fishing permits
- Preventing soil erosion
All states have different zoning laws and land use regulations when it comes to waterfront homes, and all landowners should research these and local rules to ensure the property’s actual potential aligns with their vision.
#2: Evaluating Shoreline Conditions and Water Access
Shoreline conditions can make or break a waterfront property and also heavily influence the potential utility and value of the land.
For instance, is the shoreline sandy, rocky, or marshy? This will determine if you’ll have a backyard beach or if the water is inaccessible. Deep water is key for boating access, while a flat shoreline is safer for kids. Does the property already have a dock, and if not, do zoning laws allow you to build one? Potential lakefront landowners should ask these questions and more.
An unhealthy or poorly maintained shoreline decreases property value over time, leading to a lower return on investment in the event of a future sale. Plus, soil erosion can be dangerous, causing homes and other structures to tumble into the water.
#3: Determining Utility Availability and Infrastructure
Utilities like electricity, water, and sewage are basics for everyday life. Unless you’re comfortable with a bare-bones, off-grid home, you’ll need to ensure that the lakefront property is either already connected to utilities or has infrastructure in place to do so.
Keep in mind that it can be challenging and costly to install utility infrastructure in remote locations. What you save on property costs may be spent on utility connections down the line.
#4: Assessing Environmental Factors and Flood Risks
A waterfront home or property comes with unique environmental considerations to be aware of before closing a deal. These elements can impact the safety, cost, and usability of lakefront land, and they may not be visible on the surface—so research is key.
Factors to investigate include:
- Flood zones
- Wildlife protections
- Erosion control
- Herbicide restrictions
Before purchasing a lake property and making it official, it is advisable to hire a contractor who is familiar with the local habitat and state environmental regulations.
#5: Budgeting for Additional Costs of Lakefront Land
It won’t come as a surprise that a waterfront property entails a higher budget than a landlocked parcel. For starters, the higher property value increases the sale price. Lakefront land also requires various extra costs down the line, such as:
- Property maintenance
- Insurance (including flood policies)
- Potential shoreline repairs
- Property taxes
- Weather-related repairs
Our two cents? Create a realistic budget that factors in all potential expenses, and ensure you’re not biting off more than you can chew for your future waterfront home.
#6: Choosing the Right Location for Your Goals
Location, location, location. It’s not just a catchphrase—the right area is crucial to meeting the goals of your lakefront property.
For instance, those looking to build a primary residence may value proximity to amenities and a neighborhood community. Recreational landowners will prioritize beach access, docks, and water sports. For investment properties, you’ll want to make sure there is a market for vacation rentals.
Not sure where to start? Researching the best states for buying lakefront land can help you pinpoint regions that align with your vision, whether it’s a primary residence, recreational retreat, or investment property. On Land.com, it’s easy to select filters and compare properties for a wide range of locations across all 50 states, so you can match listings to your personal or professional goals.
#7: Working with Experts to Navigate the Buying Process
The expertise of local real estate agents, surveyors, contractors, and environmental specialists is invaluable when purchasing lakefront property. Not only will they streamline the process, but they’ll also help buyers avoid unnecessary costs and common mistakes.
We connect buyers to expert land professionals who specialize in lakefront land, creating a smooth and well-informed buying experience for prospective landowners. Plus, our convenient search tool helps find agents and brokers near you.
Discover Lakefront Property on Land.com
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Filter thousands of lakefront properties by price, acreage, utilities, and more. Whether you’re searching for a year-round homestead or weekend retreat, we have options for every lifestyle. Then, search and partner with top local real estate professionals who can help make your dreams a reality.
First stop, Land.com. Next stop, lakefront oasis.
Sources:
Maine Department of Environmental Protection. Shorefront Property Owner Information. https://www.maine.gov/dep/land/watershed/camp/index.html.
Maine Department of Environmental Protection. Use of Aquatic Herbicides. https://www.maine.gov/dep/water/invasives/invherbicide.htm.