Buying a lake house at Lake Anna is indeed a great investment. You can enjoy great scenery and have fun in the water with yourself or loved ones. Not only this, but they also have great resale value as lakeside houses in Virginia are always in demand.
So, if you are all set to buy your own dream lake house at Lake Anna, there are some mistakes you should avoid to have a smooth and successful purchase. Don’t know what those are? We have you covered!
This article is your ultimate guide to 10 mistakes to avoid when buying a lake house, helping you make an informed decision!
Mistakes to Avoid When Buying a Lake House
Let’s discuss the most common yet fatal mistakes investors make when buying a lake home.
Not Determining the Location
When buying a lake house at Lake Anna, a common mistake people make is not knowing the difference between the North and South sides of the Lake or the public and private sides. The public side from mid lake to the north side of the lake has the best amenities, with events and dining options as well as marinas.
On the other hand, the South side is for those who prefer to spend time in natural scenery and love wide open views of the water. You must consider which side best aligns with your lifestyle so that your new home meets your expectations.
Not Considering the House Orientation
A mistake too common that almost all people make is not paying attention to the orientation of the house. But you shouldn’t do the same! Carefully check the house’s orientation and see if it receives morning and afternoon sun.
Also, pay attention to the direction of the winds. This will help you understand whether the home needs additional cooling or heating, as well as how comfortable outdoor activities will be.
Not Knowing the Difference Between Waterfront and Water Access
There are two types of properties around Lake Anna: waterfront and water access. Waterfront properties are those that sit directly along the shoreline or water’s edge.
Depending on the lot, you can have water views and immediate access to the waterfront. However, the cost of waterfront property is also higher and requires extensive maintenance. On the contrary, water access properties don’t have direct or immediate access to the lake.
Instead, these properties are near the lake and have community amenities like shared boat ramps and docks. The best part is that they come with a quite low price tag in comparison to waterfront homes, and the ongoing maintenance cost is less. Evaluate both options and go with the one that best fits your budget and desired lifestyle.
Not Conducting Regular Inspection
It doesn’t matter how much we emphasize it; we recommend you conduct a thorough inspection of the lake house before finalizing the deal. This involves checking the foundation and the septic and well. You must also assess the condition of the electrical and plumbing system and ensure the home is safe. Even if you don’t make the offer contingent on this, it’s always good to do just so you know where you stand and what needs to be done.
Not Identifying the Purpose of the House
Identifying the purpose of your lake house should be mandatory when buying a lake house. You should decide whether you want to live there permanently or want to use it as a vacation house only. In addition, you should factor in if you will be putting it up for rent as a short term rental.
For instance, if you want to grow your family, then pick a home that fits growing family needs. But if it will be a pure vacation home, pay attention to the views and scenery around it. If you want to be able to rent this out as a short term vacation home, then it is critical you choose a community that allows short term rentals and if there are any restrictions. Asking for prior rental history is a factor that could help your bottom line.
Not Giving a Thought to the Overall Budget
This should go without saying: Be very mindful of your budget when buying a lake house. Take into account all costs, such as the mortgage, HOA fees, septic care, internet, and the total cost of ownership. Moreover, if you are thinking of buying a waterfront home, you should also consider the cost of regular maintenance, like exterior clean and other repairs.
Not Paying Attention to the Best Time to Buy the Lake House
Buyers often don’t think about the best time to buy the lake house and end up buying a costly one. You should avoid this mistake. Generally, the ideal time to buy property in the US is fall or winter, especially in October, when you can negotiate a good deal.
However, it’s suggested that you stay updated about market trends in Lake Anna and purchase a lake house as interest rates drop. We can help provide you a market analysis report to show you what the market is doing and give you the tools to help you make an informed decision.
Not Contacting a Reliable Real Estate Agent
You may not know this, but a reliable local real estate agent can definitely make the whole process of buying a lake house a cool breeze. Therefore, you should contact an authentic real estate agent and share your preferences. For instance, you should tell them your budget, your desired location, and the house size you look forward to. It is also important to make sure they know and specialize in Lake Anna. There are a lot of critical details about a Lake Anna home that you must know and an experienced local agency like us can help you with that.
Once done, just take a back seat. The realtor will present you with multiple options that fit your given description, and you can opt for the one that best suits your interests. The cherry on the cake? Some realtors even negotiate a good price for you and handle most of the paperwork. A service we provide to our clients that not all others can do.
Not Having Information About Local Regulations
You should also familiarize yourself with local zoning laws and any building remodeling regulations. This will prevent you from incurring legal penalties and heavy fines that may spoil your Lake Anna fun.
HOA or Non HOA
This is so important when you are looking to buy. There are over 150 different HOAs around the lake and also areas that are waterfront but do not have an HOA. Depending on your intentions with your home, it is important to review the HOA documents to make sure there are no limitations or restrictions on what you want to do with your property. We can help you navigate through this process.
FAQs
Is a Lake House a Good Investment?
Yes, a lake house is a good investment as it appreciates much more than off-water homes. You can spend some quality time with family there, and even when you try to resale it, you can expect a decent ROI.
When is the Best Time to Buy a Lake House?
The best time to purchase a lake house is October through December, as most lake homeowners spend summers on their property and then put it on sale in winter.
What are the benefits of buying a lake house?
The benefits of buying a lake house include getting fresher air, enjoying beautiful views, and having plenty of fun outdoor time with your loved ones. Downtime and relaxation is important in life. The less stress we have the healthier we will be. The lake is not a place to come, it’s an escape from the hustle and bustle of everyday life and a place to relax, unwind and recover. Your health and wellbeing is the most important thing we have in this life. This is a choice to unwind, relax, destress and make memories. This is a lifestyle.
Conclusion
A lake house around Lake Anna is the ideal spot to rewind and let go of all worries. If you are buying a lake house and want professional help, no one is better than The M Group. We have a group of highly qualified and experienced realtors who can help you find the ideal lake house at an affordable price.
Contact us today and have the perfect lake house that caters to all your needs and preferences!