Plunging real estate prices and Baby Boomers looking to downsize and simplify their lives are two trends that have led a number of prospective buyers toward purchasing a lakefront home. While the dream of living on a lake has become more tangible for many, so too are the potential for problems if you do not know what to look for and what to ask.
“When you see a home on a lake for sale suddenly in your price range, there’s a tendency to want to jump on it before somebody else buys the property. Nowadays, a lower asking price probably means it’s time to do a little homework before taking that proverbial leap,” said Scott Freerksen, owner of Lakefront Living Realty, a realtor in Mansfield, MA that only represents buyers and sellers of lakefront properties in all six New England states.
Freerksen recommends getting answers to the following questions before making any lakefront purchase:
- Is the property serviced by an on-site septic system? If so, has the system passed state inspections? Be sure to get a copy of report.
- If the property is serviced by town sewer, is there a betterment still to be paid? Who is paying it? What is the yearly cost of town sewer and water?
- Does the property require flood insurance? If so, ask for a copy of the current policy and be sure to find out the cost per year.
- Are there any easements associated with the property? Are the lake rights owned or shared? Be sure to obtain a current copy of deed.
- What are the conditions of the shoreline in the summer? Depth? Weed count, type?
- Are there any known defects in or around the property? Have the current homeowners completed any upgrades? Was the work permitted? Request copies from town departments.
- Has the property been appraised recently? If so, when? Can you share how you arrived at the asking price? Ask for recent comparable sales.
- Does the lake have an active Lake Association? If so, ask for updated contact information.
- How is the lake water level controlled? Is it lowered in the winter? Is the water quality tested annually? Recent issues?
- What recreational activities are allowed / not allowed on the lake? Ask for copy of Rules & Regulations.
“While knowing what to ask is important, deciphering that information and then being able to weigh that into your decision to pursue a property or not is even more critical,” adds Freerksen. “Not every realtor or buyer broker has experience with waterfront properties and that’s why you want to be sure you work with somebody who has, pun intended, sailed these waters before.”
Lakefront Living Realty specializes solely on the purchase and sale of pond and lakefront property in all six New England states. In addition to their lakefront expertise, the company offers a current and complete database of lakefront properties on their website that features only direct lakefront homes. All the “riverfront”, “oceanfront”, “across the street”, “within walking distance” homes are taken out of the site.
For more information on Lakefront Living Realty’s services, you can visit their website at www.lakefrontliving.com. Additionally, Scott Freerksen regularly holds seminars on the keys to buying and selling lakefront property. Please visit the company website or call 508-377-7167 for the date and time of the next seminar.
About Lakefront Living Realty, LLC
Based in Mansfield, Massachusetts, Lakefront Living Realty, LLC is a full service real estate brokerage specializing solely on the purchase and sale of pond and lakefront property in the six New England states. Owner Scott “The Lake Guy” Freerksen, a Real Estate Broker and Realtor, founded Lakefrontliving.com in 2003 as way to support his real estate practice and to bring to potential buyers and sellers a website that features direct lakefront homes. All the “riverfront”, “oceanfront”, “across the street”, “within walking distance” homes are taken out of the site.
Lakefront Living Realty has one mission: To passionately unite Buyers and Sellers of lakefront property. For complete information, please visit www.lakefrontliving.com or call Scott at 508-377-7167.