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Wisconsin Lake House

Waterfront property is popular in Wisconsin thanks to the gorgeous views and convenient water access. However, this type of property has a few intricacies that make the buying process different from purchasing a non-waterfront home. Here are a few things our real estate agents suggest you know about buying waterfront property. 

  1. Your Waterfront Property Should Fit Your Lifestyle
    Think about why you want to purchase a waterfront home; do you envision taking in the lovely views while you enjoy your morning coffee or relax with a thrilling book? Or, do you like swimming, boating, and fishing and yearn to make these activities a permanent fixture in your schedule? Your waterfront property should fit your needs. A gorgeous view isn't always on a piece of property that's ideal for boating, and a property that's great for swimming may not have the views or outside spaces you're yearning for. You should also confirm that there are no rules that interfere with your desired waterfront lifestyle. For example, some lakes have guidelines that limit what kind of watercraft or boat you're allowed to use.
  1. You Should Understand What Changes You Can Make to the Property
    Government agencies tend to have regulations that dictate what changes you can make to waterfront land parcels. If you want to add a dock for your boat or create a beach area for lounging and swimming, check that the property permits these additions. 
  1. It's Vital to Consider All the Costs Associated with Owning Waterfront Property
    To determine if a home is in your budget, you need to account for all the costs associated with owning the property, including the mortgage payment, property taxes, maintenance costs, utility bills, HOA fees, and insurance. Insurance for properties that are prone to flooding or wind damage can be extremely expensive and dramatically increase the costs of owning one of the Appleton homes for sale. Waterfront properties in rural areas tend to have higher utility rates, causing your monthly expenditures to be higher than expected. 
  1. You Need to Apply for Financing as Soon as Possible
    Waterfront homes tend to cost more than other properties and may require you to take out a jumbo mortgage. Jumbo mortgages have stringent lending requirements and demand a strong credit score, verifiable income, and a sizable down payment (typically 10 percent of the home's purchase price). If there are any issues that will affect your ability to secure a mortgage, you need to address these problems as soon as possible to get your financing back on track. 
  1. You Should Work with a Real Estate Agent Experienced with Waterfront Properties
    When shopping for your waterfront home, you need a real estate agent who has the experience and knowledge to handle these types of properties. This will help you get the best price and terms for your new home, and a qualified agent will help you find a property that meets your family's needs. For example, if you like to fish, an experienced agent can show you homes located on lakes that are popular with fishing enthusiasts. 

Purchasing a waterfront property is exciting, but it's a little different than buying a typical home. A knowledgeable real estate agent can make the process as stress-free as possible. Ready to start searching for your waterfront home? Contact us to get started!

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