In theory, purchasing a home by the side of a lake or pond sounds like a great idea. You may be imagining peaceful evenings watching the sunset and letting the gentle lapping of the waves lull you to sleep.
A lakefront home may afford you opportunities such as this, but the reality of purchasing property by the water may be quite different than your romantic notions. Therefore, it is important to take both the advantages and disadvantages into consideration before deciding to go ahead with the purchase.
Advantages of Lakefront Property
Purchasing a home by a lake may afford you the opportunity to access it whenever you like for purposes of boating, fishing, or other water activities. In addition, a home by the lakeshore is likely to afford you much more privacy. The rear of your property won’t butt up against anyone else’s yard, so you won’t need to worry about nosy neighbors peering into your backyard or through your rear window.
Disadvantages of Lakefront Property
Before you make any buying decisions regarding a home next to a lake or pond, be sure you know who is responsible for lake management. For example, if you purchase a condominium, the responsibility for keeping the water clear and free of weeds and algae likely falls to the homeowner’s association.
When you live next to the water, there is always a risk of flooding during seasons of heavy rain. Your typical homeowner’s insurance policy does not cover floods, so you may need to look into purchasing extra coverage.
Additionally, keep in mind that you’re not the only one who might like to live near the water. A pond or lake can attract pesky biting insects, such as mosquitoes or chiggers, as well as other unwelcome guests such as snakes or other reptiles that may decide to make themselves at home in or around your dwelling, particularly when the weather gets colder.