Buying Maine Lakefront Real Estate - Two More Considerations
December 30th, 2008 categories: Observations and Commentary
In our last blog post, Tom spoke about some issues regarding purchasing a year round vs. seasonal lakefront home. Here are a couple of more things to consider.
Are you looking for a lakefront home or a lake access home?
Nine out of ten people when posed this question will answer “lakefront home”, but consider the ramifications.
A lakefront lot will cost 2.5 to 3 times as much as a lake access lot. A lake access lot on Long Lake will run $100k to $125K. A lakefront lot, $300k to $375k. On Crystal Lake, a lake access lot will run $60K to $80K. A lakefront lot on Crystal Lake will run $175 to $225k. If your budget is limited, lake access might be for you.
Do you wish to be on a small, medium, large or very large lake?
Most buyers when posed this question will answer “medium or large”. Once again, consider the ramifications. The same size lot ( half acre with 100’frontage) on a small lake will run $150k, on a medium $250k, on a large $350k, and on a very large lake $450K. If you are a canoer or a kayaker you want to be on a small lake or pond away from the din and wake of the power boaters. If you are a power boater, the bigger the lake the better. So choose based on your wants and needs, not what the broker wants to sell you.
If your budget is limited, discuss what you’re looking for with an exclusive buyer’s agent. The buyer’s agent will then match your needs and budget to the available inventory of lakefront homes.
One last thing - not all homes for sale are on the MLS or website portals. Buyer agents know listings that have expired or will be coming soon to the market, so allow the buyer agent to do their job. They are interested in meeting your needs while staying within your budget. It’s not only their job, but a point of pride.
Tom - MrLakefront
