Cumberland boasts many attractive waterfront properties. Beaver Dam Lake surrounds most of Cumberland, earning it the nickname “Island City”. The waterfront properties offer picturesque views of the lake from every angle and work as both a secondary vacation home and primary residence. If you ever dreamed of buying a waterfront property, you should consider it now. Now is the perfect time to be looking for a waterfront residential homes for sale.
Residential houses’ property values usually depreciate over the years. Waterfront properties do not lose as much value as city residences and non-waterfront homes in the same area. The reason for this is the number of waterfront properties is limited yet demand is high. Buying a waterfront property is a smart investment.
When to Buy
Most people think the best time to buy houses is during the spring. While the spring is the busiest for the housing market, buyers don’t always get great deals during that time. For waterfront properties, the best time to buy is the fall. Sellers want to unload their properties before the cold winter. Buyers end up paying considerably less than they would if they bought it earlier in the year. A Chicago Tribune article offered similar advice. Less competition during the fall gives the buyer more leverage for better sale prices.
Tips on Buying
If you are on a budget, buy a lake-access house instead. Most lake-access homes are cheaper than waterfront properties and offer an easy walking distance to the lake.
You can also get a loan to buy the waterfront property. If you need help, come see us at RE/MAX Northstar. We will gladly refer you to qualified lenders and help you with the loan approval.
Know what to look for when buying a waterfront property when inspecting the entire property. If the grounds are muddy or the lake view is obstructed, the property loses its appeal. Check to ensure the house is sturdy enough to withstand flooding and high winds.
Consider renting your waterfront property if you only use it as a vacation home. The added income can offset some of the expenses. Approximately one-third of waterfront homeowners rent out their homes when they don’t live there.
Make sure you know all the rules and regulations of the waterfront area. The homeowners association and the local government could restrict what you’re allowed to do with your property. Your neighbors can be a valuable resource for nuanced rules and regulations.
For more tips on waterfront residences and other useful information, check out our Twitter page.
Your Trusted Realtor
The most important tip is to find a realtor who specializes in waterfront residences. They will know the real value of the property. The realtor ensures that you have all the necessary paperwork and resolve any title issues.
The realtors at RE/MAX Northstar are specialized and very knowledgeable about waterfront properties. We’ll answer all of your questions and help you find the right house at the best price.
Now is the perfect time to be looking at waterfront residential homes for sale. Cumberland has some lovely waterfront homes available. Call us today to find your ideal waterfront home.