Lakes, and lake culture for that matter, are an integral part of the midwest experience. Boating, fishing, swimming, barbecues, fireworks, golf carts; all of these things define what a lake house provides. Lake houses are unique, in that they don’t depend on square feet to drive their value. Oftentimes, lakefront housing holds immense value because of variables like water quality, lake access, dock access, and views from the house. These attributes speak to the lifestyle of the “Lake House”, being by, or on, the water rather than in the house itself.
These, and a multitude of others, are reasons why owning a lake house can be so rewarding. They often come with inherent high-ROI renovation opportunities, while still having a steady-increasing market value due to renting opportunities and property value. So, let’s dive into the good, and bad, in regards to a lakefront property.
The most popular reason for owning a lake house is indefinitely the recreational benefits and enjoyment a lake front property provides. A lake house provides for a multitude of enjoyable hosting opportunities, while also having a good case for more understated hangouts with immediate family and friends. Some of the most popular activities lake communities partake in are fishing, swimming, boating, barbecues, sand-bar parties, flotilla boat parades, and other more local celebrations. These aspects all solidify the unique experience a lakefront property can provide. Places like these ground the human experience, forcing us to stop and smell the roses, redolent as they may be.
On a more tangible note, properties situated on the shoreline of a lake have incredible appreciation because of their high demand and relative scarcity. Seeing the forest from the trees, the lakefront market has consistently held high demand in the last century. With this, the access and entrance-fee to being in this market is a premium. Thankfully, renting/airbnb opportunities can make these assets have immediate financial return in less-active seasons.
The subtle feeling of midwest hospitality is only enhanced when at the lake. These communities are recognized as being incredibly cordial and inviting, often holding multiple events a year at larger lakes. Take a popular lake in Indiana for example: Lake James holds sandbar socials, a flotilla parade, firework shows, concerts, and breakfast gatherings. On the lake or not, these communities hold a strong affinity for locally owned restaurants and businesses. On lakes Witmer and Westler, Coody Brown’s Lakeside Grill provides for an affordable and quality local bite to eat, with similar locations around other midwest lakes.
Let it be known, an efficient and dignified caretaker of a lake property should be committed to a good amount of off-season upkeep. These precautions are taken in order to prevent things like dock erosion, pipe bursts, and other forms of property damage. Among the simplest of tasks, a thorough cleaning of the gutters during the fall will prevent meaningful water damage from eroding and staining your gutters. Installing winterized plumbing, however, is a bit of a leap from cleaning the gutters. Frozen pipes and bursts are a must-prevent in regards to lake house maintenance. Winterizing your exterior pipes is a great and safe investment to make in your lakeside home.
And finally, the second-most relevant deciding factor in most home-buying, proximity. Sweetwater realty reports 40-50% of lakeside residents as being year-round. Accounting for the other 50-60% as visiting owners, lakes are often a journey from the major metros or medium-sized cities its owners inhabit. Choosing to house hunt at a lake community that is closer than others is a good first step in the dream of owning a lake house! If these reasons or others have drawn you to the world of waterfront-properties, reach out to a Ruoff Mortgage loan officer to start your journey!