As the weather warms, and spring filters forth slowly, we can imagine ourselves basking in that warm summer glow. The glimmer as the sun reflects off a smooth body of water. This is the view from the deck, of your summer retreat.
So if that perfect waterfront cottage is really your dream then how are you planning to achieve it? Waterfront on the major recreational lakes is becoming scarce. This has causes prices to skyrocket upward in the last few years. Also unlike regular residential properties the demand far outpaces the supply of waterfront properties available creating a perpetual sellers market.
So for an individual looking for that piece of waterfront paradise at an affordable price they’ll need to look outside the box to realize their dream. Here are a few tips to assist you with your search for an affordable retreat.
- Avoid the larger lakes and rivers. They are already a popular location with an abundance of cottage and recreational properties. This has cause a dramatic increase in price. Smaller lakes and rivers will offer lowering pricing and likely more choice.
- Frequently check for tax sales, power of sales and estate sales. Although you may be in a competitive bidding situation for these properties sometimes a rare gem can be found at a reduced price.
- Decide if it is imperative to be right on the water. If you are comfortable with just having access to the water then a property not located right on the lake will be sold at a significant discount to a property on the water.
- Decide what type of water is important. If you have a 36-foot cabin cruiser than being on a smaller lake will not be adequate. But if you just want to look out and see some water than being on a shallow river, small lake, pond or stream may be an affordable option for you.
- Finally make lists. Have your criteria of haves and wants clearly laid out. When you finally find a property that meets these criteria then you will be ready to pounce.
