DREAMING OF A HOME ON THE LAKE?

I doubt that it's rare to imagine yourself living where you vacation while you're vacationing but what is investing in a (recreational or) full-time lakeside residence really worth?

When my parents decided to sell their house in town and move out to their summertime home full-time, they were consistently asked, “why?” I will answer that question for you from the perspective of their daughter, but I also want to address it as a Real Estate Professional because there is value either way you look at it.

If you set the actual property itself aside and consider the benefits of surrounding yourself with nature, there is no denying the personal value lake life has to offer. Not only is there always something to do during the summer months like kayaking, fishing, scenic walks, water sports and diving but also there are plenty of wintertime activities such as ice fishing, skating, snow shoeing and cross country skiing. Beyond all of that physical activity, let's acknowledge mental health and witness the way a body of water, wildlife and mature trees create a peaceful environment which reduces stress, provides clean, fresh air and has less of that urban noise - all of which also contribute to a better night's sleep. Dig a little deeper and appreciate the sense of pride in community all of the residents, seasonal and permanent, share. Relationships built around the “in common” of location and lifestyle can be rich and lifelong - having the kind of home where people love to gather doesn't hurt either. My parents are busy all of the time with their jobs, their business and generous amount of grandchildren (three of which are mine - you're welcome, guys). When life is a fast paced, mad dash a home that contributes to physical, mental and emotional well-being is an invaluable asset.

Speaking of assets, typically lake front properties are worth more than properties that are not. This means that while your initial investment may be greater for this type of home, it will also likely have a greater appreciation and therefore a greater return. My parents purchased their cabin as a recreational property which was a significant investment at the time however, 7 or 8 years later it has nearly doubled in value. From a Realtor's perspective, that is a key point and a major positive when investing your money in this type of real estate because the value already exists and likely, more awaits.

If I was your Realtor I'd suggest that before you throw your money at any lakeside property you consider the following: the dwelling itself, condition and orientation on the lot, the actual lot, if there is room to grow and adapt, modern conveniences; water and sewer, proximity to other services etc. Don't forget about the lake either! Each one is different from the next. Some are sandy, some are weedy. Some are busy and some are really quiet. Is the fishing good and can you keep the fish? The point is to identify what your needs are first and then see if the lake you're considering qualifies - it is no fun living at a lake you can fish in if your Evinrude 250 HO is sitting in the driveway because you didn't know that gas motors aren't permitted on that particular body of water.

Needless to say, there is an abundance of value in owning a lake front spot as long as you're taking the necessary steps to ensure that you find the one that best suits your needs personally and financially. In doing so, your overall health, wellness and maybe even your wallet will thank you. All in all, I'd say my answer to the question about why my parents would move out to the lake is, “why not?”