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How to Buy Lakeshore Property

1,142 views · Published 24 November 2010 · 2:22 · Indexed 6 October 2026

Channel: Howcast · 2010 · Howto & Style

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How to Buy Lakeshore Property

Watch more How to Buy a Home videos: http://www.howcast.com/videos/418759-How-to-Buy-Lakeshore-Property

 How to make your dream of owning waterfront property a reality with these tips.

Step 1: how to Consider location
Consider the convenience of the location. Decide how long you're willing to drive or fly to reach your property.

Step 2: Strategies to Hire a local agent
Hiring a real estate agent in the designated area or areas that has experience in lakefront property and familiar local building laws and regulations.

Tip
Look at more than one development, even if you're in love with it.

Step 3: Choosing property or existing cabin
Choose between purchasing vacant land or land with an existing cabin. You may pay significantly more for property with an existing structure, even a tear-down, than the lot and building would cost separately.

Step 4: How to Determine water level
Determine if the lake is constant level, which means the lake stays at a consistent water level. If not, find out how high and low the water gets to avoid flooding and other problems.

Step 5: Beware of flood plains
Beware of buying in a flood zone, which may make getting homeowners insurance difficult to impossible. Check out your zone at the website for the Federal Emergency Management Agency, FEMA.

Step 6: Consider size
Consider the size of the lake and the water and frontage quality based on your needs. Lakes of 100 acres or less usually can't support water skiing or other high-speed activities and tend to be quieter. Lakes over 1,000 feet wide are often active and have lots of residents. The quality of the water and the shoreline in front of your property is the biggest factor in determining cost so decide what you require based on your activities.

Tip
Larger lakes are usually zoned for smaller parcels, so getting a large lot on a large lake could be pricey.

Step 7: Visit
Visit the site yourself for a thorough inspection. If you're serious about purchasing it, make the offer contingent on a professional inspection of the land. And always make your offer conditional on your ability to get financing.

Did You Know?
Lake Superior is the largest freshwater lake in the world by surface area, measuring 31,700 square miles.

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