You can find an impeccable home that offers promise for the perfect lake home getaway or residence, but there are aspects of buying a home that should automatically put it out of the running. Here is a list of deal breakers when buying a lake home.
Home Title Disputes
You will need to ensure that the property is not tied up in a divorce or separation. When a property is in between a scorned couple, it can cause issues for you, the buyer.
You will be required to purchase title insurance. During the dispute of a title, it will end up locking the purchaser in court or being put out of your new home.
Pest Problems
In addition to a home inspection, make sure that the house has and passes a termite inspection. Home inspectors do not look for pests or infestations, so this second inspection is required to make sure the home is free and clear.
History of Crime
The seller is required to tell the buyer of any crimes that were committed in or on the property. If there were any drug or violent related crimes that were committed, they must tell you. Besides superstitions, there are actual reasons why you should not purchase a home where these crimes have taken place.
For example, if the house was used as a place to cook methamphetamine (meth), the chemicals from creating this drug can stick to the walls, floors, and ceilings. This unseen residue can then cause health problems, especially in children.
Problems with Insurance
Besides the home itself, people should take into account the location of the property. This will also be a huge factor in the price of the property. There are reasons why you should look at the location. While not very common in lake communities, factors like the neighborhood reputation and the crime rates can be a deal breaker.
Crime rates and flood plains can be a couple factors to raise your insurance. Along with home insurance, you may need to pay more for insurance that covers the contents of the home since they are at an increased risk of being ruined or stolen.
Commuter Challenges
One issue many isolated lakes face is the commute time. If this lake home will be your permanent residence, then you have to consider commute times. Not only for your drive to work, but how close is the nearest hospital, gas station, grocery store, and other conveniences?
Issues with Construction
There can be construction issues that can be dangerous or undesirable. You will need to look for issues like water damage, mold, or even issues with the foundation. There are many issues that can cause the buyer to shell out a lot more money. Even after the purchase of the home.
If you find that your dream home has any of these issues, just move on. Keep in mind that this is an important decision and it should not be made hastily. There are plenty of available homes, so you should not feel like you are stuck with the first house you come across!