Scott Ellis | Loan Officer

Homeside Financial

  • Home
  • About
  • Blog
  • Resources
    • First Time Buyer Tips
    • First Time Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Glossary
    • Mortgage FAQ
  • Apply
    • Short Form
    • Full Application
  • Contact Us
You are here: Home / Home Buyer Tips / Three Key Points to Remember When Investing in a Cottage or Waterfront Getaway

Three Key Points to Remember When Investing in a Cottage or Waterfront Getaway

September 22, 2016 by Scott Ellis

Three Key Points to Remember When Investing in a Cottage or Waterfront GetawayIf you’re looking to invest in a cottage or waterfront getaway, there are three key things to keep in mind throughout your search.

How’s The House?

Even if the lake is the highlight of a property you’re considering, it is important to make sure that the home is equally as great as the beautiful body of water it borders.

How’s its orientation? Is it built on the ideal angle to take full advantage of the sun? Does the deck or large windows face another house directly? The orientation is an important factor to consider as it can make or break the comfort of the property.

You’ll also want to consider the lot itself, as many waterfront properties are not built on level lots, but rather on sloping hills. If this is the case with a cottage you are looking to buy, it is important to have the land inspected to uncover any potential dangers or deficiencies. This is especially significant if you want to pursue further construction on the property in the future.

The waste system is another factor to consider, as many lakefront properties utilize a septic tank or public sewer system, which may differ from what you are used to and could cause more hassle than the home is worth.

Just How Lakefront Is It?

It is also important to consider the proximity of a house to the water, as there are unique risks that come along with bordering on a body of water. If the home is very close to the lake, research the typical rise and fall of water levels throughout the year as well as whether ice or frost develops in winter.

Make sure you have a thorough understanding of the lake specifics as well. Know the lake rules, what types of water crafts are permitted for use, how deep it is, and how busy it is throughout the year. A lake may look beautiful, but it’s equally important to ensure it will provide the experience you are looking for as well.

Protect Your Privacy

Lake front getaway homes often come with limited privacy as many properties may face each other across the water. Additionally, since space is limited around a lake, properties may be squished together to make the most of the land that’s available, and that can also compromise your privacy. Be sure to check out who you can see and who can see you, and take note of whether or not there are substantial tree barriers between you and your potential neighbors.

Filed Under: Home Buyer Tips Tagged With: Buying a Home, Home Buyer Tips, Investment Properties

Scott Ellis Profile Photo

Contact Scott


Mortgage Loan Officer

Call (312) 218-4141

NMLS #133371
I am licensed in Arizona, California, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee, Wisconsin.

Homeside Logo
Homeside Financial NMLS #1124061

Connect with Scott

How can we help?

  • This field is for validation purposes and should be left unchanged.

Browse Articles by Category

Recent Articles

  • 3 Things That Will Absolutely Kill Your Chances for a Mortgage Approval
  • Mortgage Interest Rate Versus APR: What To Know
  • Navigating A Market With Higher Interest Rate
  • Understanding Mortgage Pre-Approvals and How to Avoid Being Declined for One
Equal Housing
Scott Ellis NMLS: 133371
Licensed in AZ #0950513; CA #CA-DBO133371; FL #LO38561; IL #031.0001848; IN #29673; MI #133371; MN #MN-MLO-133371; TN; WI #133371

Licensing

An Illinois Residential Mortgage Licensee, Is Regulated by the State of Illinois Department of Financial and Professional Regulation, Division of Banking located at 100 West Randolph Street 9th Floor, Chicago IL 60601, Mortgage Banking Examinations Phone 312-793-3000

Our Location


1323 Butterfield Rd.
Downers Grove, IL 60515

Copyright © 2023 · Powered by MySMARTblog