Posted on 6/8/2018

Owning a Lake House and What You Need to Know

Owning a Lake House

Owning a Lake House and What You Need to Know

Are you debating the pros and cons of a lake house? We can help make up your mind! For many people, owning a lake house is the next big step after purchasing a car and primary home. However, buying a lake lot is a big investment and is something that shouldn?t be taken lightly. Unless you?ve had years of experience in owning and managing secondary properties, you?re going to need some help sorting through the ins and outs. A good vacation management company is just what you need! So whether you just bought a lake house or reading this before buying, we can help set you up for success!

The Basics of Owning a Lake House

Questions to Ask When Buying a Lake Property

Before you jump into searching for the perfect home, ask yourself this: what are your plans for this property when you?re not using it? We all dream of escaping to the lake every weekend and relaxing by the pool. However, the reality tends to be very different. It?s like a gym membership; some people are diligent about taking full advantage of their lake house, but others can let it go by the wayside. Often, the solution to this is taking an honest look at your busy seasons and when you?re available to vacation there. Then, during the months where you are not using the lake house, consider renting it out to vacationers.

The second question you need to ask yourself is whether you have the time to commit to maintaining your property. Even the most stunning waterfront property is going to look shabby next to an overgrown lawn. If you?re not able to use the lake house year-round, or you don?t want to spend half of your time at the lake house cleaning, consider scheduling regular maintenance from a company that specializes in vacation homes. Finger Lakes Premier Properties has its own staff of experts who will treat your lake property with care and attention it deserves. From basic housekeeping to more extensive maintenance, we cover it all!

Is a Lake House a Good Investment?

Just with any other topic on the subject, the answer to this question is a firm ?maybe.? If you plan on purchasing a lake house with the intention of reselling it for a profit, consider trends of vacation areas. The best places to buy a lake house today may be out of your budget and make turning a profit on it difficult. However, there are up-and-coming areas of the country that are becoming more popular. The Finger Lakes region is a great example of this. While the beauty of this area isn?t a secret to New Yorkers and some Canadians, out-of-state travelers looking for a destination may not be aware of this region. As the Finger Lakes becomes a more popular and desired place to visit, the home value will go up.

On the other hand, if you plan on making a return on your home through renting it out to guests, the success of your investment can depend on many things. You may have a beautiful home in a hot location, but if you don?t have good advertising, you won?t get guests. You might have good advertising, but you?re unsure what a fair price is and you?re either not getting guests because you?re charging too much, or you?re not charging enough and losing profits.

Again, a vacation rental management company (like Finger Lakes Premier Property) can help you with every aspect of owning a lakefront property. From setting the price to advertising, a good management company will be there for you in any way they can. Remember, we want this to be a good long-term investment for the both of us.

Manage Your Home with Finger Lakes Premier Properties

Are you ready to experience owning a lake house? Finger Lake Premier Properties is ready to help you through this process. We offer real estate services to help you find the home of your dream, as well as vacation rental management services that will assist you in turning a profit on your house.

Still wondering if buying a lake home is a good idea? Give us a call or contact us through this form! We look forward to hearing from you.

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