Lakeside Living
Summer is quickly approaching in Wisconsin which means a few solid months to enjoy lakeside living. There are really two ways to look at lake property: 1) as a primary residence and 2) a seasonal residence. How you plan to use your home plays a huge role in how you go about shopping for one. Most people looking for a primary residence want a home that they feel comfortable in, that is functional, and that has adequate storage for their possessions. A seasonal retreat is different. With a seasonal home, you only need enough space and basic functionality to get you by for a short period of time.
A yard is also something to consider. When a buyer is looking for a primary residence, they often want a home that offers a nice yard. With lake property, your playground is the lake. A sizable yard associated with a lake home is often an expensive, and unnecessary, frill. Homes that have lake frontage are usually narrow lots that have between 30-100 feet of lake frontage. This is done so more homes can be built on the lake shores which means as a owner your home will likely be placed in a very cozy manner between your neighbors. However, there are exceptions to every rule. In the world of lakeside real estate, those exceptions all have price tags associated with them.
The size of the home, size of the lot, age and condition the property is in, amount of lake frontage included, finishes, the particular lake the property is on, are just a few of the major considerations that play a significant role in how much a buyer will have to pay to realize their dream of lakeside property ownership. In most cases, some compromises and sacrifices will have to be made. As a real estate professional, if I were looking to invest in lake property, here is how I would approach my priorities as both a primary and seasonal buyer:
| Primary Residence | Seasonal Residence |
| 1) Location (lake specific) | 1) Location (geographically) |
| 2) Size (including total beds & baths) | 2) Size (enough functional space) |
| 3) Age and condition | 3) ------- |
| 4) Lot size | |
| 5) Finishes | |
| 6) Amount of lake frontage |
While this example may be oversimplified, it does highlight the point I am trying to make. When you buy a primary residence, a very detailed and specific wish list is very important. When you buy a seasonal lake property, most of the time you spend and the memories you create will be spent outside the home. The home itself becomes, more or less, a place to rest your head when the day and fun is done. Also, don’t be surprised if the home in your price range needs a considerable amount of work. It is important to keep an open mind when shopping for your seasonal retreat. Go into a showing with the mind set that the property will require some TLC, and your personal touch, to make your dream your reality. In general, move in ready homes on a lake are a premium and tend to be homes that are used by the current owner/seller as their primary residence. If you want move in ready, you can expect the price to reflect that convenience.
Knowing what to expect can make finding and buying a home on a lake a more enjoyable process!
Posted by: 
Brian Peters
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