Buyers frequently ask our agents about lakefront real estate, and our experts point out all the differences and things to be aware of. Here are some of their best tips to get you started on your Deep Creek Lake real estate search.
Secure Financing Early
Figure out your financing early on in the process. You will need to obtain a mortgage unless you are paying in cash. Getting pre-approved is critical when buying a lakefront home. Lakefront home sellers are often advised by their agents to accept an offer from a pre-approved buyer.
Pre-approval can also give you an edge over other buyers who might be competing for the same home. Having your financing squared away puts you in a good position when owners receive multiple offers.
Find an agent who knows lakefront real estate.
Working with an experienced agent whenever you buy a home is a good idea. However, it is essential with lakefront real estate at Deep Creek Lake. Don’t be afraid to ask them if they have a background in this type of transaction.
A knowledgeable Deep Creek Lake sales agent can guide you through the process. They will help you understand the buffer strip andbuydown areas.
Find out about associations.
If you are looking at a home in a community with an HOA, be aware that they can come with additional fees. Also, there might be other rules and regulations, and your agent can help you with that info. You will want to ask about common areas, community docks, and shared slips. Deep Creek Lake communities have many great perks, like indoor pools, tennis courts, and par-3 golf courses.
Consider additional costs & long-term maintenance
All homes come with additional costs and maintenance – that is just a fact of life. When you buy lakefront real estate, there are some things to remember.
If there is a dock, be sure to check out its condition. It may need maintenance or replacement. Because the lake level is lowered in the fall, docks must be removed by December 1st each year. They go back in April 1st. Your agent can help you line up a vendor for that. Retaining walls, stairs to the dock, and decks will also require routine maintenance.
If this is a second home, you will need to consider who will take care of the lawn, leaves, and snow removal when you are not in the area. Taylor-Made offers a variety of property services for non-rental homes.
Do you want to rent your home?
Many owners of lakefront real estate at Deep Creek put their homes on the vacation rental market. This is a great way to offset your costs.
Professional management will ensure your home is well taken care of and marketed adequately for the best return on investment. You can block off dates for your use while opening it up to renters when you are not at the lake.
Buying lakefront real estate at Deep Creek Lake has a lot of unique considerations. Reviewing the tips above and partnering with the right agent gives you an excellent advantage for your Deep Creek Lake house hunt!