Important Information for Buying Lake Property

The Charlotte Business Journal recently published an article entitled “What to consider when buying lakefront property in the Charlotte area”. This is a great reminder of all that goes into a lake purchase that may not apply to properties not on the waterfront. This is especially important when there is not much inventory so homes are selling quickly. This means that you have less time to make important decisions so you want to make sure you have considered every angle.

• Price is first and probably most important. Main channel properties which typically have the best views, command a premium on price, even over other lakefront properties. Cove properties typically have less boat traffic so that can be a consideration for buyers as well.
• Riparian Buffer – this is a 50-foot buffer from the water that has to remain in a vegetated state. This is mostly to counteract erosion and protect animal habitats. Property owners cannot remove trees on the first 30 feet and there are minimal changes that are allowed by law.
• Docks and Boathouses – there are many properties that already have a dock or boathouse, but this does not mean that you can build one on your new property. There is a permitting process through Duke Energy and only homeowners are allowed to apply for a permit. This means that if a dock is a must have for you, you can ask a current homeowner to apply for a permit as a condition of a sale. Boathouses are typically grandfathered in and have regulations of upgrading, typically limited to fixing but not over-improving.
• Insurance can be a factor as well. You need to make sure your policy covers your property as well as watercraft and retaining walls if they are present. This is an additional consideration that you typically don’t have if you don’t have a waterfront property.

There can be many additional steps in the process of lakefront homes and having the best representation on your side is essential. If you are interested in purchasing a lakefront property, let one of our experts help you navigate the process. Call us at 803-831-8588. You can view current listings and create custom searches on our website here.

 

To read more, check out the full article in the Charlotte Business Journal here.