Finding the Best Lake Houses for Sale in Ohio

Lake property sales are on the rise. Whether you had a lakefront cabin growing up, or have always dreamed of buying one, or are just looking for your next investment, you might want to consider lake houses for sale in Ohio. Start looking now, and you could have your own lake house by next summer. We have some great tips for you to begin your search.

Choosing The Right Lake

Before you go out and start viewing lake houses, ask yourself why you want to buy a waterfront property. How do you intend to use the lake on an ideal weekend? Are water activities in your plan? If so, you want a lake conducive to water skiing or wakeboarding. Or perhaps fishing is your choice of sport. These are the kinds of questions to ask yourself and have answers to, before starting your search. With lakeshore properties, somethings are static, while others can be modified. For example, you cannot change the elevation or the lakeshore quality that is nature made, but you can of course, modify the structure subject to zoning provisions.

Location, Location, Location

You'll find a lot of different locations for lake houses for sale in Ohio. As mentioned above, the first step is to figure out the kind of lakefront property you want, and then consider the best location for it. Do you need it to be a short drive away from where your primary residence is? Or are you ok to make a trip of it. Keep your starting point in mind when you begin your search, and also how often you want to go to your lakehouse. There are some great locations near bigger cities in Ohio that would fit the bill perfectly, such as Indian Lake and Lake Erie.

Learning The Rules

Owning lakefront property comes with its own set of responsibilities. Water is a precious natural resource, and it's important that if you own a lake side property that you take great care of the lake or river it is on. Most places will have building ordinances in place to protect the water and prevent homeowners from building too close to the shore. If you're not sure as to what the laws are, your Choice Property agent will be able to walk you through the guidelines.

Financing

So the time has come and you've found some perfect lake houses for sale in Ohio, and all you need to do is decide which one is the one for you. There's still the little matter of financing. Most people can't put down the entire asking price in cash. Connecting with a mortgage loan office early in the process is something we can highly recommend. In fact, we recommend finding out initially how big of a loan you qualify for, before starting to look for properties. There are many ways to raise a loan to buy a home, and working with a good mortgage loan officer will help you find the best loan option, making it possible for you to buy your lakefront property.

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Purchasing home insurance for the first time can be overwhelming. Review some of the common insurance questions before shopping for coverage to build knowledge of policies and find the best one to suit the family's needs.

Why Buy a Policy

Most states require drivers to possess auto insurance prior to driving a car off the lot. Home insurance is different in that a person can legally own a home without insurance. If a loan is needed to purchase a home, the lender will likely require the family to purchase home insurance as a way to protect the investment.

Coverages Included

Home insurance policies typically include coverage for the home's structure, contents, liability, other structures (toolshed, etc) and additional living expenses. Learn more about items typically covered in home insurance policies:

Structure:

If the home is damaged or destroyed by a covered peril and needs to be repaired or rebuilt, insurance can help cover expenses. Structural coverage is not the same as the amount paid for the home. A person needs to set structure coverage for the amount it would take to rebuild the home from the ground up.

Contents:

Coverage typically begins for belongings which are damaged or destroyed. Usually set between 50 and 70 percent of the home's structural coverage, high-value items (jewelry, art, valuables) may have a cap on the repair/replacement value..

Liability:

If a person becomes injured on the property, the liability portion of insurance can help pay for medical, rehabilitation and/or funeral expenses. This will also include legal fees in the event the injured party decides to sue. Liability is usually set around $100,000 worth of protection. Insurers recommend more at $300,000-$500,000.

Covered Perils

Standard home insurance policies can cover damage by fire, windstorms, hail, lightning, theft, vandalism, explosions and riots. Typically, water damage from freezing and bursting pipes is also covered. Damage from floods or earthquakes is typically not covered as natural disasters require separate policies for people living in a high-risk area where this is a more common occurrence.

Policy Cost

Insurers take the following into account to determine cost of coverage:

• Credit score

• Claims history (personal and claims history for the area)

• Location of home

• Age of home

• Cost associated with rebuilding home

• Proximity to fire department

• Pet owner status (owning a dog means more liability coverage)

• Coverages selected

Saving Money

When looking for ways to save money, scope out discounts. Most providers offer discounts to policyholders. Build multiple policies (home, auto) with same provider for simple ways to save more each month. Raising the deductible (amount agreed to pay personally toward a claim prior to insurance) will result in lower premiums. Set it reasonably low enough to be affordable but also provides coverage necessary in the event disaster strikes.

Looking for guidance through the home buying process?

The award-winning real estate agents of Choice Properties are on hand to answer your questions.