Buying Your First Granbury Lake Property

Buying Your First Granbury Lake PropertyIt gets hot in Texas in the summer and there is no better way to beat the summer heat than to spend your free days out at the lake. Lake Granbury is one of the best locations in DFW to enjoy the water and stay cool. This is why so many people dream of owning a lake home in Granbury. Lake properties come at a premium price and if you are hoping to purchase your first lake "vacation" property you may be looking for some tips to stay within your purchasing budget. 

Saving Money on a Lake Granbury Home Purchase

Consider Homes with Lake Access Not Just Waterfront

When it comes to lake properties some come at higher price points than others. The homes with the biggest price tags are going to be the ones inside large communities with larger waterfront spaces. Homes right on the side of the lake. But a home doesn't have to actually be on the shores of the lake to be considered a lake property. Some homes offer deeded lake access but are across the street from the lake or separated from the lake shore by another property. These homes are going to come at a more affordable price point and still offer lake benefits. 

Check out this quote from an earlier blog post on the real estate blog about choosing a lake-access home over a lakefront home: 

"Purchasing a lake home does not mean that you have to stay in that one home forever. You could look at a home with a lake view or lake access that is not right on the water as a sort of first lake home or starter lake home. It’s a way to try out the lake lifestyle at a much better price to decide if you really do love living on the lake and living on the particular lake that the home is near."

A Smaller House

This one is a bit obvious on how to save money on a lake property, but stick with us and hear us out for a second. When people think of purchasing a dream lake property they are not often picturing a tiny house. They are often picturing a larger home with plenty of space to spread out. Reframing what your ideal lake home looks like, especially if it is a secondary vacation home, could be beneficial to finding a home within your budget. Considering a starter property with less square footage gets you into a home and earns equity. And like mentioned above, you could decide to upgrade later. Or you may find out you don't want to. You may decide that the lesser demand on your time to clean and maintain the home gives you more time outside enjoying what you really want to do, be at the lake. 

Try Co-Ownership

If you have close friends or family you have always talked about your dream of purchasing a home on Lake Granbury with, you might consider the option of purchasing a lake retreat together. This can be a great way to get a better mortgage interest rate on the home loan and to save a considerable amount of money on all of the costs of home ownership from the payments to the taxes to the maintenance, etc. 

Here is some good advice from the blog article about buying a lake home with friends :

"Making sure that you are stepping into this partnership with the best people possible is of the utmost importance. You want to make sure that this will not put a strain on your relationship and that you know without a doubt your co-owners are going to be reliable and openly communicate the good things as well as any issues. Anyone involved in the purchase should be more than willing to create a firm contract agreement for the use and ownership of the property."

Purchasing a home with your favorite people can be a great idea and a good way to afford a home. More and more home buyers are purchasing properties in co-ownership situations. But you want to make sure you are going into this purchase with the right mindset and preparations. 

Use a Lake Realty Expert

The best way to find a home on Lake Granbury that fits your needs and your lake-buying budget is to use a realtor who lives in the area and specializes in helping clients buy and sell lake homes. This gives you that extra insight into specific property aspects you didn't think about as well as finding homes you didn't know existed on and near the lake. 

If you are looking for a home on Lake Granbury I am here to help. The Knieper Team is a dedicated team of Granbury real estate agents that specialize in Lake Granbury properties. Both full-time and vacation homes, for both buying and selling a home with success. Contact me any time with any Granbury real estate needs. 

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