Steps for Purchasing a Lake Shore Home
Are you ready to invest in purchasing a home right on the lake? Maybe one that is a vacation oasis. There is more to consider in a second home purchase than purchasing your first primary residence. Here are some helpful tips for purchasing a second home right on the lake in Granbury Texas.
Start by listing out your requirements
The first step in deciding to buy any property, especially a second home right on Lake Granbury is to list out everything you are hoping to be able to have and experience at your lakefront home. When it comes to waterfront homes this list of questions can help get you started:
- Do you hope to have a property with a boat?
- Is your main priority trips during the summer or relaxing in the off-season?
- Are you hoping for a quiet spot on the water or do you want to be around all of the action during peak vacation time?
Do you want to be close to area amenities? Do you dream of being able to hop on a boat from your backyard dock and go to a favorite waterfront restaurant?
Are you hoping to have homes nearby or do you want more privacy in your yard?
Talk with a Mortgage Professional
Once you have decided upon what you’re looking for in a home it is a good idea to decide the budget for this home purchase. The best way to figure out the best set of options is to talk with a mortgage broker. A mortgage broker does all of the shopping for you and helps you to find the best products on the market available for your personal financial situation.
Once you have preapproval you are then aware of how much a lender is willing to give you and then you can decide upon how much you are willing to actually spend and pay for a home.
Hire an agent local to the area
Purchasing a home is exciting and fun. Some people when purchasing a vacation property call up their real estate agent that helped them purchase their primary home. It may be good to call this agent up and get advice, but the best way to go is to hire an agent that is local to the area where you plan to purchase your lake home. They can help you get the inside scoop on the culture of the area and find a home that truly fits you because they live there.
Don't forget to factor in the extra expenses of owning a second home
If you already own a primary residence you’re well aware that housing costs go beyond what you pay for your mortgage every month. There is the cost of utilities, the cost of repairs, and the cost of furnishing your home to name a few. You want to make sure you think about these things as you are setting budget parameters for your home purchase. You also want to ask the advice of your agent on the upkeep and maintenance needs that differ with owning a lake home as compared to a landlocked one.
For more information on purchasing a lakeside home in Granbury or other surrounding bodies of water please contact us any time.
NTREIS data last updated February 4, 2023.