Home buyers are drawn to lakefront properties due to the breathtaking views and access to the lake. The properties are elegantly designed and give the owners immediate views of the lake and the surrounding scenery from their front porch. However, some factors could limit what buyers actually get from their purchases. Reviewing three factors to consider if you’re looking to buy a house on Lake Murray highlights details that buyers might not know.
1. Homeowners Association Rules and Guidelines
Homeowners association rules and guidelines might apply to properties on Lake Murray. When buying an existing property on the lake, the new homeowner must comply with existing rules and bylaws that all homeowners are following. This includes the following rules for what the new owner places in their yard and how they maintain the lawn and landscaping. The homeowner’s association consists of the residents in the neighborhood, and everyone has the right to initiate a meeting to call a vote for allowing property changes or changes in the association’s policies.
On the other hand, if the buyer wants to build a new home on Lake Murray, it is vital to determine if the homeowner’s association controls the lot. If a homeowner’s association has control over the neighborhood, the home buyer might face restrictions on what floor plans they can use for their new home. The rules also apply to building fences, patios, and other exterior fixtures. Buyers who want to determine if a homeowner’s association has control over the lot or property of interest can contact an agent and ask questions about Lake Murray Real Estate now.
2. Do You Need Flood Insurance?
Flood insurance is required for all properties in a designated flood zone. Properties that are situated around bodies of water are more likely to be within a flood zone. The insurance provides further protection against flood damage and flood-related losses than standard homeowner’s insurance. Mortgage lenders require flood insurance in addition to homeowner’s insurance for all properties in a flood zone. The buyer will be required to purchase the policy before the property closing and must show the lender evidence of the policy. Clauses in the mortgage loan contract could give the lender the right to foreclosure on the property if the buyer doesn’t maintain the additional coverage throughout the term of the mortgage.
3. Does the Property Give You Access to the Lake?
Lake access is one of the most appealing attributes of buying lakefront property. However, not all properties constructed on the lake have access to the water. Typically, the properties that are closer to the lake itself guarantee access. It is vital for the home buyer to determine what properties give them access to the lake and what rules apply to their access. Some lakefront communities require all property owners who have access to have a key to unlock gates that block unauthorized access.
Lakefront living is highly appealing to home buyers and gives the new owners access to the lake and sophisticated home designs. However, factors that apply to properties on Lake Murray must be considered before buyers make a final selection. Homeowners associations manage properties in subdivisions, and all owners must comply with the rules. Access to the lake isn’t guaranteed to all property owners either. Reviewing the fine details helps buyers get the best lakefront property that offers everything they want in a home.
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