RSS Blog Feed10 Tips for Buying Waterfront Property on Lake Wedowee
Jul. 20, 200910 Tips for Buying Waterfront Property on Lake Wedowee
By Leisel Caldwell
1. Find a real estate agent who is experienced and knowledgeable about the Lake Wedowee market. Lake property has different characteristics to consider than traditional homes and land and the average agent does not have this detailed knowledge. Choosing the right agent can save you time, effort and aggravation in finding the right lake property for the right price.
2. Give considerable thought on how you will be using the property. Do you want a simple weekend get-a-way with little upkeep? Do you want a large home so you can accommodate a large number of people? Are you considering on renting out the property? Give your real estate agent as many details as possible.
3. Don't buy without setting foot on the property first. You should take the time to look it over closely and inspect it yourself. If possible locate a copy of the site plan so you can determine exactly where the property lines are. If not, make obtaining and approving a survey a condition of the purchase contract.
4. Look into loans early. Since waterfront properties are more expensive than other properties, loans will often fall into the jumbo mortgage category. Lenders will therefore only consider very qualified buyers. You should start the process before you look at property because it can take a lot longer than a normal home loan. Also, when it comes time to make an offer, being pre-approved will strengthen your negotiating position with the seller.
5. Talk to the neighbors. Ask them what they think of the developer and the area. Are they happy with how their house was built? Were the amenities completed by the developer as promised? If they love living there, they'll tell you - if they hate it, they'll tell you that too.
6. Understand Lake Wedowee’s water level changes. Lake Wedowee’s water level changes in the winter months and with severe drought. This can make a difference in your access to the water and your view in winter months. Normal summer pool level is 793’ mean sea level and the normal winter pool level is 785” mean sea level.
7. Check on lot size requirements. Make sure the lot you're looking at will support a house of the size you want.
8. Find out what you can do with the property. Get a copy of the Restrictive Covenants for the subdivision or development to know what is allowed. If you want to make changes to your waterfront property, such as adding a dock or a seawall, you will need to contact Alabama Power Shoreline for guidelines and procedures to verify what you can do and getting the proper permits.
9. Check out road access and utility connections. If the property is remote, make sure you know who is responsible for maintaining the road. Many banks require a Road Maintenance Agreement before they will lend on remote property. If you're planning on building, make sure that you will have access to electricity, water, sewage and other utilities. Never assume that you can just "hook up".
10. When making an offer. When you make the purchase offer, make it conditional on a satisfactory home inspection and/or an inspection of the land. For example, if you don't have access to sewage lines, make the offer conditional on your ability to obtain permits for a septic system. Plus, you should always make your offer contingent on your ability to obtain financing.
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