If you are thinking about moving to a home on Lake Wedwoee or purchasing a house to be used as a secondary residence, we have listed a few things to think about below. Lake Wedowee is a great place to retire or spend weekends with family. If you are just starting to search, be sure to see our inventory of homes for sale on Lake Wedowee.

How will you use this lake home?

If you plan on making your lake home your primary residence, you will enjoy a much lower interest rate and possibly lower insurance costs.

If this is your second home, lenders may require 20% down and the rate won’t be quite as good as if this was your primary residence.

Using your lake house as an investment property might be a money-maker, but lenders are going to increase the interest rate on the loan by as much as .25 to .375 percent. The rental income will help qualify the mortgage and it is tax deductible.

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Understand the total cost involved with owning a lake home.

Whether the property will be used as a primary residence, secondary residence, or investment property you’ll want to consider the costs to furnish the home. There are the obvious items like furniture and appliances, but be sure to budget for your favorite lake activities such as water skiing, kayaking, paddle boarding, camping equipment, etc. There is also the cost to keep the equipment well maintained. Don’t forget about landscaping costs and dock upkeep.

If this is a secondary property or an investment property, you’ll want to factor in costs associated with travel to your lake house. Estimate the costs for each visit and the number of visits you plan on making each year.

Insurance for a secondary residence or investment property is often much higher than what you would typically pay for a primary residence. Flood insurance may also be required to protect your home.

If you live in a neighborhood, be sure to find out about the HOA’s monthly fees. Consider what is included with this fee, some HOAs include garbage pickup and landscaping. It’s also a good idea to determine if there are any foreseeable special assessments as these can be several thousand dollars.

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Work with a trusted agent.

There are so many things to consider when buying a lake home, working with a trusted agent can save you time, money, and headaches. Work with someone who is familiar with the location and answer questions about living on the lake. It can be the difference is buying your lake home on a quiet secluded cove or the high traffic area near the noisy marina. This is a big investment and you want to be completely satisfied with your purchase decision. If you have questions about Lake Wedowee or the surrounding area, contact Lesia. Lesia grew up in Wedowee and knows this area well!