10 Lake Life Myths: What Buyers Assume vs. Reality

Many of us dream of a lake home. It is important to understand that buying a lake home is different than a traditional home. It is easy to fall into an idealistic perspective. Lake life can be very enjoyable & the memories last a lifetime! But, before you buy, it is important to separate the myths from reality.

10 Lake Life Myths vs Reality

Myth 1: It’s like buying a regular home.

Lakefront homes are different and there are unique considerations. You want to align the lake home which your lifestyle, anticipate how seasonality impacts your lake lifestyle, evaluate the state of the lot and shoreline, evaluate lake access, evaluate the state of the lake, determine your ideal home orientation, check if there is a lake association and understand the fees/requirements, know the legal/conservation/zoning restrictions, and scope out nearby conveniences. 

Read more about 10 Lake Home Considerations

Myth 2: What’s happening in the lakefront market is the same as my local real estate market.

Lakefront property is a specialized market with its own pricing, buyer expectations, and contingencies. When it comes to property evaluation, there are unique considerations that impact price including the slope of the yard, the shoreline, sunset views, etc. The scarcity of waterfront property drives high demand and strong property value appreciation, which impacts property list prices & sale prices. What a lakefront buyer expects may be very different than traditional home buyers. Lake homes are often in rural areas which often means a septic and well inspection requirement (learn more about water supply & treatment at the lake).

Myth 3: The lake doesn’t matter – A lake is a lake

Many assume a lake is a lake. The location and the specific lake doesn’t matter much. In realty, the lake matters. You will want to understand the wake rules, water quality, boat traffic, shoreline, and lake rules and regulations. Choosing the right lake matters just as much as choosing the right house.

Some lakes allow wake, some only allow wake at certain times, and some are no wake lakes. For example, the following rules apply to Whitewater & Rice Lakes:

• Slow No Wake before 9:00am everyday.

• Slow No Wake after 7:00 pm (or sunset, whichever is earlier) on Fridays, Saturdays, holidays, and the day before a holiday. On all other days - slow no wake starts at sunset.

• Slow No Wake Zones are from the shore to 200 feet, through channels, inside buoys, & within 100 feet from a swimmer. Additional Slow No Wake areas are marked in yellow.

Boat traffic can always impact enjoyment and choppiness. In summer, there is a lot of boating traffic on weekends. Those who prefer to kayak and paddle often head out in the mornings, evenings, or weekdays. It can be a nice balance for both speed boats, jet skiers, paddlers, and kayakers.

Water quality is also important. Whitewater & Rice Lakes are fortunate to have the Whitewater Rice Lakes Management District monitoring and continuously improving the water quality. It takes volunteers, dedication, and work to maintain a healthy lake with good water quality. If there is not a dedicated and knowledgeable entity, lakes can become full of algae, muck, weeds, & invasive species. It is important to make sure that there are entities invested in the lake health and future.

Myth 4: Lake living is just like being on vacation.

A second home brings along the maintenance of a first home. If you tackle your own maintenance, you will need to balance the chores along with lake life. Maybe, you cut your grass on Saturdays so you can enjoy it for the rest of the weekend. Maybe, you enjoy lake life on Saturday and leave the chores for Sunday before you head home. For many lake homeowners, they outsource as much maintenance such as lawn care, landscaping, and snow plowing. This way, they can get to the lake and simply enjoy their time without the hassles of routine property maintenance.

When things go wrong and you need a plumber, electrician, or appliance repair, it can be stressful because you don’t know who to call, which providers are reputable, etc. When you own lakefront property, get to know your neighbors who are locals and can provide recommendations. Better yet, for Whitewater & Rice Lake residents, join the local Whitewater Lake Facebook page to view years of recommendations.

Myth 5: Any real estate agent can handle the transaction.

Any real estate agent may not truly represent your interest. You don’t know what you don’t know. Perhaps, they are not familiar with septic and well inspections and don’t know how to recognize a red flag. Perhaps, they give you advice on your offer based on their experience in a different market, not the lake market. It is best to work with a Waterfront specialist who has experience in the local market and understand the micro-market behavior such as property valuations, lake associations, lake regulations, etc.

Myth 6: Lake homes are too expensive for me to ever afford.

The price of a lake home can vary greatly from lake to lake from county to county. As a rule of thumb, lakefront homes are usually more expensive than regular residential homes. If you are flexible with the lake, how far the drive is, and how far local conveniences are, there are options.

Myth 7: The lake is always safe for recreation.

It is important to know how to monitor your lake quality. Many lakes are regularly monitored during swimming season for E. coli bacteria and blue-green algae. Both can be harmful to pets & humans. For example, it is common for bacteria levels to be elevated after a heavy rainfall. You will want to know who monitors the quality and how to determine if it is safe to swim.

Myth 8: I can always turn my lake home into a rental.

Turning a lake home into a rental can be a great income source. But, you need to check the local home association rules, city/town ordinances, and county ordinaries. There are some lakes in Wisconsin that have a lake association that prohibits any short term rentals. For Whitewater & Rice Lake, Walworth County has specific regulations pertaining to Short Term Rentals. There may also be rental implications pertaining to the septic, well, mortgage, and insurance.

Myth 9: Lake homes are only for summer

Summer may be the most popular time at the lake. However, the fun isn’t restricted to after Memorial Day and before Labor Day weekends. Even if it is too cold for swimming, recreational activities like boating, kayaking, and paddling can be enjoyable on warm spring days and fall days. Fall can bring new recreation opportunities like hiking. Winter can bring skiing, snowmobiling, and snowshoeing. There can be year-around fun at the lake. Also, fall, winter, and spring may be quieter at the lake – and many lake homeowners actually enjoy the quiet, nature, and wildlife!

Myth 10: All lakes have public access

Not all lakes have public access points. The State of Wisconsin’s Public Trust Doctrine declares all navigable waters are public for recreation (learn more). You have the right to use them if you can reach them. For a lake to have public access, there needs to be a public launch site provided by the DNR, county, or another private entity. For this reason, some smaller lakes are surrounded by private property and have no public access making them private lakes. It is important to know what public access is available on the lake so that you know how it will impact boat traffic & lake use. If the lake has public access, that can be a great way to try out the lake before you buy! Whitewater and Rice Lake both have public boat launches. Plus, Robert Sivek with Lake Home Info, is always happy to provide a boat tour of Whitewater Lake to prospective lake home buyers!  

Takeaway

Lake life is unique. Buying a lake home is different than buying a traditional home. That’s why it is important to work with a Waterfront Specialist who knows the local area, lake life, and local real estate market.