While it may be a dream home for some, owning a lakefront property is a reality for others. One innate benefit of owning property that’s adjacent to a lake, as opposed to an ocean or river, is that the risk of erosion is relatively low. Since the water does not contain nearly as much virulent force as oceanic waves do, the risk of damage and flooding is minimal, by comparison, during bad weather. Perhaps the scenery, the peacefulness and the tranquility are the primary defining reasons to own such a property, while keeping in mind, of course, that such homes are more of an experience than they are just a standard home.
Daily Stresses Curbed
The lives we lead these days are busy, often chaotic and ultimately stressful. Americans work more hours per week than anyone else, and we take fewer days off per year than any other nation does, according to a recent report by ABC News. Such an overbearing workload results in the culmination of stress. With the lake at your doorway, or nearly, one can enjoy a quiet boat ride, an hour of fishing, a rejuvenating swim or a long walk. The views and the sights and sounds are white noise stress reducers that immediately calm anxious nerves and put one’s mind at ease.
Formal Living Made Semiformal
Lakefront property bides a formal nomenclature but is semiformal at its finest, too. Somehow these two intermingle with a more relaxed approach to living. For example, the next party you host may feature people done up in a carefree manner, wearing sarongs and sandals and shorts instead of ballroom gowns and black tie formalwear. Certainly, formal attire has its place and providence. Yet in this setting, it seems that everyone is seeking the addictive escapism afforded by only Mother Nature and her pristine offerings.
It’s a Fabulous Investment with Potential Tax Benefits
One of the best investments a person can make is in real estate. It’s an appreciating asset that also can serve as a legal tax haven (federal law says that you can sell it after several years and earn as much as $250,000 in profits that are tax exempt). If you own a home for at least 2 years and are single, you can earn $250,000 in profits that are tax exempt, according to an article by Intuit, the makers of Turbo Tax.
It Can Generate a Steady Residual Income
One of the most popular reasons why people buy lakefront property is because they wish to own a vacation home. The great news is that when you are not using it as your vacation home, it can be rented out for a substantial sum. Renting out your home to well qualified vacationers can generate year round income that can literally make the mortgage payment on your behalf (and possibly put some extra money in your pockets, too). Under this moniker, it could be a way to own your home nearly for free, provided that you use a good property management service to rent it out and manage it on your behalf.