Buying a lake community home in the winter

[MeredithMan]

Originally Posted by FlyingScot

Every 5 sales in 20 years? You definitely dodged a bullet. Forget about the comment above (which I agreed with at the time) that everybody loves their lake house.

I'm with Think on the need for lots of homework in advance of even seeing the house--chance favors the prepared mind. Prepare to spend a year or more looking/researching, then pounce with a high and fast offer when "the one" comes into view.

We bought our last house in Mass after a 20 minute walk through, with a high above asking price bid, no inspection. Almost insane, but we just barely edged out two others, and it's been a great purchase. We were able to do this because we knew the neighborhood and the economics well enough that we could bank on it.

Scot, your comment is very accurate, and in line with our experience as well. We had been in a lake-access place for many years, (it was initially my parents' home dating back to the 70's and then my wife and I bought it from them in 2000). In 2012, we determined that we could afford a waterfront place and we thought that it would be a very simple process...look at a few places and buy one. It turned out to be a 14 month process where we looked at over 20 properties. Some were a nice house, but crappy water clarity/bottom and vice versa; some were in the shade all day; some had been rentals and were very tired, and so on. However, once we found "the one", we knew it within a few minutes of the showing. Unfortunately, there were 3 offers in already, (it was the first day of showings). We knew to have a chance at getting it, we'd have to offer list price, (going over list price was not "a thing" back then), and be mostly, if not all, cash, (again, not really a thing in 2012). It went against all our instincts to do that, (list price and mostly cash and no contingencies), but we got the house and it was one of the best decisions we have ever made, both financially and quality-of-life wise.

[Biggd]

Originally Posted by MeredithMan

Scot, your comment is very accurate, and in line with our experience as well. We had been in a lake-access place for many years, (it was initially my parents' home dating back to the 70's and then my wife and I bought it from them in 2000). In 2012, we determined that we could afford a waterfront place and we thought that it would be a very simple process...look at a few places and buy one. It turned out to be a 14 month process where we looked at over 20 properties. Some were a nice house, but crappy water clarity/bottom and vice versa; some were in the shade all day; some had been rentals and were very tired, and so on. However, once we found "the one", we knew it within a few minutes of the showing. Unfortunately, there were 3 offers in already, (it was the first day of showings). We knew to have a chance at getting it, we'd have to offer list price, (going over list price was not "a thing" back then), and be mostly, if not all, cash, (again, not really a thing in 2012). It went against all our instincts to do that, (list price and mostly cash and no contingencies), but we got the house and it was one of the best decisions we have ever made, both financially and quality-of-life wise.

I bought in 2014 and bought 40K below original asking price, but I will admit, it was a fixer upper that had been on the market for quite some time. Also, not waterfront, it's shared with three other homes. I caught the end of the market slump, things started to climb in 2015. Even after I bought it, I thought I paid too much as I started the 10 long DIY remodel. But I feel very fortunate now.
I couldn't afford to buy either one of my homes at today's values!