6 Hidden Costs to Watch Out for When Buying Finger Lakes Properties
Are you dreaming of owning a beautiful lakeside home in the Finger Lakes region? Great decision. Famous American financial advisor Suze Orman once said, “Owning a home is a keystone of wealth—both financial affluence and emotional security.” (Source)
And when you have considered homes for sale in Finger Lakes, you are going to enjoy more than just a property. With its stunning views, peaceful surroundings, and access to outdoor activities, it's easy to see why many buyers are searching for Finger Lakes homes for sale these days.
However, before you take the plunge, it's important to be aware of the hidden costs that come with owning a waterfront property. In this blog, we will explore key reasons to consider when looking at homes for sale in Finger Lakes, NY.
What Cost to Consider Before Looking for Finger Lake Properties
Buying a home in Finger Lakes is no doubt an exciting journey. As per a report, “The Finger Lakes real estate market is experiencing a surge in demand for luxury homes.
In 2023, ten waterfront mansions in Steuben County sold for over $700,000 each, reflecting a 25% average increase in lake property values over the past year, and the trend is expected to continue.” (Source)
But buying a lakefront home is a bit trickier than investing in normal properties. Here are some key additional costs you must consider before making the final decision:
Higher Maintenance Costs
Lakefront properties, including Finger Lakes homes, require more maintenance than regular homes. The combination of moisture from the lake and exposure to the elements can lead to issues like mold, mildew, and roof damage.
You may also need to repair windows, siding, and landscaping after storms or floods. So, be prepared for regular repairs to keep your home in top shape.
Flood Insurance
If you’re buying a Finger Lake property, flood insurance is a must. Most mortgage lenders will require it, especially if your home is in a flood-prone area.
Flood insurance costs can vary per year depending on the property's location, which significantly adds to your annual expenses.
Higher Property Insurance
Vacation homes, including homes for sale in Finger Lakes, NY, often come with higher property insurance costs. Since these homes may stay vacant for long periods, insurers consider them at higher risk for damage or theft.
Property Restrictions and Permits
Many Finger Lakes homes come with restrictions imposed by local governments or HOAs. You may need permits for construction, landscaping, or even cutting down trees near the water.
These restrictions can add time and money to your plans, so make sure you understand the rules before buying.
Lack of Privacy
A home by the lake may offer breathtaking views, but do you know it is the second-smallest national forest in the U.S., so it might not provide the privacy you expect.
Many lakes in the Finger Lakes region are public, meaning boaters, kayakers, and swimmers may be right outside your backyard.
If your home is in a busy area, you might experience noise from water activities, especially during peak seasons, and as you need to spend more for different services and households because of high demands.
Double the Administrative Work
If your lake house is a second home, you’ll have to manage two properties, which means paying two sets of bills, scheduling maintenance, and keeping up with taxes and insurance.
If you plan to rent it out, you'll also need to handle guest bookings, cleaning, and property management.
Final Thoughts
Buying Finger Lakes homes for sale can be a dream come true, but it’s important to go into the process with your eyes wide open because lakefront homes added some hidden costs.
So follow the above key factors before investing in Finger Lake real estate to avoid last-minute surprises. Just make sure you’re prepared for the responsibilities that come with it.
Ready to start your search for homes for sale in Finger Lakes, NY? Contact Mary St. George. They are one of the top realtors in town, ready to help you find the perfect Finger Lakes property while keeping these costs in mind.
Call them now to learn more about available properties and services!
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