If you’ve dreamed of buying lakefront property, it’s certainly within reach in many areas of the country. South Carolina alone has miles of coastline as well as twelve major lakes and dozens of smaller ones. Lake Murray is just one example, with about 50,000 acres and roughly 650 miles of shoreline. 

But owning waterfront property isn’t quite the same as that home in a landlocked part of the state. If you’re thinking about buying a house on the water, here are some tips to help you protect your investment. 

1. Choose the right water

Not all waterfront property is the same. Beachfront property is beautiful, but it’s costly, and you will have to deal with salt corrosion and tidal issues. Property on a lake is equally gorgeous, but some lakes might be more active than you want if you are looking for peace and tranquility. 

What’s great about Lake Murray is that it offers the best of both worlds. While there are year-round events that boat owners can participate in on the lake, there are also plenty of private coves to find the quiet serenity you want.

2. Inspect the property carefully

Once you decide on the location, finding the right property can be challenging. Water can be tough on a structure over time. Make sure you not only inspect the home thoroughly for any signs of corrosion or mold but also look into the property’s history to see if there have been changes to the landscape over time that might be concerning. 

3. Understand your insurance requirements

If your waterfront property will be susceptible to flooding or hurricane damage, you may have some additional insurance requirements. Just make sure these don’t become a surprise at closing. 

4. Investigate any unexpected costs

Speaking of surprises, there might be some unexpected costs associated with living on the water. For example, it can sometimes be more challenging to get utilities to these places, so the rates might be higher. You might also have to pay for things like dock upkeep and the maintenance on a well and septic system. 

If you’re interested in buying on Lake Murray, a local agent can give you insight into any costs you may see. At the Lafayette Team, we’re proud to say we live on the lake! We’re well-equipped to answer any questions you have throughout this process to make sure you’re confident and informed every step of the way.

5. Survey the current market

Pricing on a waterfront property is very much driven by supply and demand. While prices on destination homes in many parts of the country are unattainably expensive to buy and maintain, Lake Murray and other South Carolina waterfront properties can often be much more affordable. The cost of living in South Carolina sits below the national average, meaning that you can save money not just on the purchase of your home but on all of your expenses.

The best thing to do is work with an agent who understands and respects your budget and works diligently to find the perfect home for you. 

6. Choose the right strategy

If you plan to live full-time in your home, make sure you search for a property that has some access to amenities like grocery stores and medical services.

If you aren’t planning to live in your lakefront home year-round, understand the tax obligations your state may require. For example, in South Carolina, you’re taxed at a different rate and can expect a much higher amount owed. 

7. Work with an experienced agent

Buying waterfront property can be a complex process and a confusing decision. Between the structural considerations, the title issues, and the unique market for these homes, it makes sense to work with a real estate agent who can help you navigate this process from start to finish. 

Looking to buy lakefront property in Lexington, SC?

While there is a lot to take in about buying lakefront homes, having a piece of waterfront property to call your own is second to none. The Lafayette Team specializes in helping buyers realize the dream of homeownership, and we have intimate knowledge of the real estate market in the Lake Murray, SC area. If you’re ready to buy a home in this beautiful state, contact us today to learn more about our services.