5 Ways You Can Afford Waterfront Real Estate in the ADKS
Many people dream of living on the lake, especially in the Adirondacks; an area that's as beautiful as it is brimming with activity options on and around the water. But could owning lakefront real estate here ever be a reality? It's not as far-fetched as you may think with these tips.
Making Lakefront Real Estate More Affordable
Affordability is certainly a relative term, but while Adirondack waterfront properties will always be more expensive than a less desirable location; there are ways to make it more realistic in terms of budget such as:
- Consider a condo – Or a townhome instead of a house. All things equal you will typically pay less than you would a free-standing house. Either option may be smaller than a house but you're not buying the land itself which also helps with budget.
- Try a fixer-upper – We're not necessarily talking a total gut job because renovations cost too, but a lakefront property that needs renovating would cost less than one that's move-in ready.
- Think lake adjacent – A lakefront property that's steps from the water will be your most expensive option. If the goal is to see the lake from your property or to be able to walk to it; you might consider real estate that's a street over or perhaps has a partial view to fit your budget.
- Take your time – In most cases, lakefront real estate isn't a necessity, which means you don't have to jump on the first property you see. Take the time to really look at your options, but be consistent in your search so you're aware of new lakefront properties as soon as they hit the market. Any good deal will go FAST.
- Rent your property – If you don't plan on living in your lakefront property as your primary home, then you might consider renting it to earn income which could help you pay for it. There's a lot to consider here; check out our Why Buy a Second Home blog to learn more.
Bonus Tip for Buying Adirondack Waterfront Properties
You might also consider a property outside of the Lake Placid area for more affordable lakefront real estate. Yes, you can find these in the Adirondacks too! In fact, here are three areas very much worth considering:
- Saranac Lake – Located between Tupper Lake and Lake Placid, Saranac Lake is much less crowded than the latter and still offers just about any outdoor activity you can imagine. Plus, it features a lovely historic downtown with an arts district, unique shops and chef-run eateries.
- Wilmington - Part of the Whiteface region, Wilmington is also home to a popular beach located on Lake Everest. The quaint village also features a well-equipped local market and holistic wellness center – even Santa's Workshop is here!
- Tupper Lake – Located in the middle of the Adirondacks, Tupper Lake is easy to reach because it's at the crossroads of the beautiful Adirondack and Olympic Scenic Byways. It also offers plenty of outdoor recreation as well as attractions such as The Wild Center, a one-of-a-kind natural history museum, not to mention shopping, art, live music, dining, and delicious brews at Raquette River Brewing.
For more information on lakefront real estate or other Adirondack properties, contact our expert team at Merrill L. Thomas, Inc today!