Can You Afford a Lake House?

May 1, 2017

Central Ohio has many premier lake communities for you and your family to enjoy.  Being able to take advantage of these communities isn’t just reserved for the super rich and wealthy.  With many non lakefront homes going for a market average price it’s very possible for the average consumer to find a home in a lake community that fits their needs.  Even if you do find one you like, your biggest question is:

Can I afford a lake house?


This depends on many factors but some key items to keep in mind are:

  • How much do you have to put down?

    • 2nd homes require you to put at least 10% of the purchase price down.

  • Can your income carry 2 mortgage payments if needed?

    • The bank will want your debt to income ratios to still be in line with conventional guidelines.  This means that your total monthly debts including the housing payments cannot exceed 43% of your monthly gross income.

  • Other expenses?

    • Many lake communities have an annual or monthly assessment due by the property owners.  It’s different for every community but you certainly will want to factor that in when thinking about a lake house. These dues often give you access to other amenities that may be offered by the lake community.

    • Bedding, dishes, furniture, or even a boat are just a few of the other expenses that come with lake home ownership.  Not that these items should deter you from finding that dream lake cottage, it is important to keep expenses like this in mind.

If you’re interested in exploring the opportunities provided by Central Ohio lakes, I can connect you with the top realtors in each community. Each lake is different and requires unique expertise for the unique market.


Call/text me today to get started 740-398-4917. 





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State Bank

4080 W Dublin-Granville Rd

Dublin, OH 43017

The State Bank and Trust Co. and its loan officers, are not liable for information, claims or agreements made by/between the public and third-party entities. These third-party entities may include, but are not limited to: builders, developers, or real estate agents. Even though the loan officer co-sponsoring this site makes efforts to update the information contained, much of it is provided by independent vendors and data feeds, and thus, this site may contain errors, outdated information or purchase conditions, promotions, incentives and/or possible omissions. The State Bank and Trust cannot guarantee the accuracy of information provided, and we encourage buyers to complete their own due diligence in making a decision to build or purchase a home. We also suggest that you seek the professional representation/advice of a licensed Realtor®, as well as any other licensed professional that is appropriate to your purchase decision, including, but not limited to: attorney, accountant, or certified financial planner. Visitors to this site are responsible for the use and decisions made regarding the purchase of a home with regards to the information contained herein. The State Bank and Trust Co. is an Equal Housing Lender. 

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