Can You Afford a Lake House?
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.
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.