There is an exciting variety of lake property for sale in Minnesota. While some lake property for sale in Minnesota may seem like a good deal, it's important to perform due diligence and research before any real estate purchase. The following guide provides simple tips when buying new lake-front real estate.
It's important to get a home inspection before buying any real lake property. While most newer homes are built to strict regulations, there are some older homes that may not be built to modern health and safety standards. While some of these homes may be safe, there can be some problems with their construction. It's often possible to find electrical and plumbing problems in older homes. Over time, these can increase the risk of a home flood or an electrical fire. In addition, poor wiring inside a home can damage sensitive electronics like computers, laptops, mp3 players and televisions.
Prospective home owners should also research water tables when buying a new home that is near a lake. Most counties have a registry that lists the one hundred year flood levels for areas near a water source. This registry can help home owners plan for a potential flood in the future. While elevated homes may not be damaged by a flood, there are many lake homes that can be damaged by rising water levels. These homes should be built on a platform or other elevated surface.
In addition, homes near a lake may have differing rules surrounding insurance. For example, many homes that are near a water source may require optional flood insurance. Many private insurance companies do not cover floods. While they may cover fire and wind damage to a residential home, it may be necessary to buy supplemental insurance to cover the risk of a flood. The United States government offers a specialized flood insurance plan for homeowners who don't qualify for private flood insurance. This can be a great way to ensure one's safety if flood insurance isn't available.
It's also important to have a home inspected for mold and mildew. Many lake property for sale in Minnesota are exposed to high humidity for large portions of the year. Over time, this can increase the risk of mold growth inside the home. While some types of mold may just impact the appearance of a home, there are some types of mold that can be a health hazard. It's important to make sure that basements and rooms without ventilation are free from mold. In addition, some vents and air ducts can become a home to certain species of mold. Always have a professional home inspector check for the presence of mold before making any purchase decision.