Buying a lake community home in the winter

[WinnisquamZ]

Hesitant. Why? What’s your reasoning behind it.


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[Biggd]

Originally Posted by WinnisquamZ

Hesitant. Why? What’s your reasoning behind it.


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I think we are headed for recession, just my take on the current situation.

[thinkxingu]

Originally Posted by Biggd

I think we are headed for recession, just my take on the current situation.

Lotta signs agreeing with you...

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[Biggd]

Originally Posted by thinkxingu

Lotta signs agreeing with you...

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I hope I'm wrong, but the current situation has made me put a hold on big ticket purchases for the foreseeable future, necessities only.
I haven't felt this uneasy about the economy in over 16 years!

[FlyingScot]

I am also uneasy about the economy--too much uncertainty right now

[Susie Cougar]

Originally Posted by Biggd

I hope I'm wrong, but the current situation has made me put a hold on big ticket purchases for the foreseeable future, necessities only.
I haven't felt this uneasy about the economy in over 16 years!

She didn’t ask if the time was right to buy a home expecting a return on her investment. She asked about not being able to see certain things in the winter time under the snow.

My daughter was married in 2005, just when the economy was starting to crash, and bought a rowhouse in Baltimore that summer. The house went down in value year after year, but they had payments that they could afford and ended up living there for 18 years before they moved out to the county. They sold it for $25,000 more than they paid for it but they enjoyed every minute that they lived there.

[thinkxingu]

Originally Posted by Susie Cougar

She didn’t ask if the time was right to buy a home expecting a return on her investment. She asked about not being able to see certain things in the winter time under the snow.

My daughter was married in 2005, just when the economy was starting to crash, and bought a rowhouse in Baltimore that summer. The house went down in value year after year, but they had payments that they could afford and ended up living there for 18 years before they moved out to the county. They sold it for $25,000 more than they paid for it but they enjoyed every minute that they lived there.

The point is that, if the market slows, the OP won't be in as difficult a situation—houses wouldn't be selling out from under them, giving them more time to do their due diligence.

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[Biggd]

Originally Posted by Susie Cougar

She didn’t ask if the time was right to buy a home expecting a return on her investment. She asked about not being able to see certain things in the winter time under the snow.

My daughter was married in 2005, just when the economy was starting to crash, and bought a rowhouse in Baltimore that summer. The house went down in value year after year, but they had payments that they could afford and ended up living there for 18 years before they moved out to the county. They sold it for $25,000 more than they paid for it but they enjoyed every minute that they lived there.

I was responding to Thinkx, not the OP.
I've been around a long time, I'm 70. I know real estate is a great investment if you hold it long enough. But I also think of it as an investment, and when prices are topped out and people are reacting to FOMO, it's not a great time to buy.
The old saying in stocks pertains to real estate also, "be a fireman, run in when everyone else is running out".

[BillTex]

I disagree with some of what has been said. We never purchased real estate for an investment. We purchased property because we liked it and wanted to be there. Having said that, we always purchased in attractive areas (location, location, location).
We have bought/sold many properties over the years and always did well financially. Maybe luck of the draw? More Likely making solid decisions.
Lake property should always appreciate, whether waterfront or nearby. We have also owned ocean front, historic homes, etc.
I dont think you can go wrong purchasing property that has some kind of unique feature. It may take some sweat equity and/or time, but you should build equity.

To summarize: buy it because you like it. If the property has some kind of unique feature, you will build equity.
Life is short, don’t be afraid to take chances. It ain’t all about money! Do it because you want to.