Whether you want to invest or buy a home on Lake Travis, you will certainly not be disappointed. Even though it might seem difficult to maintain a waterfront property, owning one comes with too many perks to pass. But before you embark on this journey, there are things you should consider and keep in mind. We’ve prepared a few essential tips to help you prepare for buying a Texas property on Lake Travis.
Are you buying a new home and moving?
Lake Travis is an artificial lake formed by the damming of the Colorado River. If you love being close to nature but want to have quick and easy access to an urban setting, Lake Travis is the place for you. As it’s only 20 miles away from Austin, you’ll have all the benefits of an urban area, but you’ll also be surrounded by stunning scenery and nature.
Before the team from Heavenly Moving and Storage assist you with your relocation, here are a few things you should know about Lake Travis, Texas:
- Location. Lake Travis is very close to Austin. Who wouldn’t love to have everyday access to the city that’s been voted no. 1 best place to live in the US?
- Weather. It might take some time to get used to the heat, but otherwise, the weather in this area is excellent. Throughout the whole year, you can expect pleasant temperatures.
- Comfort food heaven. The cuisine in the area is delicious and diverse. And if you are a fan of beer, make sure to check out some of the amazing breweries.
- Job opportunities. Many Fortune 500 companies are located in Texas, most of them in Austin. The main industries are technology, health care, construction, retail, finance, leisure, and hospitality. There are plenty of job opportunities in both Austin and Lake Travis.
- Things to do. One of the best things about living next to Lake Travis is that you always have something to do. From various lake activities to dining in great restaurants, it’s never dull there.
Things to keep in mind when buying a property on Lake Travis
You need to pay attention to a few things if you want to buy a waterfront house. Lake houses come with common problems, different insurance requirements, and other things you should have in mind.
Set a realistic budget
Before starting your real estate adventure, the first thing you should do is analyze your finances and set a realistic budget. Getting pre-approved for a mortgage is a good idea, too. It will make you look like a serious buyer. Also, make sure to talk with several lenders before making your final decision. You want to ensure you’re getting the best possible deal.
If you want to buy a family home and move close to Lake Travis or Austin, you need to be mindful of moving costs. You will need to hire experts that work in this area to help you relocate with minimal stress. Make sure to count those expenses into your budget to stay on the safe side and avoid unexpected financial surprises.
Another thing you should consider is insurance. Waterfront homes have an increased risk of flood or even earthquake damage. Therefore, make sure to do your research. You don’t want to find out that the insurance is cost-prohibitive when it’s time to sign the contract.
Find a great real estate agent
When buying a property next to a lake, finding an experienced waterfront real estate agent is crucial. Waterfront homes aren’t simple, and you need someone who has enough knowledge and expertise to help you make a good choice.
The waterfront property market is pretty unique, and your agent should be familiar with it. A good agent is your best ally in this process, so make sure to interview several before making your decision.
Get a home inspection
Although water is easy on the eyes, it can be really hard on a home. If the previous owner didn’t keep it in good condition with regular maintenance, property damage is something you need to watch out for. Unique conditions created by a large water surface can affect wood, metal, and even stone.
For that reason, it’s essential to perform a home inspection before investing in your new waterfront property. For instance, there could be signs of water intruding into the basement, corrosion on the exterior, issues with mold, etc.
Buying a property on Lake Travis as an investment
Lake Travis is a popular tourist destination that offers excellent recreational opportunities. From swimming, waterskiing, and even scuba diving, you will never be bored. Since the lake is huge, you’ll also be able to see many sail and party boats.
On top of water activities, you can find some of Texas’s best golf and tennis courts here.
If you are planning to buy a vacation home and rent it, there are certain things to keep in mind besides the ones we’ve listed above.
- Access to utilities – Make sure that the home you choose to invest in doesn’t have limited access to utilities. Even though people will come here to enjoy nature, peace, and quiet, they will probably want internet and cable access.
- Rental income – Keep in mind that you probably won’t have rent income during the entire year. You can expect a steady income during summer, but that won’t be the case all year long. You need to be prepared to handle maintenance during the off-season.
- Higher insurance costs – Given the proximity to the lake and risks of water damage, your homeownership insurance might be higher.
The bottom line
Whether you are moving to this gorgeous area or planning to invest, buying a property on Lake Travis is an exciting adventure. We wish you the best of luck!
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