Owning a lakefront home (or condo) at Oklahoma’s Grand Lake sounds like a dream come true and a great investment to lots of people, but it can come with both pros and cons.
Yes, lakefront real estate comes at a higher price, but the return is often worth the cost.
But just like with any other investment, there are good times and bad times, as we’ve all learned with the high water start to the summer season at Grand Lake in 2019.
Even with all the good things, there are just some things that are out of your control.
Let’s start with the GOOD news.
The Pros of Owning a Grand Lake Waterfront Home
There are lots of great benefits to owning a lakefront home at Grand Lake.
Your Own Private Dock
One of the great things about Grand Lake is that you own your property all the way up to the lake. Unless you are in a development that has dedicated common area along the shoreline, as many of the local real estate developments do.
Bottom line, in many cases, the Grand River Dam Authority is your neighbor.
For this reason, it’s possible for you to have your own private dock attached to your property at Grand Lake – which is a GREAT benefit [most of the time, see below].
Memories to Last a Lifetime
One of the great joys of owning your own lake home is the memories that are made.
Whether it’s a July 4th holiday with tons of friends and family enjoying the lake-life and summer fun, or it’s just you and your dog along the lakefront catching fish or watching the sunrise or sunset – there are memories made everyday.
Believe it or not, purchasing a home at Grand Lake will provide you with your very own, less-expensive getaway.
Trips are less expensive, as you already have a place to stay that is included in your budget. And typically, a place to stay is one of the most expensive parts of a solid vacation.
If you enjoy coming to the lake throughout the summer and on holiday weekends, you’ll save a bundle on your vacations if you own a lakefront home.
A Good Investment
Another great benefit of owning lakefront property is the high market value it provides.
Lakefront homes and condos are least affected by changing property market trends.
Of course, any investment involves risk, but typically lakefront real estate appreciates over the long haul – or, at least, doesn’t lose value.
As they say, they aren’t making any more of that waterfront property!
Income From Your Lake home?
Lakefront homes have high market values, but they’re also easy to rent out as a Grand Lake vacation rental.
Renting out your lakefront home through the various online vacation rental websites can provide you with a significant profit.
With so many options on places to stay at Grand Lake, many folks are willing to pay more the great experience of staying in a lakefront home.
These visitors are happy to pay a higher price – especially if there is access to a dock.
Finally, from experience, I can tell you one of the greatest benefits of your lake home is the serenity it provides.
With the exception of those busy summer weekends, like at Grand Lake provides a little different pace of life to that found in larger cities.
It’s quiet. It’s peaceful (mostly, ahem… fireworks). And it provides a perspective that so many miss.
The Cons of Owning a Grand Lake Waterfront Home
We’ve gone over the good, now it’s time for the not so good.
Storms and Weather Damage
One of the biggest concerns with purchasing lakefront property is storm and weather damage – especially if this is not your primary residence.
The early summer of 2019 has been a harsh reminder of just that with damaging storms and a record-long period of high water levels.
Whether it’s damage to your dock or to your property from the record high water or passing storms, this is always a concern when you have a big investment in a lakefront home.
With that said, if you invest in a condo, you may not have to worry about roofing, landscaping, and siding. And if your unit is on a higher level, flooding may also not be an issue.
If you are not in a development that takes care of common areas and maintenance, it’s important that you are friendly with your neighbors – or have a local caretaker – so you can stay on top of this.
Of course, there are lots of great contractors around Grand Lake that can help you out with everything from your dock to your roof – and everything in between.
Partying Neighbors and Guests
This one might be a little controversial, but partying neighbors and guests can sure be a distraction – a con – when owning Grand Lake property.
Now there are a lot of people who think the party lifestyle is what it’s all about – come to the lake to party, party, party and there are no (well, few) rules.
Many, however, don’t agree. (And that does NOT mean that these folks are against a good time!)
There are a lot of folks who live and work at the lake. And so the ‘party never ends’ mantra can be something that takes away from the reasons you come to – or live at – the lake.
It’s weird that people think they can go to somebody else’s neighborhood or home and act in ways they would never dream of acting at their own home.
Anyway… not a con for everybody, but something to think about.
Do You Own That? –
One of the most important things you can do is to make SURE you get a survey when you buy a Grand Lake home.
And not just a mortgage survey… I’m talking about a full-blown survey.
It is super important when you buy or consider buying a Grand Lake property that you find out exactly what the property entails.
There are numerous instances of property encroachment on to GRDA property, as well as other neighbor’s private property, through the Grand Lake region – and that means nothing but headaches for you.
So, check it out and make sure it’s right.
You can find out more about this topic in this article talking about the #1 mistake people make when buying a lakefront home at Grand Lake.
More Pros Than Cons
The bottom line is this… there are plenty of pros and cons of owning a lakefront home at Oklahoma’s Grand Lake.
If you – and your family – are into spending time at the lake, then Grand Lake is one of the best lakes in the entire country for you to own a waterfront home.
With private ownership right up to the lake boundary [GRDA really is your neighbor], there is a bundle of rights associated with your ownership that is not found at the majority of lakes – not just in Oklahoma, but anywhere.
So come on!
But just make sure you cover your bases so you can minimize the cons that can come up.
As long as you do that, you are going to LOVE your Grand Lake Living!
And to get even more of your Grand Lake real estate questions anwered, visit The Ultimate Guide To Grand Lake Real Estate HERE.