Buying a home in a lake community in Calgary can be a dream come true for many. With picturesque views, recreational opportunities, and a tight-knit community atmosphere, these neighbourhoods offer a unique living experience. However, purchasing a property in such a desirable area requires careful consideration and planning. Here are some tips to help you make an informed decision when buying in a lake community in Calgary.
Understand the Benefits and Lifestyle
Living in a lake community has numerous advantages, including access to water sports and fishing opportunities and beach areas for swimming, picnics, and more. A lakefront community also offers a serene environment’s natural beauty and tranquillity. Many lake communities host regular gatherings and activities, fostering a strong sense of community.
It is also important to consider that Calgary’s varied climate means adapting to different activities throughout the year, from summer swimming to winter ice skating and that waterfront properties often require more maintenance due to exposure to water and weather elements.
Research the Communities
Mahogany in the southeast (just off the 201) is known for its large lake, vibrant community center, and extensive amenities. Just west of Mahogany is Auburn Bay, a community featuring a beautiful lake, a strong community spirit, and numerous parks and schools. Just west of Deerfoot is Lake Bonavista, one of Calgary’s original lake communities that offers mature trees, established amenities, and a rich history.
When looking at amenities in a lake community, look for facilities like community centers, parks and playgrounds, and schools that meet your needs. Investigate projects that might enhance or impact the community, such as new schools, shopping centers, or road improvements.
Financial Considerations
It should come as no surprise that homes in lake communities typically sell at a premium due to their desirable location. When deciding on your budget, factor in homeowners association (HOA) fees, which cover maintenance of common areas and amenities and any special assessments for major community projects. All three communities mentioned above have HOA fees but will vary in price between communities.
Explore mortgage options for waterfront properties with different requirements or interest rates. Ensure you have adequate insurance coverage for potential risks such as flooding or water damage, which can be more prevalent in lakefront properties.
Property Inspections
It’s important to have a home inspection completed before closing the sale on any property. When considering a lake community property, a home inspector experienced with waterfront properties can be a valuable asset. Assess the home’s foundation, roofing, and overall construction quality to ensure it’s in good condition. Check for signs of moisture, mould, and erosion, which can be common issues in lakefront homes.
Community Engagement
Attend neighbourhood events to meet residents and get a feel for the community’s atmosphere. Join local social media groups or forums to stay informed about community news and events. Engage in community projects and initiatives to build relationships and contribute to the neighbourhood, and consider joining HOA committees or boards to have a say in community decisions and improvements.
Long-Term Considerations
While you may plan to purchase your lake community home and keep it forever, it is still important to continually consider resale values. Research historical price trends in lake communities to gauge the potential for property value appreciation. Invest in upgrades that enhance enjoyment and value, such as landscaping, dock maintenance, or modernizing interiors.
Reflect on whether the lake community lifestyle aligns with your long-term goals and daily routines. Consider the suitability for all family members, including children and pets, regarding safety, amenities, and community offerings.
Buying a home in a lake community in Calgary is a significant investment that promises a unique and rewarding lifestyle. You can make an informed decision by understanding the benefits, conducting thorough research, and considering financial, legal, and long-term factors. Embrace the vibrant community life, enjoy the stunning natural surroundings, and create lasting memories in your new lakefront home. Reach out to a Benchmark Realtor to find the best lake community for you! Happy house hunting!
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