How Much Does It Cost to Live on Lake Norman?
When many people think of Lake Norman Real Estate, they want to know how much it cost to purchase a Lake Norman Waterfront Home. Many don't realize there are several options that provide you with the 'Lake Lifestyle' without necessarily buying a waterfront home. For example, there are many homes that come with a deeded boat slip located inside of the neighborhood. Other homes have lake access within the neighborhood allowing you to pull your boat in and out of the Lake.
If you choose a home without a deeded boat slip or neighborhood lake access, there are plenty of Lake Norman public access points as well as Lake Norman marinas available. Another option for those who want to get out on lake without buying a boat is joining one of the many Lake Norman boat clubs in the area. When searching for non-waterfront homes you will find homes in a wide range of sizes, styles and price points.
If you are interested specifically in Lake Norman Waterfront Homes, there are several factors that contribute to the value of a home.
- Where on Lake Norman is the property.
- What type of view of Lake Norman does the property have.
- How much waterfront does the property have.
- What is the age and size of the home.
- Where on the scale from 'Move In Ready' to 'Fixer Upper' does the property fall.
It's difficult to isolate each factor to determine how much each one of these variables influences the value of a property as they all work together to derive the price. But let's take a look generally at how each factor contributes to cost.
Where on Lake Norman is the property?
Holding all other variables constant, homes on the southeast side of Lake Norman are more costly. Homes and Condos in the cites of Cornelius, Davidson and Mooresville are more expensive than other parts of Lake Norman because of the amenities offered in the area and the close proximity to Charlotte. There are numerous dining, shopping and nightlife opportunities around and it's a straight shot to Charlote from these cities down I-77. Next on the list, comparatively speaking, is Denver on the west side of Lake Norman. Denver also has direct access to Charlotte via highway 16. Sherrills Ford, Terrell and Troutman on the north side of Lake Norman, relatively speaking offer the best value in terms of cost.
What views of Lake Norman does the property have?
Every waterfront home has its own unique view of Lake Norman. Typically, main channel views add more value to a home compared to cove views. It's important to note there are lots of variations within these two groups. Some homes boast expansive 7 mile main channel views of the Lake while others are located on the main channel but the views may be limited by geography or structures like bridges and roads. As far as cove views are concerned, some homes look across a wide or small cove while others look down a cove potentially giving you a better view. For many people the 'perceived' value of a home's view depends on their personal preferences and how they intend to use their waterfront home. For example, some people prefer a cove because their is less traffic and the water is calmer for swimming and floating.
How much waterfront does the property have?
Having a lot of water frontage typically increases the desirability because the yard feels more spacious and private. Additionally, the rules that determine the allowable length and size of a pier are based in large part on the amount of water frontage.
What is the age and size of the home?
Just like most properties that are not waterfront, homes that are larger and newer cost more. In regards to waterfront homes, it's harder to find new homes in the areas that have been developed the most and therefore increases their desirability and value. Moreover, larger homes generally are on larger lots with more waterfront which contributes to the value beyond the square footage.
Where on the scale from 'Move In Ready' to 'Fixer Upper' does the property fall?
You will find that many of the waterfront homes that are at the entry price point are 'fixer uppers'. The amount of work that a buyer will have to put into the home will influence the cost. As a home moves along the scale to 'move in ready', the more it increases in value.
What is the entry price point for a Lake Norman Waterfront Homes?
The entry price point will vary depending on where you are on the Lake Norman but generally speaking the entry price point for a home with decent water and lot starts around $500,000. Under that price point, you will typically find homes with one or more of the following characteristics:
- Older style 'lake houses', 'fixer uppers', cottages/cabins or manufactured homes.
- The water may be limited
- Lots may be steep or small.
For many, finding a Lake Norman Waterfront Cabin or a 'fixer upper' is just what they had in mind. If that's you, then Search Lake Norman Waterfront Homes $500,000 and Under.
Lake Realty's agents are ready to help you find the best value.
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