Buying

Whether you're interested in Lewis Smith Lake real estate or homes for sale in Lewis Smith Lake, The King Team ensures your buying experience is enjoyable and stress-free. You're the boss; we're here to provide comprehensive education on the area, market trends, and buying strategies. Most importantly, we protect your interests. We eagerly look forward to the challenge of finding your ideal property.

Homeownership is the largest source of wealth for families. The median value of a primary residence is about ten times the median value of financial assets. Housing wealth builds through price appreciation and mortgage payments. Nationally, a homeowner who bought a single-family home 10 years ago could have gained $225,000 in equity if sold at the median sales price of $363,100 in 2021 Q3 (National Association of REALTORS).

Renters miss out on equity, mortgage interest deductions, and long-term wealth-building benefits. Although buying a home can be initially expensive, it’s almost always a better investment in the long run. Homeowners’ household wealth is 1,469% higher on average than renters, excluding home equity (Forbes Magazine).

1. How long has your REALTOR been in business? Look for 5+ years of experience.
2. Is your REALTOR full-time? Ensure they are available nights and weekends.
3. How many homes have they closed in the last 12 months? Aim for over 20 to ensure they are market-savvy.
4. Request a Buyer’s Consultation. Discuss your needs, market conditions, and buying strategies.
5. Inquire about the age of major home systems like the roof, furnace, and hot water tank.
6. How long has the home been on the market? Sellers of long-listed homes might negotiate more.
7. Ask about known defects and request a Home Disclosure document.
8. Before making an offer, get a reverse CMA to ensure the home is priced correctly.

Lakefront properties in Lewis Smith Lake are scarce and highly demanded, making them excellent investments. Here are key questions to consider:

1. What is the lake’s water quality?
2. Does the lake level fluctuate? Who controls this?
3. Who owns the lake and the dam?
4. Will your property have year-round water?
5. Is there a Lake Association? Check dues and bylaws.
6. Does the property require flood insurance? Get a quote.
7. What is the shoreline like in summer? Consider depth, weeds, and water traffic.
8. What types of water vessels are allowed?
9. Check for deed restrictions. Review the deed for easements and rights-of-way.
10. Is the property part of a Condo or Homeowners Association? Review covenants and bylaws.

Breaking into real estate investing through vacation rentals is promising. The global vacation rental market, valued at $87.09 billion in 2019, is expected to grow at a 3.4% CAGR, reaching $113.9 billion by 2027. The US leads this market, generating $19,390 million in 2023 (Statistica).

When considering Lewis Smith Lake vacation homes:

• Work with experienced REALTORS who own and manage vacation rentals.
• The King Team has over a decade of success in vacation rentals. Ask for a consultation to leverage their expertise.