10 Tips for Buying a Waterfront Home For Sale on Lake Norman

Beth Sterner
Beth Sterner
Published on July 24, 2016

 Are you looking to buy one of the many waterfront homes for sale on Lake Norman? The Mooresville area offers an extensive amount of amenities both on land and on water. When making your decision you will want to consider lifestyle, affordability and maintenance of owning a lake home. We are fortunate to have several area lakes, surrounding Charlotte, NC, to enjoy during the Spring and Summer months. Lake Norman, Mountain Island Lake, Lake Wylie, High Rock Lake, Badin Lake, and Lake Tillery. The great thing about our local lakes is the ability to own property and live right on the water. Many people make it their goal to buy one of the waterfront homes for sale on Lake Norman and have the luxury of spending countless hours on their boats and other watercraft’s each year. Whether you are considering to purchase a lake house for sale on Lake Norman or another North Carolina lake in the the future or are ready to start looking today, there are few things you need to consider before making an offer on a waterfront home for sale. You should be aware of the possible risks and issues that can arise when purchasing one of the waterfront homes for sale on Lake Norman or other lake. Here are 10 Tips For Buying a Waterfront Home For Sale on Lake Norman. These tips also apply to other North Carolina Lakes.

lake norman waterfront

Will you be able to get a loan?

The very first question you need to ask when buying any home is whether or not you will qualify for a loan. The values of waterfront homes for sale on Lake Norman can considerably higher than comparable homes in regular neighborhoods. The more expensive a home, the larger the loan you will need to get. The mortgage lenders only give out these big loans to the most qualified of buyers. Doing your homework on the right loan options for you can save you thousands of dollars over the life of you loan. Please read my guide to smart home financing.

lake norman waterfront

Will you be happy with your Lake Norman waterfront home and land?

Just like with any home purchase, you have to consider both the quality and condition of the home itself and the property the home sits on. When looking at waterfront homes for sale on Lake Norman, unless your price range is very high, you will come across beautiful homes on not so nice lots and run down homes on beautiful lots. The biggest drawback to a not so perfect situation is the added cost of either renovating the home or making costly landscaping upgrades to improve your waterfront living on Lake Norman.

lakefront property lake norman

Are you actually getting a waterfront property?

In Lake Norman real estate the term waterfront does not always mean your property will actually extend to the water. You will also want to find out if anyone is able to use your property along the shoreline of Lake Norman, and if any docks, roads or other areas are used by others. Having a private beach is not always reality depending on where you are buying a waterfront home for sale Lake Norman. I would advise taking a close look at the land survey and talk to your top Lake Norman Realtor and a real estate attorney to get a clear picture of what you are buying.

HOA for waterfront community

Does the Lake Norman neighborhood have a homeowner’s association and what is expected of you?

In the Lake Norman area there are a lot of waterfront neighborhoods that have homeowner’s associations or HOA’s. You will need to find out all the neighborhood covenants and HOA fees to make sure you are okay with what is expected of you. You may not be able to use the type of privacy fence you have grown to love at your previous home, or you may need to pay for storage of your RV that will no longer be parked in your driveway. Make sure you get the legal documents from your Realtor regarding the HOA and review thoroughly before offering to purchase a Lake Norman waterfront home for sale.

waterfront home neighbors

Are the neighbors happy living on Lake Norman?

Along with reviewing the HOA covenants, it is equally as important to talk to the neighbors adjacent to the Lake Norman waterfront property you want to buy. They can give you inside information about what you can expect when purchasing the waterfront home for sale on Lake Norman. You may find out information regarding the relationship of homeowners and the HOA as well as how the water is utilized by others in the community. It will also be your last chance to find out if you will like the people living around you.

lake norman winter

Will you like Lake Norman?

Not all Lake Norman waterfront neighborhoods offer amenities. You will want to find out what amenities the waterfront homes for sale on Lake Norman have to offer. Knowing the amenities, Lake Norman itself, has to offer is a great question to ask. You want to make sure the lake will provide enjoyment for you. If you are a swimmer, is the water something you will be comfortable swimming in? If you are a fisher, how good is the fishing and what type of fish can you expect. Another good thing to know is what is Lake Norman like during the summer, or winter? Living on a lake is a lot different during the winter months that the summer when you can enjoy the water and recreation (unless you are into the polar bear plunge). As a Mooresville, NC resident and frequenter of Lake Norman, I can tell you we have a lot of great restaurants on the lake. Mooresville is also home to many family fun attractions and is known as Race City USA. Lake Norman’s shorelines extend to various cities including: Mooresville, Davidson, Cornelius, Huntersville, Troutman, Statesville, Sherrills Ford, Terrell, Denver, West Port and a few others. You will want to find out the local amenities and things to do during the year to decide where you will be most happy living.

lake norman weather

Will the waterfront home withstand the environment?

Many of the homes for sale on Lake Norman may have been there for 30 years or more. How well was the home constructed? Does the insulation meet code for your area? Is the home built to withstand the wind coming off the lake or any severe weather that may hit the area you want to live. I always recommend hiring a good home inspector and termite inspector to make sure your home is sound and free of costly repairs. The North Carolina climate is fairly mild; however, in the Lake Norman area we can get snow from time to time and the Summers can be wet and humid. The lake home you want to buy should have good insulation, solid foundation (free of termites), good roof condition, and other structural aspects that can be found during home inspection.

lake norman waterfront home

What are the maintenance costs for a Lake Norman home for sale?

Waterfront environments can cost you a lot more every year in maintenance. Because of the increased moisture around your lake home and the erosion of the land at the waters edge, you may be in for a financial pit-fall you were not expecting. If the numbers work to get you into one of the many waterfront homes for sale on Lake Norman, but you can’t afford to pay for upkeep of the home and land, your good investment will turn into a bad one. On Lake Norman there are a variety of waterfront homes for sale that are situated on either the main channel or tucked away in a quiet cove. The water views are obviously more surreal on a main channel lot, but you will have more upkeep in regards to water erosion and dock maintenance.

lake norman home insurance

How much does it cost to insure the lake home?

Waterfront homes on Lake Norman often come with higher insurance premiums and deductibles. You will need to consider the cost of insuring your investment when deciding if you can afford to live on the lake. I recommend speaking with an insurance professional in your area before taking the leap into waterfront living on Lake Norman.

boating on lake norman

Will your lifestyle needs be met by living on Lake Norman?

After reading all the above tips, you will want to ask yourself the most important question. Will buying one of the lake houses for sale on Lake Norman allow for long term happiness with your lifestyle? You don’t want to lose sight of why you want to live in a Lake Norman waterfront home in the first place. Does the Lake Norman property have, or allow for, a pier/dock to keep your boat. Some Lake Norman waterfront properties do not have enough shoreline to meet the permit requirements for a dock. If you plan on spending time on your boat and you have to store it miles away, will you still use it regularly. In this case you may find a Lake Norman waterfront home for sale that is in close proximity to docks where you will be able to keep your boat. If your idea of waterfront living is peaceful and quiet. If it is then the idea of boats and other watercraft going by your Lake Norman home constantly will ultimately ruin your piece of paradise. As I stated previously, there are a variety of waterfront homes for sale on Lake Norman with different settings, from an open water lot to quiet and calm cove lot.

local lake norman realtor

 Find a TOP Lake Norman Realtor Who Knows Waterfront Property in Your Area!

When taking the next step toward owning one of the variety of waterfront properties for sale on Lake Norman, you should find a real estate agent that has experience with waterfront homes and lots on Lake Norman. A good agent will discuss your wants and needs in a lake property and guide you to those that fit your requirements. A knowledgeable Realtor will also be able to guide you through all the steps I have discussed above to make sure you are making the best decision. If you are selling a waterfront property on Lake Norman, a good agent can also be beneficial and know how to sell the waterfront lifestyle. I have years of experience in Real Estate Law, which has been very beneficial to my clients. Those who purchase waterfront homes for sale on Lake Norman, or other area lakes, will want a top local realtor who knows the area and how to find out restrictions for individual waterfront homes for sale on Lake Norman.

Find Your Lake Norman Waterfront Home For Sale!

Mooresville                                 Statesville

Davidson                                      Sherrills Ford

Cornelius                                     Terrell

Huntersville                                Denver


Additional References for Local Lake Living

Visit Lake Norman – information about the Lake Norman area.

Visit North Carolina – information about North Carolina Lakes and Rivers

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