A lot of the people who contact us about buying property on Kentucky Lake or Lake Barkley are looking for a place where they can enjoy lake life without taking on a big house and a lot of maintenance. Many are downsizing from a larger home and want something simpler, but still want a place where they can spend weekends with family and friends, enjoy the water, and keep a boat nearby.
One option that sometimes gets overlooked is a lake condo. Condos can offer the lake lifestyle with less exterior maintenance, and some communities offer amenities such as pools, docks, boat slips, and beautiful water views.
If you’re considering a lake condo, we’ve put together some of the questions we hear most often from buyers. Here’s what you should know as you start your search.
What should I know about the HOA before buying a lake condo?
The HOA is an important part of condo ownership, so we always recommend taking a close look at the association before you buy. HOA fees vary from one community to another and may cover things such as exterior maintenance, landscaping, roads, pools, docks, common areas, insurance on common structures, trash service, and other amenities.
Don’t just look at the amount of the HOA fee. Find out exactly what it covers, whether increases are planned, and whether the association has adequate reserves for future repairs. It’s also important to understand the HOA rules, which may cover things such as pets, parking, rentals, exterior changes, and how you can use your unit.
There is also the possibility of a special assessment, which is an additional charge to owners when the association needs money for a major expense that isn’t covered by the regular budget or reserves. We can help make sure you have access to the HOA bylaws, financial information, and contact information for the association so you can make an informed decision.
Can I use my lake condo as a short term rental?
Maybe. If rental income is part of your plan, this is something you need to investigate before buying. Some lake condo communities allow short term rentals, while others have restrictions or don’t allow them at all. There may also be rules about minimum rental periods, parking, guests, or how rentals are managed.
Don’t assume that because another condo in the development is being rented, you can automatically do the same. The HOA documents and applicable local regulations should be reviewed before purchasing.
What amenities do lake condos offer?
One of the fun things about looking at lake condos is discovering what each community has to offer. Depending on the development, you may find pools, community pavilions, clubhouses, community docks, lake access, and beautiful views of the water. For many buyers, a condo can provide access to those amenities and lake views without the price tag that often comes with a comparable single family waterfront home.
But one of the most overlooked benefits of condo ownership isn’t a physical amenity at all. It’s the sense of community.
We recently worked with a couple who were on the fence about purchasing a condo. As we toured the property, they started meeting some of the other residents. Before long, they had met several neighbors and were making connections with people who shared their love of the lake. It was a great reminder that buying a condo can be about more than the property itself.
Many lake condo communities have social gatherings, neighborhood activities, and plenty of opportunities to get to know your neighbors. For some buyers, that sense of community can be one of the best parts of condo ownership.
Can I keep my boat at the condo?
This is an important question for anyone who plans to bring a boat to the lake. Some communities have docks, boat slips, or boat storage available to owners. In others, you may need to rent or purchase a slip separately or use a nearby marina.
If having your boat close by is a priority, we’ll want to look carefully at exactly what comes with the condo and how the dock and slip arrangements work. A slip may be included with the unit, assigned separately, available for an additional fee, or something you’ll need to arrange on your own.
Can I make changes to the unit?
The HOA may have rules about renovations and exterior changes. Things such as doors, windows, decks, landscaping, and other improvements may require approval, particularly if they affect the building or common areas.
If you’re considering a renovation or other changes, it’s a good idea to find out what is allowed before you buy.
What about insurance?
Insurance for a condo is different from insurance for a single family home. The condo association typically carries insurance on certain portions of the building and common areas, while the individual owner has their own policy for the unit and personal property.
Exactly what is covered by the HOA’s policy versus your individual policy can vary, so we recommend talking with an insurance professional before purchasing to make sure you understand what coverage you’ll need.
What should I look for when touring a lake condo?
Of course, you’ll want to look at the condo itself, but don’t forget to look at the entire community.
Think about the things that are important to you about lake life. How is the view? How easy is it to get to the water and your boat? Is there enough parking and storage? What condition are the docks, roads, buildings, pool, and other common areas in?
You’ll also want to think about how you plan to use the condo. If you expect family and friends to visit often, make sure the layout works for the way you want to spend your time at the lake. A condo can be a great alternative to a lake house, particularly for buyers who want less maintenance. Instead of being responsible for the exterior of the property, lawn, roads, docks, and other shared amenities, those responsibilities are handled through the condo association. In return, you’re sharing ownership and responsibility for those common areas with the other owners.
Is a lake condo right for you?
For many buyers, a condo offers a really appealing combination: lake life with less maintenance. You can have a place at Kentucky Lake or Lake Barkley, enjoy the water, meet your neighbors, and take advantage of community amenities without taking on everything that comes with owning a standalone lake house.
The key is finding the community and condo that fit the way you want to enjoy the lake. If you’re considering a lake condo on Kentucky Lake or Lake Barkley, we’re happy to help you compare the different communities, understand what comes with each property, and figure out which questions you should be asking before you make an offer.
After all, buying a place at the lake should be about enjoying the lake. We want to help make sure the property you choose lets you do exactly that. Interested in learning about your condo options? Give us a call to learn more at 270-752-0402 or email Jennifer@kylake.com.