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Most folks have only so much money to spend on a lakefront property. After conferring with a reputable mortgage broker, lakefront buyers have a pretty good idea of what they can afford to spend . (Need the name of a good mortgage broker? Let us know.)
Determing how much one can spend is a lot easier than determining what to spend it on. Let's say your budget indicates that you can afford to spend $400,000 on a lakefront home.
Here are your 5 choices:
1)One can purchase a $300,000 house on a $100,000 lot
2)One can purchase a $250,000 house on a $150,000 lot
3)One can purchase a $200,000 house on a $200,000 lot
4)One can purchase a $150,000 house on a $250,000 lot
5)One can purchase a $100,000 house on a $300,000 lot
Once acknowledging these five, choices 9 out of 10 people select a 6th choice. That is, a $300,000 house on a $300,000 lot. Unfortunately, this choice does not work with a $400,000 budget even in this extraordinary buyer's market.
You might ask "What would Mr. Lakefront do if presented with these same choices?" My advice: Buy the best lot possible with a house that meets your minimum requirements. How come?
Two reasons: First, a lakefront home is an investment. What appreciates over time is the lot, not the house. Secondly, you can change the house but not the location.
My advice is not usually welcomed very warmly. "But I want a place I can be proud of ", "I want a place that will impress my sister and her snooty husband", or "I want a place large enough to accommodate the kids and the grand kids." I've heard it all.
So what choice would Mr Lakefront make? With a $400,000 budget I would select #4 - I would buy a $250,000 lot with a $150,000 house.
When making this selection I realize that the lot will be terrific and the house rather plain. But I can fix the plain Jane. Because I know there are interior designers that can turn the proverbial "sow's ear " into a silk purse. A good interior designer can turn an average looking place into a dazzling show place. They have a team of loyal subcontractors who perform good work within a budget.
So the next time you enter a lakefront home with shag carpeting, avocado kitchen appliances, dark brown cheap masonite paneling, and orange formica countertops don't turn away too quickly. If the lot is good to great, maybe with the right help you, too, can turn that "sow's ear into a silk purse."
Need the name of a great interior designer? Let us know. We can help you find one.
We love Maine lakes and want to share them with you.
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For Maine lakefront homes in your price range in the region of your choice check out Lakefront Locator.
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Last fall, at season's end, we, at Mr Lakefront, asked over a thousand regular visitors to our website a simple question: "How can we make our website more helpful to you, the lakefront buyer?"
Quite frankly, we were very gratified by the response. Not just by the number of respondents, but by the quality of their input.
After reviewing each request for value and feasibility, we put our web developer on the case. We are now happy to announce the release of Phase 1. Check out the following enhancements on our website at http://www.mrlakefront.net/ .
Search by Lake Size - Let's face it, some folks like small lakes and ponds. They want to kayak and canoe in peace. You don't need to be a member of the Birkenstock crowd to tire of the wake and buzzing of powerboats as you're trying to enjoy an afternoon in the canoe. On the other hand, powerboaters want to be on large bodies of water so that they can explore God's wonders at 50 mph and enjoy those recreational activities that only come with larger bodies of water. With our new Lake Size feature, you can search for properties on our website using lake size as a sorting criteria. Check it out on our Lakefront Locator. You'll find this new feature after you've selected the type of property and region that you want to look in.
Search Results with Lake Info - After finding just the right house, one starts to wonder about the size, clarity and depth of the lake or pond the property sits on. Well, wonder no more. When you execute a search and recieve your results, you'll notice a Lake Info button at the bottom of the lakefront property listing. That will take you to lots of information about that specific lake or pond.
Search Results Listed "Low to High" or "High to Low" by Price Point - now one can choose which way your search results are listed. See Lakefront Locator.
Search Results Display Property Address - We can't take the credit for this one. Until recently we weren't allowed to share property addresses with folks who were not yet our clients. Now we can. With each new listing, addresses will appear. Older listings with no addresses will fall away as they are sold.
Coming Soon! - Phase II, featuring more updates to help you search for that perfect lakefront property. Stay tuned!
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House hunting for a lakefront home is hard work. One can certainly work up a hearty appetite by around lunch time. Resist the temptation to indulge in another burger or salad. Be adventurous!! Eat like a Mainer.
"Italians" - Folks "from away" are often startled when they see road signs outside convenience stores that read " 3 Italians- $5.95 ". Let me assure you that no funny business is going on here. An "italian" here in Maine is an italian sandwich that is uniquely a Maine invention.
An "italian" is not a submarine sandwich. Nor is it a grinder, po'boy, hero, or hoagie. Sometime around 1903 in Portland, Giovanni Amato added meat,cheese and fresh vegetables to his soft baked rolls and a Maine classic was born.
You will find an "italian" free of lettuce, mayonaise or mustard. An italian is made of boiled ham, american cheese, chopped onion, tomato, green pepper, thinly sliced sour pickle and black or green olives. Oh, and salt, pepper and oil.
Italians are cheap which accounts for part of their popularity. But they taste great. You can always get one at Amato's still today. But most hole in the wall convenient stores have good ones too. I must warn you these italians are as addictive and delicious as Sophia Loren so consider yourself warned!!!!
"Jordan's Red Dogs" - I was about 6 or 7 years old when I stumbled into Boody's General Store in North Windham and saw Jordans Red Hot Dogs for the first time. They were behind the meat counter in the refrigerated case. These hot dogs were bright red !
Back in 1895 Jordan's Meats in Portland decided to differentiate their Hot Dogs from their competitors and dyed the casings of their hot dogs bright red. Although they taste somewhat like hot dogs found in the other 49 states they are served and prepared a bit differently.
Jordan's Red Dogs are NEVER boiled or heaven forbid nuked in a microwave. They are steamed or grilled. However, one mustn't ever allow the casings to split. If prepared properly the red casing should snap when you take a bite. Mainers always order 2 red dogs. You will surely identify yourself as a person from away if you only order one. I like them best with mustard and Cain's relish. HOLD the ketchup!
"Whoopie Pies"- The Chocolate Whoopie Pie can be found throughout the State of Maine in every convenience store. It is the diet breaker of choice.
Whoopie Pies are now made by many a baker throughout Maine. But I still prefer those from the originator. Since 1925, Labadie's Bakery in Lewiston have been baking up a wide assortment of whoopie pies. But I like the original Chocolate with vanilla filling.Whoopie Pies are available in different sizes. 5", 12" and a 16" . If you're presently dieting you must throw caution to the wind and try this wonderful confection.
This is just a sample of the culinary delights found here in every day Maine. Make sure you sample them on your next house hunting trip.
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It's no secret that the national slow down in real estate has also effected the real estate industry here in Maine. The nationwide boom period from 2003 to 2005 brought thousands of folks from other walks of life into the industry.
In western Maine, the membership of the Western Maine Board of Realtors exploded in that two year period from 150 to 300 members. Folks from a variety of backgrounds who had never thought of being real estate agents were now drawn to the real estate industry with the dreams of making easy money.
Things began to change in the late summer of 2005. The flood of buyers began to recede. Without an established clientel, new-to-the-industry agents found the dream of getting ahead had turned into the reality of just getting by. One particular new agent I know of went from earning $40,000 in 2006 to $10,000 in 2007 - and that story is not unusual.
However, while the ranks have dwindled, many agents linger on. Quite a few have taken part time jobs in order to get by. Others have settled in to the slower market and simply work at real estate when necessary - when something comes their way or the phone rings.
By now you're probably saying "So What? What does that have to do with me?" My answer? PLENTY.
Many lakefront buyers have dreamed their whole lives about owning a lakefront vacation home. This is one of the most important decisions they'll ever have to make. Here's my pitch: a lakefront buyer deserves to work with a full time real estate professional who knows the lakefront market.
Part time agents have a place in the industry, but not necessarily at your side. Part time agents can't be fully plugged in to the ever-changing lakefront market when they are spending half the day in other employment. You can do better. You owe it to yourself to get the very best representation.
Be picky. Be discriminating. Ask questions like "How many lakefront homes did you sell in the last 12 months? Are you a full time real estate agent? Do you live on a lake?" Don't assume anything. ASK.
The buyer agents at Mr Lakefront are full time lakefront specialists. They work exclusively with lakefront buyers. They know the inventory of available lakefront homes and, more importantly, what the local rules and regulations are for property expansion and development.
Don't leave to chance your opportunity to own that special lakefront home in Maine. Get the advice and counsel you deserve. We are eager to help you. Let us know how we can.
submitted by Tom Ferent / Mr Lakefront
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One of the most pleasant features of a classic Maine camp is the screened porch. Screen porches were a "must have" in the classic Maine camps built from the 1930's to the early 70's. In the old days a camp or seasonal home could be built close to the water and screened porches, which all faced the lake, were often only 20 to 30 feet from the water.
Screened porches were designed to be used in the good weather. Most screened porches had no fixed windows or access to heat. A screened porch often became an all purpose room that would double as a dining room at meal times, a family room on warm sultry summer nights, a rec room for itchy kids on rainy days and as a dormitory when drop in guests decided to stay the night.
Some of my fondest memories of summer life at the camp were those that involved the extraordinarily versatile screened porch. Typically porch furniture included a variety of wicker rockers and gliders. What a delight it was to gently rock away the evening experiencing the sights, sounds and smells of life at the lake.
There is nothing quite like the experience of looking at a rising moon and see the moon light reflected on a shimmering lake. As a kid I remember sitting out on the screened porch and hearing the cry of a loon for the first time. The cry thrilled me then and, after 50 years, it thrills me still.
As the night darkened the woods would emit a wonderful fragrance. It seemed that the trees, after baking all day in the sun, would embrace the cool of the evening and emit a fragrance that one never ever gets to experience in the city. And, best of all, one could experience all these wonderful sensory pleasures while being protected from Maine's world famous mosquitoes by the humble screened porch.
Use our Lakefront Locator to find a nice Maine waterfront home with a screened porch.
This article was submitted by Tom Ferent / MrLakefront.
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