- 141 South Main Street, Suite# LT, Clayton, GA 30525
- 706-212-0228
- laketeam@icloud.com
Q&A
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Frequently Asked Questions about Owning Lake Property
| QUESTION | ANSWER |
|---|---|
| Which lake do I want to own property on? | That is a personal preference because each of the lakes is different and has its own personality. Each offers various options for lake living depending on your tastes. Learn about and explore each one so you can make the correct decision for you and your family. You will have a good experience on any of the lakes. Please call us to discuss the nuances of each lake. |
| What is the difference between a fee simple lot and a Georgia Power lease lot? | FEE SIMPLE: Fee simple ownership is probably the most familiar form of ownership to buyers of residential real estate. Depending on where you are from, you may not know of any other way to own real estate. Fee simple is sometimes called fee simple absolute because it is the most complete form of ownership. A fee simple buyer is given title (ownership) of the property, which includes the land and any improvements to the land in perpetuity. Aside from a few exceptions, no one can legally take that real estate from an owner with fee simple title. The fee simple owner has the right to possess, use the land and dispose of the land as he wishes--sell it, give it away, trade it for other things, lease it to others, or pass it to others upon death. LEASE LOT: A Georgia Power lease lot is owned by Georgia Power and the lease holder has a 15 year lease (with a 15 year renewal) on the property. The property lease then renews every 15 years. The improvements (house, boathouse, etc.) are owned by the purchaser. There is a transfer fee with a new lease and yearly lease payments paid to Georgia Power. Lease lots tend to be larger in size than fee simple lots. A sample lease can be found at: Sample Lease. Please contact Georgia Power for further information. Also, Georgia Power has published a Shorelines Management Guide' that can be found at: Georgia Power Shoreline Management Guide. Georgia Power has recently launched a new website specifically targeted to the North Georgia lakes and can be accessed at: georgiapowerlakes.com . |
| How much are the annual lease payments to Georgia Power? | For a 15 year lease, you will pay $1100 a year for the first 5 years, $1200 a year for the next 5 years and $1300 for the final 5 years. |
| What are the lake levels? | Lake levels are variations of depth that are controlled by Georgia Power. Lake levels have minimal fluctuation throughout the year. Georgia Power does draw down the lake levels following a set schedule for shoreline maintenance, boathouse construction and repair. For current lake levels, visit: LAKE LEVELS. |
| What are the prices for lake front property? | Depending on which lake, lot prices start at about $300,000 and can go up to more than $10 million. Each lake is a bit different and offers different price points. The size, views, and amount of shoreline of lake front property are some contributing factors for price levels. There are many opportunities for lake front lots, but in the last few years, buyers are paying from $300,000 to over $2 million dollars for “tear-down” properties. |
| What is the best time to look for lake property? | Generally speaking there is no “best time” to look for lake property. Properties come on and off the market throughout the year. The lakes are usually drawn down in the winter so that can make it more challenging in those times to view the property from the the water. However, when the lake is down and the trees are bare, you are sometimes able to get a better sense of the property. |
| As a Buyer, why should I choose The Lake Team to represent me? | In the last three years, The Lake Team was one of the top sellers on all the lakes in Rabun County. The Harry Norman Realtor Luxury Lake and Mountain agency has consistently been the top agency for lake property sales. We feel that we achieved this status due to the professionalism of our agency and also our individual Lake Team approach. Our focus is specifically on the lakes. Knowing that finding the right lake house is a lengthy process, we often work with a client for different lengths of time until the perfect home becomes available. We try to show properties by water and by land as the location and accessibility can differ greatly depending on the approach. Our use of our database allows us to research the history of a home and to assist in analyzing various options. The knowledge of homes that are not officially on the market, is also helpful. A steady, deliberate, and efficient approach to meeting your needs is the linchpin of our service to buyers. With four full time agents specializing in lake properties, one of us will always be available to assist you. |
| Can I take title as a corporation for a Georgia Power lease lot? | Georgia Power will allow you to sign a lease in an individuals name, as a married couple or as a family entity only. Please see these documents for further explanation. Information Sheet , Lease Adendum , and Family Entity Bill of Sale. |
| What is the difference between a Client and a Customer? | For a detailed explanation of the types of brokerage relationships, please read the ABC's of Agency, Understanding Real Estate Brokerage Relationships in Georgia. |
Mobile: 706-715-5550
Office: 404-408-HOME
Email: laketeam@icloud.com
