Living on a lake can be a wonderful experience. You'll have access to beautiful views and a range of recreational activities, but you'll also need to be prepared for potential challenges. This includes moorage, higher personal property taxes, higher insurance, and the impact on your property value. Financing will be much different than that of buying homes on land. Additionally, some marinas and the city limit the types of activities that can take place over the water, which could impact your ability to sell your home in the future.