Welcome to 40 Lakewood, a lovingly maintained Colonial nestled in the highly desirable Lakewood Community in LOW TAX Alton Bay. Whether you're searching for a year-round residence or the perfect vacation retreat, this home offers comfort, space, and an exceptional location. Step inside to a stunning entryway with vaulted ceilings that creates an inviting first impression. The main level features a spacious front-to-back living room with a cozy gas fireplace, a large eat-in kitchen with abundant cabinetry and pantry storage, and a formal dining room ideal for hosting family and friends. Enjoy summer evenings on the expansive back deck, perfect for outdoor dining, entertaining, or simply relaxing and a charming covered front porch provides another wonderful space to unwind and enjoy the peaceful surroundings. Both decks were just beautifully refinished and ready just for you. Completing the first floor is a versatile bedroom that could also serve as a home office, den, or playroom & is next to a 3/4 Bath to accommodate one level living. Upstairs, the generous primary suite offers a private retreat with a walk-in closet and full en-suite bath. Two additional well-sized bedrooms and another full bathroom provide plenty of room for family and guests. A third-level walk-up attic offers incredible potential for future expansion, additional living space, or excellent storage. The lower level features a two-car garage and a basement ready to finish. With plumbing already stubbed for a future bathroom and full-size windows allowing ample natural light, this area presents outstanding finishing possibilities. Located just minutes from the heart of Alton Bay, you'll enjoy easy access to local favorite restaurants and ice cream shops. Bring a chair and take in the area's popular summertime outdoor entertainment. Boating, fishing, and swimming are just moments away, while hiking, skiing, shopping, & countless recreational opportunities are all within easy reach.