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Purchasing a vacation property is a big step for most people. If it is your first, you need to keep several things in mind before you move forward with a purchase.
1. Decide what type of property you want. Perhaps, as travelers, you simply want a lot to park a RV. Perhaps a simple seasonal cabin on the lake. Or a regular, year-round home suitable for retirement. Do you like to swim, fish or go boating? These are all questions you should ask before you even think about buying.
2. Vacation SEVERAL times to the area you are interested in purchasing property. You will then get a feel for the other people in the general area, and if you'll "fit in". You will also want to find the best locations for food, shopping and entertainment that best suit your lifestyle. Fortunately, many of these amenities exist in the Central and Northern parts of Minnesota lakes country. Remember, summer-time traffic in the lakes areas of Minnesota is heavy at times, light at others, consider this in your location selection.
3. Decide on your price tolerance. Gone are the days of "cheap" lake cabins and homes. Lake shore property in Minnesota sells for a premium price, even undeveloped lots are expensive. Decide how much you are looking to spend and arrange your financing if needed before you start looking. This will make your buy process much smoother.
4. Get as much information on listings and property for sale in the area you are interested in as possible. This means gathering all the real estate guides, newspapers and free-shoppers. Find out what is for sale in your market and price levels. Make a list of features and benefits of properties you are interested in. Compare prices from one area to another. This intelligence will give you the insight you need to make a good buying decision.
5. Select and use ONE Realtor. The services of a Realtor that specializes in vacation property is key. Their insight to the current market can guide you toward the right purchase, based on your personal interests. Since you will be armed with the information you gathered on potential properties, and have answered all the tough questions about prices, location and financing before even approaching an agent, your agent you selected can focus on the process of finding the property that is right for you.
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