There’s nothing quite like the serene beauty of a lake home or cabin in Minnesota. Whether you’re looking for a weekend getaway or a full-time residence, a property by the water can offer relaxation, recreation, and a fantastic investment. Here at Profinium we understand the unique aspects of buying lakefront property. To help you navigate this exciting journey, we’ve compiled a list of the top five things to consider when purchasing a lake home or cabin in Minnesota.
Tip #1: Location, Location, Location
When it comes to real estate, location is everything, and buying a lake home is no exception. This is where our Needs vs Wants Home Comparison Guide will come in handy. Do you want a quiet lake or an active lake? Consider the lake itself—is it a large, bustling lake with lots of activity, or a quieter, more secluded body of water?
Think about the proximity to your primary residence and how often you plan to visit. How much time do you want to spend the car traveling? Have kiddos? That travel time may not be long for their attention spans. For example, our Chief Marketing Officer said 3 hours for a weekend trip is the current max with her three-year-old twins.
Also, consider the surrounding community—are there nearby amenities like grocery stores, restaurants, parks for kids and hospitals? Lastly, check out the accessibility of the property in all seasons, especially during Minnesota’s snowy winters. Also check to see if the amenities are available all year round if you plan to use your vacation home or cabin all year round.
Tip #2: Water Quality and Lake Health
The quality of the lake water is crucial not just for recreational activities but also for the overall enjoyment and health of the ecosystem. Research the lake’s water quality, looking for reports on clarity, cleanliness, and any history of invasive species.
Additionally, check if there are any local or state regulations that might affect your use of the water, such as boating restrictions or fishing limits.
Tip #3: Property Features and Structures
When evaluating a lake home or cabin, take a close look at the property features and existing structures. Consider the condition of the home itself—is it a modern build or a rustic cabin? What would you prefer? Note that on your comparison guide.
Check for any maintenance issues, especially those related to water exposure, such as mold or structural integrity.
Additionally, think about outdoor features like docks, boathouses, and waterfront access. Is the shoreline sandy or rocky? How easy is it to access the water? Our CMO has a place that has very shallow water for a significant distance into the water. Great for the kiddos to play in the water and on the beach but it did mean she needed to spend more money on a longer dock to find a depth deep enough for the pontoon.
Tip #4: Zoning Laws and Property Restrictions
Before making a purchase, familiarize yourself with local zoning laws and property restrictions. Some areas may have strict regulations on building additions, dock installations, or shoreline modifications. Understanding these restrictions beforehand can save you a lot of trouble down the line and help you plan for any future improvements you might want to make.
This is extremely important if you are planning to use this as an investment property while you are not there. Check to see if there are restrictions to renting out your home and equally important, check to see if there are plans in the future to restrict.
Tip #5: Financing and Insurance
Financing a lake home can differ from a traditional home purchase. Our mortgage team at Profinium is experienced in handling these unique transactions and can guide you through the process. Additionally, consider the cost of homeowners insurance, which may be higher for waterfront properties due to increased risks like flooding. It’s essential to factor these costs into your budget and ensure you’re adequately covered.
Ready to Find Your Dream Lake Home?
Purchasing a lake home or cabin in Minnesota is a wonderful investment in relaxation and recreation. By keeping these considerations in mind, you’ll be well on your way to finding the perfect property.
For personalized advice and expert mortgage guidance, click or tap to meet my amazing mortgage teammates. We’re here to help you make your amazing lakefront living possible.
Published 7/30/2024
Profinium Inc. NMLS #402979
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Insurance and investment products are not deposits, not FDIC insured, not insured by any government agency, not guaranteed by the bank, and may go down in value.
This blog is for informational purposes only and not financial advice. Consult a qualified financial professional before making any financial decisions.