Owning a summer bungalow by the beach, a condo retreat, or a getaway mountain cabin, more so in your favorite destination, is a dream that many want to see come to fruition. What's not to love about having a property that you can stay in whenever you want a little rest and recreation, then turn it into a short-term vacation rental when you are not using it?
Related Blog: The Benefits of Owning a Lake House in the Summer
Owning a Minnesota summer home can be a lucrative investment, especially if it is conveniently located in proximity to places where it can attract renters of all kinds. So, why invest in a Minnesota summer home today?
Perhaps the most obvious reason to invest in a Minnesota summer home is that you will have an inexpensive place to vacation. The only thing to focus on is making memories with family and friends while eating up a storm or shopping till you drop.
Therefore, if you want more time to entertain and unwind with loved ones, join a bevy of savvy investors who appreciate the value of real estate holdings.
Vacation rentals attract a different type of renter, mainly one that has a disposable income that allows them to splurge a couple of times a year. In this case, your goal is to make your property more desirable to prospective tenants who are browsing through numerous options and ensure that the first impression leaves a lasting impression.
With the right home, it is possible to generate a short-term revenue stream, which is why it's important to work with a certified realtor who can guide you when looking to invest in a Minnesota summer home.
How does the idea of moving between a beachfront condo in the winter and a mountain retreat in the summer sound? Perhaps you want to hold on to your primary home while keeping a small lake house in Minnesota to be close to your loved ones.
Whatever your reasons for investing in a second home are, it is a financially sound move that can improve your lifestyle in retirement and give you a comfortable place to vacation with loved ones without having to make expensive reservations.
Additionally, as aforementioned, you can rent your summer home, which in turn, makes you more financially flexible to pay off your mortgage while providing a healthy nest egg that can also fully fund your retirement dreams of maybe traveling the world.
Unless you are planning to buy your summer home with cash, you will need a mortgage. In fact, 75% of individuals who want to invest in a second home need some form of financing, and when they start renting out their property, they can start offsetting the mortgage in time, including property taxes, HOA fees, and home maintenance costs. In turn, they build wealth and equity, which is what you want when you invest in anything, and your Minnesota summer home can be the legacy you leave for your loved ones.
With median home prices in big cities soaring into the millions, it makes more sense from a financial perspective to invest in an affordable Minnesota summer home that can be turned into a steady source of an income-generating stream. It is also an investment in your emotional well-being. so, contact us today for more information.
We are a direct lender and a broker who will work one on one with you to exceed your expectations. If we don’t have a product that makes the most sense for you, we’ll find the lender that does. We’ll make sure you have the best loan at the best price. Choose Lend Smart- it’s the smarter way of doing business.