The current national housing market, as well as the Lake Michigan Shoreline Real Estate market is currently leaning in favor of buyers. Many who are considering buying a home in Evanston, North Shore Chicago, the Indiana coastline or Harbor Michigan are finding the historic low interest rates and home prices create an ideal climate for making such a large purchase.
Not only is this a savvy financial decision, but also allows you to have the Lake Michigan Shoreline vacation home you’ve been dreaming about! If you are one who is hoping to cash in on some of the great deals on homes along Lake Michigan’s Shoreline, below are six tips that will help you in making your decision and will guide you throughout the process.
Not only is this a savvy financial decision, but also allows you to have the Lake Michigan Shoreline vacation home you’ve been dreaming about! If you are one who is hoping to cash in on some of the great deals on homes along Lake Michigan’s Shoreline, below are six tips that will help you in making your decision and will guide you throughout the process.
1. Be Patient- When searching for a Lake Michigan Shoreline home, take your time. Be patient and take time to discover the pros and cons of each shoreline home or condo you visit.
2. Weigh the Pros and Cons- If you like something, don’t make any rash decisions. While it can be tempting to make a quick decision if you’re only visiting for a weekend, taking a few days to really consider the purchase will help ensure you’ve made the best decision.
3. Ask Yourself the Right Questions:
. How often will you visit and how much time will you spend there?
. Is it worth the money?
. What will the price appreciation be, realistically?
. How much will you have to pay every year for landscaping, association fees and taxes?
4. Don’t Try to Play the Market- Home prices across the nation are some of the lowest that we’ve seen in a long time, so you’re bound to find a great deal. As the market continues to improve, home prices will only increase. Don’t wait!
5. Know the Difference of Lakefront Living- Make sure you can get the insurance you need, particularly if you want to buy a lakefront property. Lakefront living is great, but there are a few additional things to consider that you wouldn’t need to think about when living inland.
6. Compare Mortgage Products- While the loan standards and rates are nearly the same for first and second homes, there can be unexpected changes if the lender considers your purchase an investment property. Your interest rate could be pushed up 1.5 to 2 percentage points, so be aware and plan accordingly. Oftentimes buyers will use the equity on their first home to make a down payment for their second home. You’ll want to think through the best option for you, or talk with one of our Shoreline Property Advisor team members about any other options.
As you consider buying a vacation home along Lake Michigan’s Shoreline; please feel free to contact any of us on the Shoreline Property Advisors team with any questions you may have! We’re here to help you navigate through the Lake Michigan Shoreline Real Estate market and to be your trusted resource for all things real estate related!
We’d love to hear from you and help you buy the Lake Michigan Shoreline vacation home that fits your needs, budget and lifestyle!
Shoreline Property Advisors
@ Prudential Rubloff
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