August 17, 2018
Purchasing a Second Home
Minnesotans dream of spending days one of the 10,000+ (now 11,842) lakes in the state. Sometimes we want a little more than experiencing this where we live, and we want an escape from our daily lives. Owning a second vacation home could be the perfect answer to this wish, but we don’t always know where to even start to make this happen.
There are so many other costs in owning a second home that buyers don’t even realize. There isn’t a huge price difference between primary and secondary homes, and a majority of buyers spend less than $500k for a second vacation home. Buyers need to aware of their financial situation and the hidden costs of owning a second home. It also important to consider if the costs are worth the amount of time that will actually be spent at the second home.
Location is one of the single most important key factors in buying a second home. More often than not, the buyers primary home will be around 2-3 hours from their second home. There are plenty of lakes in Minnesota, so finding a waterfront second home that is a reasonable distance away isn’t too difficult. The home should just be in the desired location (ex. getaway or city life) and have a reasonable drive time.
Owning a second home provides the perfect mini-vacation for families to enjoy in Minnesota. Purchasing a second home can be a huge investment and requires careful evaluation of options and price points so that the best decision is made. Don’t worry though, it shouldn’t be intimidating to purchase a second home if the process is done in a reasonable and careful way.