Skip to main content

Looking for Advice (MI) - Great Lakes Newbie

Hello,

Thanks for reading this, I'm looking for some advice to see if I'm crazy or if what I'm looking at is in the bounds of reason.

My partner and I live in a MCOL city with HCOL salaries. We save a lot of money, no kids, etc. We're exploring the idea of buying unimproved land in the Upper Peninsula in Michigan (southern exposure) and then building a cabin. We might buy the land now and wait to see if materials prices come down as well. No rush.

As I'm doing research on properties, I'm finding some that look good, albeit maybe overpriced. Here's an example of one that we'd consider though I'm not sure this is what we want.

What I'm considering is something where I can get electricity, and if we build a more on-grid place we'd dig a well and septic. I'm also wondering if it makes sense to just buy the land and hang on to it until we decide to move up there and just build a larger house instead of a cabin. Downside being that we would have to wait and just sit on the land.

I think with climate change these areas are going to become more desirable. People are going to want to live a little bit farther away from others and are going to want places where the weather is more tolerable, access to water, etc. - I think we see that now with many people in places like California buying up property out west.

We're really set on something that is lake-front, with a sandy beach. We'd like to have a couple of acres just so that we don't have neighbors that we would have to see. Not anti-social, it just defeats the purpose of the seclusion and tranquility.

Ideally we'd set up something like an a-frame house, small kitchenette, a hot tub, etc. Just some things to enjoy and get away to. OR if we went with a much larger place then some different items to consider.

I guess, as I write this a question I have in mind is are these properties priced decently? Is there a glaring hole in my assessment of them? I know that they are remote, and maybe that's part of the factor playing into the cost, but I can't help but think long-term that these types of properties with waterfront acreage are going to skyrocket in price and eventually I'll be priced out.

Does anyone have experience here that could speak generally? I'd really appreciate it. Sorry for the noob question.

submitted by /u/muninn_77
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/o9rqho/looking_for_advice_mi_great_lakes_newbie/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more