Finding A Waterfront Bargain

 Just like buying a starter home you will need to do a little planning and be flexible to find a waterfront bargain. 

Must haves

Be sure to know what you must have. If a large property is a must, you may still be able to find a bargain but the lake shore may be less than ideal. Some properties require a boardwalk to reach the water or they have a deeded access a distance from the property

Research Lakes and Towns

Explore different lake regions. Brainerd and Alexandria may have higher entry prices than Blackduck or Ely. A little longer drive time from the metro can equal less cost. If you aren’t familiar with a lake in Minnesota the DNR has a great site, Lake Finder, where you can research lakes for invasive species, fish populations, public access and special fishing regulations

Financing Financing Financing

Unless you are blessed with ready cash you will likely need some sort of financing. For the majority of entry level properties this will mean a local bank with in-house financing. Consider beginning that relationship prior to asking for a mortgage. A local professional usually knows of any optional program/creative financing that is available.

Don’t be afraid to expand your search if you’re not finding what you want. You may find something that is priced higher than your budget that has been on the market a long time. You may be able to pick up a property for less than asking price. The answer is always NO if you don’t ask!