Quote:
Originally Posted by LIforrelaxin
So I read through this thread and there is a lot of good information here. I wouldn't settle on a property, until I was sure it was what I wanted. Right now people can claim that inventory is low... they always do to try and drive prices higher.
So many people feel uncertain about the future, that they are impulsively buying .... Once we get to the post Covid-19 future, I believe two things are going to happen:
1. More places are going to be available to buy
2. More places are going to start going through foreclosure because people over-extended themselves.
My advice to anyone looking to invest in waterfront property in the lakes region is this.... Make a list of everything your are looking for.... then work to cut that list in half by removing anything that your realize is not practical to expect every property to have...... then cut the list in half again, by striking everything you feel will drive the price of a property out of your range.... What you should end up with is a pretty reasonable set of requirements.
Then look at that list, and decide which items you are willing to invest in over time... i.e home improvements.... and which items need to be their to begin with.... i.e. a good dock for a island home....
In the price range from the O.P. Three should be no problem finding real estate even on the mainland for between 1 to 1.5 million.... But the OP is write you can't expect to have your cake and eat it to.... figure out what is really important....
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I like the repeated culling of the list, and I agree that each of us has certain things that they should not compromise on. But I advocate for less patience. Think of the number of summers you have left, then decide what percent of those you're willing to compromise to find the "perfect" spot...