Owning waterfront property in Michigan’s beautiful Upper Peninsula is a worthwhile investment. There are so many choices in the UP! There’s Lake Superior’s shorelines, Keweenaw Bay, and the numerous smaller lakes, outdoor enthusiasts can engage in fishing, water sports, and boating. Nature lovers can enjoy the gorgeous views, wildlife, beautiful sunsets, and simply enjoy the quiet away from the hustle and bustle of everyday life. If you’re seeking to live the lake property dream in Baraga County, either on a full or part-time basis, Up North Realty can help you find the perfect Upper Peninsula waterfront property for sale. Here are important factors to consider before purchasing a waterfront property.
As with any property, you want to devise a plan. If you plan to live on the lake full-time, you’ll want to get a full understanding of what life is like living here year-round. Or, perhaps you’re looking for part-time residency for weekends and vacations. To help offset costs, many owners rent their properties out during peak seasons or split the costs with other people to make it more affordable. Before jumping into a purchase, having a good idea of your goals helps determine the best property to help you reach them.
Before purchasing any waterfront property, especially on large bodies of water such as Lake Superior, it’s important to understand some factors associated with this type of investment that other types of land purchases may not require. Water views are beautiful but they do come with risks because water can be hard on a building, including but not limited to high water tables, erosion, mildew, mold, or other weathering issues. Potential owners will want to have inspections performed on the water table, elevation certificates, and water quality before moving forward with a purchase.
Before selecting a property, you also want to consider what your property goals are – do you want serenity or is your plan to run jet skis and powerboats? What you’re seeking in waterfront living will play a significant role in the type of property you choose. Not all property is equal, and before purchasing land along the shore of Lake Superior or on one of the smaller regional lakes, you’ll want to know what land is preserved with only water access permitted and which land is buildable or has existing structures ready to move in.
One of the experienced realtors at Up North Realty can help you navigate these details, along with walking around the lake with you to ensure any properties being considered offers the right amenities, water access, and views being sought. There is no better way than seeing a property first hand, along with an expert eye to help point out any pros and cons associated with it. As we view properties, we’ll also share information about your short and long-term goals for the property, along with resale values to help you make the very best decision.
While owning waterfront property in Copper Country is very gratifying, it’s important to understand any hidden costs before you buy so you aren’t caught off guard with these expenses.
- Insurance. Know what regular homeowners’ insurance covers and what extra riders owners will want to add to protect their property.
- Taxes. In recent years there have been some shakeups with local taxes; understand how Michigan property is taxed and see if there are ways to potentially mitigate higher rates if you qualify.
- Dock requirements. In many instances, property owners are permitted to construct a dock, but depending on its use, certain permits may be required, know what costs are involved.
- Water and sewer. Like many other areas, owning property in this region will come with water and sewer expenses.
Don’t let these expenses associated with buying Upper Peninsula waterfront property scare you off, but do be aware of them so you can budget accordingly. The rewards associated with waterfront property in this region are vast and many property owners find good solutions to help offset these costs.
If you’re looking to purchase waterfront property, be it a small property, a larger 40-acre, or even a vast 180 acres of land, the expert real estate agents at Up North Realty can help you find the perfect property. Buying waterfront property isn’t a cut and dry process because of the many intricacies involved.
Our experienced and knowledgeable agents know the area well and will help you find the right property and walk you through the purchase process. The needs of our clients are important to us and we will look out for your best interest. To learn more about Upper Peninsula waterfront property for sale, call Up North Realty today at 906-524-2211.
Written by Tracy Kahkonen on November 30, 2020
