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Lake House - Buying Guide

Just find a quality place to rent, only thing you’ll have to worry about is what to do on your vacation
 
Go get a 100k moho off of Lake Rathbun, buddy of mine has had one for a decade and we use the hell out of it.
 
You could find a fairly nice place by Lake Rathbun but it won't be on the lake. The State owns the lake and won't allow it to be built on but there are a lot of houses nearby. If you want to go all the way down to a manufactured home they are pretty cheap, well under 100k.
 
Here is Lake Sundown, is a 400 acre private lake about 10 miles east from Rathbun, it would be about 90 minutes south of Des Moines. The closest town is Moravia, about 5 miles away, but there is nothing in the town, not even a Casey's. You would be from Moravia 10 miles from Centerville and 12 to Albia.

There is not a lot for houses, but they do have lots to build on.

https://www.lakesundown.com/lakefront-property.html
 
SCyclone said:
Believe it or not, some lots will go for as much as $175,000 in the area where my Mom lives (Eagle River, WI area - heart of Wisconsin's resort area). I'd agree that $150-200K isn't going to buy you much.

You might consider looking at timeshares in these types of areas, they are getting more and more popular because of high taxation, upkeep issues, etc.

My Mom and Dad bought a 2-bedroom bungalow in 1992 on a lake that is part of a chain, for $63,500. Of course it needed work - and updating - but Dad did it slowly, by himself mostly (I helped with a lot of it), and then added on about 500 more square feet, including a basement. It now appraises for nearly $300,000.
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That's a good investment they made haha
 
Thanks for all the replys. For those that question the price point, here is a random listing I pulled off Zillow. (Absolutely no specific attachment to this) 199k on the water in BFE northern MN.

After doing a little research I think what we had growing up (small cabin, dirt cheap) is in the minority now. I love the privacy and don’t mind some upkeep but it probably takes everyone here reminding me it may not be the best choice in the long run :)

Sounds like I just need to quit my job and move.
 

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IOWASTATE said:
Thanks for all the replys. For those that question the price point, here is a random listing I pulled off Zillow. (Absolutely no specific attachment to this) 199k on the water in BFE northern MN.

After doing a little research I think what we had growing up (small cabin, dirt cheap) is in the minority now. I love the privacy and don’t mind some upkeep but it probably takes everyone here reminding me it may not be the best choice in the long run :)

Sounds like I just need to quit my job and move.
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Ya man. That’s the bottom line. MN not like how we remember it in the 80’s and early 90’s. That ship has sailed. You need to find the next place.
 
IOWASTATE said:
Thanks for all the replys. For those that question the price point, here is a random listing I pulled off Zillow. (Absolutely no specific attachment to this) 199k on the water in BFE northern MN.

After doing a little research I think what we had growing up (small cabin, dirt cheap) is in the minority now. I love the privacy and don’t mind some upkeep but it probably takes everyone here reminding me it may not be the best choice in the long run :)

Sounds like I just need to quit my job and move.
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Try looking in South Dakota. Lots of lakes there and if you're tricky you can make it your permanent home and not pay state income taxes:)
 
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1100011CS said:
Try looking in South Dakota. Lots of lakes there and if you're tricky you can make it your permanent home and not pay state income taxes:)
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At one point I was considering a relocation to SD after retirement. Both of those reasons entered into it. Yes, there really are quite a few lakes in SD especially in the Eastern part. I was most intrigued by the ones on lake Oahe near Pierre and then along Big Stone Lake in the NE on the MN border. Also if you want a more civilized town atmosphere there is Lake Kampeska at Watertown.

Ultimately I decided not to. Florida also has no state income tax and coming back to Iowa for the summer where family/roots are made more sense in the long run.
 
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Just put pen-to-paper. Whether it's a a lake home, a boat, etc. its always been an eye opening experience to me. I have a couple of friends that have no business having a 2nd home and their reasoning is usually something like "I'm going to enjoy my life while I still can".
 
mtowncyclone13 said:
My parents own a cabin on a few acres in northern minnesota. I've spent time there every summer since I was born. As they get older, the reality that I'll be making a huge decision based on nostalgia looms large.

There are a number of things to think about before searching for a place. Do you want direct lake frontage above-all or do you want a private, cabin-ey feel? There are places by our cabin that are squeezed on the lake and others that have a few acres in the woods with dock access via golf cart or car. Which is most important to you? For us, it's having privacy. Do you enjoy maintaining things or do you find it a chore? I don't mind mowing grass, putzing around the yard, etc. Other people I know couldn't pay enough money to never have to mow a yard again. Do you want rustic feel with a rock driveway and thick forest or do you want a perfect kentucky bluegrass lawn and trimmed trees? the answers to these questions should start your search, because you can get either/or for your price range, the only difference being location.

I've come to the realization i'll be losing our lake home when my parents decide to sell it in a few years. I've gone around-and-around on ways to keep it but the simple fact is, for us, driving 7-8 hours north with a few kids is simply impractical. Maybe we'll buy one when we're retired and go up there for a month at a time (like my parents do) but unless you are a pilot and can fly there (or your spouse is a teacher and will live there in the summer it seems like more hassle than fun. You'll be thinking about maintenance, insurance, safety, getting someone to plow the drive in the winter, taking the dock in/out every season, etc. You may feel like you *need* to go up there to get enjoyment out of it. It may not be as fun once it becomes a chore. It's like owning a boat - once you buy it you feel like if you don't use it all the time you've wasted your money.

I'd be happy to talk more about this specific issue in central minnesota by DM if you want to. It sounds like we're in the exact same boat. (har har har)
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THIS!
We just finished up with selling Mom's lake place...took 11 months and a bunch of work. All of the little payments (and big payments) were eating her alive (and stressing her). Should have happened 3 years ago, but siblings kept delaying the sale due to nostalgia. I pointed out time and time again that paying $'s for something that is 7 hours away would only result in use around 2-4 weeks a year. "But we can all go in on it together..." Yeah, and what happens when one of you stops paying, but still wants to go up there and use it with friends...don't go into business with family.

Just like a boat, the sale going through was a day for celebration...Mom is free and clear without any debt, and the family can't fight over the house.

Seriously ask the question...do I really want a place that is only going to be used 2-4 weeks a year. If you have the money to throw at it...great. If not...and you aren't going to rent it out...why. Now if that is a year-round living place...go for it, asking the questions that Mtown points out above.

Otherwise rent a place, enjoy it a few weeks a year, and let the owner deal with the maintenance, taxes, insurance, utilities, mortgage, etc. You just have the fill the station wagon with stuff, drive to the rental, enjoy your time, and drive back home with no muss or fuss.
 
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I was just up in the Twin Cities area and I can't believe how many people all leave town and go north to cabin's and how often they leave. Crazy.
 
I only clicked on this thread expecting bs answers like only pay cash and the what not.

I agree that I'd do a timeshare or rental somewhere where you dont have to do the maintenance. A friend of ours does that in Boji (which I saw you arent a fan of) but it works pretty well to have friends up.
 
You have a short 'summer' window in Minnesota, but in Missouri you can use the lake almost all year around. The Lake Of The Ozarks hardly ever freezes over. And you don't get mosquitoes as big as 747's like you do in Minnesota in the summer.
 
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My in-laws live in the Twin Cities and have a place on Mille Lacs which is about 2.5 hours away depending on traffic. They go almost every weekend, year round, and are comfortable enough financially that it makes sense vs renting a place. I'd say the 2-3 hour drive is about the maximum to make it easy enough to go frequently given the lawn mowing and other routine house maintenance that comes along with it. Any longer and it becomes more of a burden than it is worth.
 
LeaningCy said:
My in-laws live in the Twin Cities and have a place on Mille Lacs which is about 2.5 hours away depending on traffic. They go almost every weekend, year round, and are comfortable enough financially that it makes sense vs renting a place. I'd say the 2-3 hour drive is about the maximum to make it easy enough to go frequently given the lawn mowing and other routine house maintenance that comes along with it. Any longer and it becomes more of a burden than it is worth.
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My folks are north of there but my mom is there for weeks on end and my dad goes up about every other weekend. They're retired and it's a home so there is no roughing-it. If that's what you want, by all means, buy. If you want a week/year find a good owner who will give up a prime week and build a relationship with them.
 
Own a condo @ Lake of Ozarks, 5 hour drive. Average twice a month in June, July, August and September. Average stay is 4/5 days. Other off season months are once a month. Will consider full time retirement there at some point, possibly. Considered purchasing a home initially but for reasons mentioned decided on "no stress" condo. Lake is privately owned so has plenty of developments and options on the water. Surrounding area has over 200 restaurants and retail options similar to any big city. Glad we did not buy a home, just another head ache when the goal is to turn your brain off and relax. If you are going to go to a lake more than once a year, consider purchase. Comparable rental for a week versus ownership on a 3 Bdr condo is over priced, considering once a month in the four month prime season. You can own for less and build equity instead of throwing your money away. Owning has worked out very well for our situation as we have two sons with family who work in a couple of trips during the four month prime season with us. Resale condos are priced between $120,000 to $225,000 for 2 to 3 Bdr units generally. One thing to consider is that "family time" is fleeting. As kids or grandkids age, the widow for opportunity closes as they approach junior high and even if lake vacations are wanted competing interests interfere as they age. Don't let "paralysis by analysis" get in the way or you will buy too late.
 
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