GOLDEN VALLEY, MN --If it's ever been your dream to buy a cabin-- and join the mass exodus on Fridays -- now may be the time to buy! As the real estate market heats up in Minnesota, so too is the market for vacation homes. So how do you get a good deal?
Real estate professional Kyle White from RE/MAX AdvantagePlus stopped by the studio with a few tips on how to save some green on your getaway.
Here are his suggestions:
1. Cabin Cash Is King
Lakeshore cabins are likely to sell pretty quickly this time of year, especially thanks to 'determined' buyers. So make sure you're able to pay cash in order to facilitate a quick closing. Have a downpayment of at least 10% or 20% if possible. If a home has been vacant for sometime, you may have more wiggle room to negotiate a lower price, if you have cash ready to hand over.
2. Keep It Real
You may have your heart set on a particular lake, but you may not always find the best deal. If you have a set budget, be open to looking at a variety of options -- either north or south of the cities. You might also be able to cash in on a good fixer-upper that may not have everything you're looking for now, but could with some TLC over time. But remember, cabins also require maintenance throughout the year. Be realistic about what it's really going to cost you, as well.
3. Enlist a Good "Detective"
If you want to buy a cabin now, before the season gets started, make sure you find an agent who can help you research the location and narrow down your options. A good agent will also be like a 'detective' --helping you look for properties that may not be on the market yet. If you fall in love with a property, he or she could help you make an offer before the "for sale" sign goes up.