Lake Michigan is one of the Great Lakes and the only one completely located within the borders of the United States. The area is rich in activity and residents have a vast love of the water and outdoor recreation that takes place on Lake Michigan. Housing in the area includes luxury single family homes, town homes and condominiums for water front living at its best. In addition to permanent residents in the area, Lake Michigan boasts a fairly large number of summer residents who come to the area to enjoy all the lake has to offer during the beautiful summer months and then return to their homes when winter strikes.
Buying a vacation home or second home on Lake Michigan is a very popular endeavor for many people, especially those who live in the surrounding metropolitan areas as well as for those who are residents of states with warmer, more humid climates. They come to the area for its mild weather and to enjoy the multitude of outdoor activities available including fishing and boating. Waterfront homes and condominiums are especially popular among the seasonal residents on Lake Michigan.
Most people who consider buying a vacation home or second home or condo do not do so for financial reasons such as making an investment but instead do so for emotional reasons. They want a place where their family can enjoy the relaxation from the hustle and bustle of the big city. They want a place for the family to have some stability yet get to enjoy a change of pace and scenery from time to time. This is a great reason to purchase a second home. However there are still financial considerations when purchasing a second home or vacation home that need to be researched before buying property.
The primary consideration for buying a vacation home or second home is the financing needed in order to afford the place. While there is already a first home, coming up with the down payment for a second home and securing a mortgage may prove difficult. There will still need to be a down payment and typically this is more than the amount you likely put on your primary residence. You will also have to prove you have the available income to support two mortgages and will not be a risk for defaulting on the loan.
In order to help sustain two mortgages many people who own vacation homes or condos opt to rent out their property for part of the year when they know they will not be in residence. This serves the purpose of keeping the house from being vacant a significant portion of the year and also adds a second income stream to the family so that the mortgage costs are more easily paid. Often rentals are given to area residents or those with a shorter commute to the area. Lake Michigan affords those looking for vacation or summer homes and condos the unique opportunity to purchase a home in a lucrative and desirable area of the country.