MN Lake Home: Lake Homes in Minnesota Types Include…
In the state of Minnesota there are a few different types of body of water types that houses could be on. Lake Property in Minnesota is a top choice. First there is Lake View, then their is lake front, or water frontage. Lake View is typically when the lake is across the street or in the distance, the house may be close, but probably has no steps to the water, and no dock on the water. Just because their isn’t a dock hooked up doesn’t mean it’s not lakefront, or water frontage. In Minnesota 50ft of water frontage is on the lower end, and often not considered that much. When it gets to about 90-100 ft of water frontage it’s considered more desirable. 200 ft of lake frontage is a lot, and more common in cities further out of the cities.
In Minnesota, you’ll find various Bay’s and lakes in Minnetonka where the lots are worth the most money. Typically the better the neighborhoods, the more the lots are worth. As a general rule, lake frontage with dock access is worth the most amount of money. How nice the lot is, how good the view is, how many feet, what lake it’s on, how deep the lake is
how good the fishing is, and if you can have motorized boats are all big factors to determine how much that lake lot is worth. As a general rule lake views are worth more than no view, but far less than having the lakefront with dock access. The reason is that lakefront typically allows you to have a boat, and or a boat slip and that offers a lot of luxuries. To give you an idea how much a lakefront lot can be worth, cities 2 hours out of the twin cities, a lake lot may be worth $35,000, wheras a .75 acre, perfect lot, in the perfect part of a lake minnetonka neighborhood can be worth $1-2million just for the lot. I have taken boat rides and seen lots that are worth as much, maybe more than the house itself.
In a decent neighborhood 45 minutes outside of Minneapolis, you could find one house sell for $300,000, where that exact house may sell for $425,000-$500,000 on a regular lake lot, in the same area, lake lots can really make a difference. River Views are worth less than RivewFront. RiverFront is almost always worth less than LakeFront, but if the River was big with a great view it could be worth more than a tiny lake with no motorized boats. Also it depends how deep the river is, and how clean it is. Many Rivers in the twin cities are outside the cities a little bit. Mississippi River of course runs right through the state. Pond Views, and Ponds typically are worth a little more than some houses without them, but I would say not much more, it’s a small add on.
If you want to own a house on a body of water, if you can afford it, I would recommend a lakefront property in a nice city, with a nice house. You may want to check ahead of time if large boats, jetski’s, water toys are allowed on the lake. Some city ordinances may have rules. You may also want to check DNR websites to find out about the animal life in the water, what types of fish, and how often it’s filled up with fish. Some lakes aren’t good for fishing. Some lakes aren’t deep enough and people don’t like that. Some lakes are just very very small and those don’t add much of a premium to a house’s value,
especially if you can’t have motorized boats. You may want to check the DNR website for the clarity of the water. I would also recommend that whatever boat you want to buy for your lake home, please make sure it will fit underneath the bridge, and that it’s not too big where the motor or boat will drag against the bottom of the lake. One of the best parts about lake homes is they should always be in demand, so someday when you want to sell the home, it should be easier to sell. You need to also check if your lake home is in a flood zone. The reason this is important is you will need to get flood insurance for your homes on bodies of water. Some insurance companies won’t even insure homes in a flood zone, that’s important to know. You will also want to think about boat storage and maintenance on your water vehicles, it takes patience and work.
Make sure to have enough lifejackets, and extra gasoline for the boat. Be prepared for the expenses those items bring, it can add up. Will your dock need to be brought in, in the winter time, due to the freezing of the lake?
That’s something to check on. Will your boat need to be put in storage during the winter? How much will it cost to winterize the boat and how much for the storage cost. If you are in the market for buying a property on a body of water
lakefront, lakeview, river front, river view, pond, etc. please email me at ron@minnesotainvestors.com and I’ll have my associate help you out.
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