There is the American Dream, and then there is the Recreational Property Dream. Summer, …a season we all love and live for, while dreaming of the perfect lake house to relax, make memories, and fill the joy tank at. With lakefront real estate prices on the rise, can you really make a recreational property work as a memory making machine and compliment a retirement plan simultaneously?  The answer is almost always right in front of us.  Take a closer look at your lifestyle, and evaluate what ranks the highest on your value list.

THE ENDLESS MEMORY MAKING MACHINE

Raquel and I love making memories. All sorts of memories. What about you? If filling your time creating memories with your family is high on your value list, then a recreational property might just be for you. To make the investment worth it, commit to going on weekends and holidays throughout the summer/fall months. If you choose a property that is winterized, make use of it then too. Whatever raises the joy meter, (hunting, swimming, ice fishing, boating, cross country skiing, etc), use that as your fuel to commit to the investment over the long term.

CAREFUL PLANNING

With careful planning a recreational property can definitely compliment or be part of your retirement portfolio. If you aren’t sure, I am happy to outline a few ‘, finding an all season property with just the right features can fill both purposes: Making memories with friends and family, and act as the home you retire in once life slows down a little. Deciding ahead of time, would ease the transition down the road, and some of the ‘must haves’ on your list may also shift if the property serves both purposes. With a clear plan in place your realtor can help you find the best property in the best area to accommodate your vision.

LOCATION

If you decide to take the plunge and purchase a cottage or cabin, make sure you check all the location boxes off to set yourself up for success on the back end of your plan. If a future sale is in the plan, then you will want to make sure you are within the 3 hours to the closest (biggest) city, and close, if not right on, a body of water. Things like internet connectivity, land, electrical and indoor plumbing, location convenience, boat house/dock could be high on a potential buyers list. If the property doesn’t accommodate any of these now, is it possible to add them in the future?

FROM LIABILITY TO INVESTMENT

Some of the different ways you can turn this property into an investment instead of a liability is by renting it out when its not in use to recoup some of your yearly maintenance costs and potentially pocket some profit too. With the simplicity of the Airbnb platform, you can quickly turn a profit during the weeks/months your space is unoccupied. Be sure to check all the applicable laws applicable to the address where for short term rental laws applicable.

If properly thought through, and a long term plan is in place, your recreational property can simultaneously be the beginning of a lifetime of memories, a money making machine, and the perfect addition to your retirement plan.