Living by a lake in Michigan can be a dream come true. However, there is a lot you need to know about lakeside living before buying. This post will provide some tips for first-time homebuyers in Michigan.
Michigan Lakes Real Estate Market Watch
As of January 2024, the median home sale price in Berrien County was $260,000. Contact the Michigan Lakes Real Estate Team for help buying and selling lake homes in Southern Michigan.
Tips for First-Time Homebuyers in Michigan
Assess Your Finances
Just like any home purchase, you need to get a handle on your finances before buying a lakefront property. Consider the amount available for a down payment and your ability to make monthly payments. Check your credit score and apply for loans to compare mortgage options. Don’t forget to plan for closing costs and ongoing expenses. You might also be eligible for assistance programs for first-time homebuyers in Michigan.
Set Goals and Priorities
Assess your personal goals and determine how homeownership fits in with your plans. Beyond that, consider what you want and need from a house. How many bedrooms and bathrooms do you need? Are you a parent interested in local schools? Do you want a dock for a boat or fishing on the lake? Answering these questions and more can help you during your home search.
Consider Different Towns and Neighborhoods
Michigan has many lake communities for buyers to choose from. While they all have features that make them attractive, some might suit you better than others. Research various communities and what they have to offer. Along with that, learn about the lakes and their features.
Take Advantage of Open Houses
Viewing online listings can be a good way to start your search. However, you will eventually need to see the property in person. That way, you can check out the property and the lake. You will often need to arrange a tour with the property owner or a real estate agent. However, an open house can also be a great way to see a property.
Property Inspections
Assess the house inside and out. You might even want to carry a checklist to cover all the important points. If you are interested in the home, you may also want to hire a professional inspector.
Find a Real Estate Agent
First-time homebuyers should hire real estate agents. They’ll know the local market and help you find properties that meet your needs. A real estate agent can even give you access to listings unavailable to others.
Do you need to buy or sell a lake home in Southern Michigan? Click here to contact the Michigan Lakes Real Estate Team. We are local experts in the lakefront real estate market. Reach out now to learn more about our services.
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