Before purchasing a second home—especially if you hope to generate income as a rental—it’s crucial to do your research and choose a location that will draw potential vacationers. While there are dozens of boutique communities up and down our shoreline, some areas are better known as travel destinations.
Part II of this series we'll look at the best locations when considering where to buy to make the wisest investment that also meets your goals for the perfect vacation home.
Key Factors to Consider When Buying a Second Home – Part II: Lakeshore Destinations to Buy a Vacation Home in Michigan
Median home price*: $495,000
Traverse City is the hub of many lakeshore communities including Acme, Cedar, Solon, Omena and Old Mission Peninsula. With excellent shopping and dining and an international airport in Traverse City, and no shortage of attractive features for vacationers in the region, homes along the northeast shore can be an ideal choice. From inland wineries that draw wine enthusiasts from across the country, to the postcard-perfect Grand Traverse Lighthouse, consider Traverse City and its surrounding communities as an opportunity for the coveted Lakeshore experience.
Median home price*: $440,000
Between Young State Park, Whiting Park, Avalanche Preserve, and Boyne Mountain Resort, Boyne City is a premier destination for outdoor enthusiasts, boaters, skiers, and leaf peepers. With small town charm, lower home prices, and international accessibility through Traverse City’s airport (about an hour away), a second home in Boyne City might be the right choice for your family or investment property.
Median home price*: $294, 900
If you love lighthouses, you’ll love Ludington. The beautiful beaches are home to three lighthouses, Big Sable Lighthouse in Ludington State Park, North Breakwater Lighthouse in Stearns Park Beach and Little Point Lighthouse in Silver Lake State Park. Enjoy the miles of beautiful beaches along the great lakes where you can watch the sunset or embark on a fishing trip. With the gorgeous great lakes, state parks and a vibrant downtown, Ludington is the perfect place to purchase a second home.
Median home price*: $271,500
Looking for a cozy vacation setting, right on the shore? Manistee boasts pristine beaches, world class golfing, scenic hikes for all ages, and some of the best sunsets along the Lakeshore. The “Victorian Port City of Michigan,” fans of history and architecture will be delighted by the charming and colorful downtown streets. Visitors can watch the sun go down from the North Pier, kayak the surrounding rivers, or curl up with a glass of locally-produced wine, beer, or spirits. You may also want to consider Ludington, its shoreline neighbor just to the south.
Median home price*: $565,000
Frankfort is yet another city along the Lakeshore that combines a beautiful, quaint downtown with international and national accessibility via Traverse City airport. Frankfort is a popular tourist destination, and if you’re looking for a highly rentable location, consider Frankfort a top contender. A sleepy town during much of the year, Frankfort’s population swells in the summer as visitors converge on the town to enjoy live music, festivals, and unparalleled access to beloved Lakeshore activities.
*Prices current as of date of publication.
Buy a Vacation Home in Michigan Today
If you are considering buying a vacation home along the Lakeshore, we can help. Our lenders are familiar with local real estate conditions, know our area’s premier real estate agents, and have years of experience finding cost-effective solutions for both Michigan residents and welcomed visitors looking to invest or put down roots in our picturesque region.
Ready to apply for a home loan? Want to discuss your options? Speak to a Mortgage lender today—your dreams of owning a vacation home could be closer than you think!