Your starter lake home: How to save money on your first waterfront property

Key insights:

• First-time lake home buyers can consider properties with lake access to save money and expand their search options.
• There are many alternatives to a traditional lake home. Consider taking advantage of trailers, mobile homes and tiny houses to get you out on the water.
• Remember that cabin life is less formal and guests will be used to differing accommodations, such as a pull-out bed or a bunkhouse.

For many folks in Minnesota and western Wisconsin, a lake home escape is the ultimate dream. And while many aspire to buy a waterfront property in retirement, you might be wondering… do I have to wait that long? Or could I find a way to enjoy summers on the water even sooner?

If you find yourself daydreaming about lake life, remember that affordable waterfront home properties do exist. Much like traditional starter homes, these entry-point lake houses can be the perfect stepping stone to owning a larger waterfront property down the road.

When moving forward with your lake home search, keep these tips in mind.

What is lakeshore vs. lake access?

Stepping onto a sandy beach just a few feet from your lake home or cabin is a wonderful luxury. But do you plan to spend most of your time relaxing on the beach or cruising around on the water?

If you plan to spend your days fishing, canoeing, speed boating or jet skiing, you might not use the beach that much (or at all). In this case, you could expand your search to include properties with lake access.

Keep in mind that:

• A lakeshore home is situated directly on the waterfront.
• A lake access property offers access to the lake or body of water, but someone else will own property between yours and the water.

Note: When searching for lake homes online, it can be hard to know whether you’re looking at lakeshore or lake access properties. Work with your REALTOR® to help ensure you set the right parameters and understand the scope of each property.

You can also use these links for access to all waterfront or lake access properties in Minnesota and western Wisconsin. Note that these searches include rivers, as well as lakes:

• Search all waterfront homes
• Search all water access properties

Have you considered a trailer?

Trailers, motorhomes and mobile or manufactured homes can get a bad rap, but they can also be terrific options for first-time lakeshore homebuyers. This is especially true for those who plan to only visit on the weekends or intend to spend their days out on a boat rather than at their property. And thanks to the hot tiny home trend, they can now be stylish, too! From renovated vintage trailers to newer models with all the bells and whistles, there’s an option for every budget and layout for every need.

One other potential benefit: trailer properties are often part of an HOA organization, which means that for a small fee, you may not have to mow your property’s lawn or worry about putting in and taking out a dock each year.

By changing your viewpoint to include trailer and tiny home options, you may just open a new door to low-cost and even lower-maintenance lake homes.

Look for a cabin, not a lake estate

It’s important to re-frame any preconceived ideas you may have about your future lake home — you know, the one with central air conditioning and a view of the lake through a two-story wall of windows. A starter lake home in your budget may be a bit more humble, and a bit less Instagram-worthy than you’d like… but it can still be an ideal destination for you, your family and your friends.

By leaning into the knotty pine walls and cozy quarters of an Up North cabin, you can design an on-budget, unforgettable space filled with warm memories.

Consider cabin co-ownership

Another option is to go in on a waterfront property with family or friends. Co-owning a cabin is a smart alternative for those who want to split the financial burden of an additional property.

While time spent at the property would likely be divided between multiple families, it could be a winning solution for those with a limited budget and who want to ease into full-time lake home ownership. Here’s an overview of the communications, contracts and mortgage steps you’ll take if you proceed with co-ownership of a vacation home.

How to accommodate house guests at your lake property

Lake home buyers often want to be able to host their large families, but many quickly realize that multi-bedroom lake properties are out of their budget. In that case, remind yourself that what’s really important is that you’re all together — even if the accommodations leave a little to be desired.

When looking at potential lake properties, prioritize homes that have enough bedrooms or sleeping space for your immediate family. Then, consider alternative sleeping options for visitors. On these weekends, you may move your guests into the traditional bedrooms, while your family sleeps on a pull-out sofa in the living room or on air mattresses in the screened-in porch. Another fun idea could be to let the kids spend a night outside in a tent as a way to free up some space for extra adults. You may not be able to host a family reunion for 15+, but you’ll have plenty of space to make memories with a smaller crew.

Stay patient, but be ready to move

As with the more traditional home market, lower-priced lake homes are in high demand. That means you may run into a lot of competition as you try to buy your first-ever waterfront property. Remember to:

• Hire a REALTOR® who specializes in your desired lake home area.
• Keep an open mind about properties that don’t meet all of your criteria, especially if they are within budget and on the right body of water.
• Book showings as quickly as you can to ensure you don’t miss your chance to buy.
• Stay hopeful but realistic. You may be outbid on a few properties, but with the right plan and attitude (and budget), you can make this happen.

Ready to make a splash?

Affordable lake properties are out there! Moving forward, reach out to Edina Realty or one of our REALTORS®. From days on the water to nights around the bonfire, we’re here to help you make your weekend dreams come true.