Lake House, thoughts/regrets/recommendations?

My parents are bouncing around the idea of buying a lake house for their upcoming retirement and growing number of grand kids. We live in the Chicago burbs so WI is the most likely candidate as that's where we've done the most vacationing. I thought it would be good to hear from some of the folks on here who probably have gone down the same vacation home search.

Some questions they had:

What did you look for in the house?
What did you look for in the body of water?
Did you use it as much as you thought?
Was the maintenance as much as you expected?
How long of a drive did you limit your search to?

For the Wisconsin folks, do you recommend any areas to check out?

-Matt

Some to look at up here.

8122pbrainard wrote: Some to look at up here.

I like the pictures on this one. Listing is 32 days old,ice still on lake, snow still on ground. 11 month boat storage will add up.....link
Lakes should be ice free by August right Pete?

Gary S wrote: [QUOTE=8122pbrainard] I like the pictures on this one. Listing is 32 days old,ice still on lake, snow still on ground. 11 month boat storage will add up.....link Lakes should be ice free by August right Pete?

Gary,
Did you expect anything different? It is northern Wisconsin.

Frozen tundra, to each his own.

Hollywood wrote: Summer is really the “off” season up there.

every season is the off season up there because you gotta be “a little off” to live up there.

Right idea wrong location. Move south about 8-900 miles . No snow,less wind ,warm water and a 8 plus boat season.

burban65 wrote: My limited inputs with the understanding budget will definitely be a factor: Low yard maintenance Low exterior maintenance ie: no exterior painting If wanting a lower level / walk out / basement - look for a place that has natural / gravity drain to the lake (you don't want to be worrying about a sump pump not working when you are not there) Ample parking Good swim area - beach area off of shoreline or good area off of end of dock A place on an idle only lake but with access (short distance) via channels to larger lake with no limitations. If not an option and lake is very busy look for a place in a cove / bay area of the lake (good sea wall a must) 3 or more full baths If the seller has boats / lifts use them as negotiation variables (especially if you want them or if you don't if you can sell them) 3 season area or covered deck area facing the lake Private lake - if large enough lake and budget would allow Neighbors that take care of their place, dock, boats etc... And of course........a few of those "key" items that 67 Ski Nat mentioned When it comes right down to it any place at the lake is better than not having one at. Good luck!

Appreciate the input!

We pulled the trigger during the last big recession in 2009. Northern WI. Went in with our parents on it. Twas a good time to buy something like that as they were being unloaded at the time and the vacation home market still hasn't totally recovered from that IMO.

Pros:
Kids have grown up with it, they know no other way
Always something to think about or look forward to mentally, I love that. Like in your mind you can always know that there's "going up to the cabin" to look forward to and think about fondly as a static happy place
You don't have to drag all your stuff up there every time you go since a lot of it is already there

Cons:
You do get more "used" to being up there so the sheer novelty of the whole thing wears down a bit. When we used to rent and only get 1 week up there we looked forward to it like crazy, now it's old hat and to me that's kinda sad in a way
In mortgage interest alone we could rent a new, nice place every year on a different lake if we wanted to, I do think about that occasionally
Can cause family/friend strain if you share the house with other family members or friends, really I do wish we had our own place vs. sharing it with our parents as part-owners so even if it's a stretch to do it, involving as FEW co-owners as possible is highly recommended.
Taxes and maintenance are generally really reasonable, that's been a nice surprise

Considerations:
- Separate lake vs. Chain. Major pros and cons to each, no wrong answer here but it's important to figure out
- No fisherman's frontage crap. A major criteria for us was you must be able to jump off the dock and swim vs. jumping into muck
- Lake type: watch out for seepage lakes that can turn into ponds in a cyclical fashion, in 2009 a lot of properties we looked at on seepage lakes were a thousand feet from the water because there was no water. Now those lakes are back up but NFW I'd buy property on them knowing what I've seen. Same with dam-ed lakes which the DNR can fluctuate water levels on at their whim
- I like sand bottomed lakes and level frontage, I never understood these cabins that have 8000 stairs down to the water
- Ample depth for boat lift if needed
- Fussy lake associations and associated rules
- Location on the lake, E/W/S/N. Look at prevailing winds over time and keep in mind sunset/sunrise if that's important to you. The north side of our lake is usually windy and also gets ice flows which destroy permanent docks. The south side is always glass, never has seaweed blown into it, and everyone has beautiful permanent docks. Of course we're on north side and that's definitely annoying.

More as I think of it.

-Do they plan to use it year round or seasonally? Heat and insulation in an older second home can be way out of date. If you plan to leave the place heated but infrequently occupied in the winter, figure out how to shut off the water and install wifi thermostats so you get a warning if the heat dies.

-Water quality. Many lake houses have point or artesian wells. You may need to plan on a water filtration system.

-Dam controlled lakes are great. No flooding and the water goes down in winter, so you don't have to pull your dock out of the water.

-Make sure to visit the property on a nice sunny saturday afternoon. You'll get a good sense of how busy the lake will be at peak.

-If possible, a detached garage with a bunk room upstairs is a wonderful asset. You'll always be having visitors and this gives everyone more space.

-It is impossible to have too many bathrooms. You'll always have visitors. Outdoor showers are great in the summer.

-VRBO and Air BnB may be able to generate a lot of revenue for you. I rent one of my properties through Air BnB and it has worked very well. This can offset some of your costs. Yes, the mortgage interest could rent a very nice property every year. Long term, the appreciation on a lake house property should way outpace the costs.

-Look closely at the mortgage interest deduction tax code. You may be better pulling equity out of your primary home and taking a smaller or no mortgage on a second home. Talk with your CPA. If you rent the property and meet certain income thresholds you may also be able to factor in depreciation every year - meaning it will operate at a "loss" and you'll save on taxes.

8122pbrainard wrote: It's great on the lake.

So Petey, what’s the air and water temps? Here, 90 air and surface temp in Gulf of Mexico has been 85, and that’s at 8:30am. It’s a tough life but I’ll keep living it a bit longer.

Low humidity and 90? Let the record show I’m jealous of those in northern Wisconsin.

At the top of the list for me was distance. I wanted a lake house within 1 hour drive of my home. If I had that - I knew we would use it. Ended up with a great place with a white sand beach only 1 hour away. Lots of family time and memories. Girlfriend says its the best purchase I ever made. Absolutely no regrets.

Gary S wrote: Hey Todd Chicago weatherman said yesterday that Chicago tied Miami with heat and humidity!

and they’re tied in being raunchy too.