Planning Tax

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Lake Property

We live in the beautiful state of Minnesota. We have many lakes and wooded areas. My husband and I had always talked about some day owning lake property. We work in the area of the state that does not have a huge concentration of lakes. There are four regions of the state where the lakes are concentrated in. After we were married seventeen years we decided that we should buy our lake property or it would be out of our price range by time we reached retirement.

Lake property is getting to be very expensive. Most people in the state have a cabin or hunting shack on or close to one of the lakes. The demand for lake property has gone up each year. We thought that we would look for a lot on a lake where we could camp or park an RV until we were ready to build. We made an appointment with a realtor and explained what we were looking for. He asked what size lake we were interested in being on, and if we wanted it to be a fishing lake or a recreational lake. My husband loves to fish so we told him that we were interested in a fishing lake. He told us that he had just listed a lake property that might be of interest to us. It was an acre of land on the second largest lake in the state. The lake is located twenty six miles from my husband's job and sixty miles from mine. The property had on a newly remodeled home that was over a hundred years old. There was a huge four vehicle garage and also a garden shed. He offered to show us the property that evening.

As we drove to the house we were asking each other why we were doing this. We were not looking to move from our twenty acre hobby farm at this point in our lives. As soon as we got out of the car we knew that we wanted this house. The yard was beautiful and the view of the lake was spectacular. There was one hundred and sixty feet of lake shore. The realtor explained that the couple was building a condominium on a golf course. They had recently inherited a family lake home on a smaller lake further up north. They wanted to sell the property as quickly as possible so they did not have three homes in their names. We loved the house and the yard. We told the realtor that we would talk about it and give him a call back. I told my husband that I would be willing to drive the sixty miles to work if I could get my scheduled changed to four days a week. We were excited about the possibility of living on lake property prior to our retirement years. Everything fell into place with my work schedule as well as selling our hobby farm. The lake property has doubled in value in the five years that we have owned it so we made a very wise choice.

 

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