Understanding Lakeshore Property

Minnesota is the land of 10,000 lakes and whether it’s a home or cabin, everyone loves having their own spot on the lake. However, it’s important to understand all of the things that go along with owning property on the water, from legal info, to hidden costs, to tips and tricks to keeping your property in good shape!

Taxes

Property taxes vary from city to city, but there will be an extra cost for properties with shoreline. When looking at properties on water, make sure you and your agent look into how that will effect your yearly costs. Each city is different, so taxes on a more popular lake like Lake Minnetonka or one of Minneapolis’ chain of lakes will cost you more than many other bodies of water around the state. While a property with shoreline may look like it’s in your price range, factoring in these higher tax rates may not be financially achievable every year moving forward.

Cost of Toys

When living on the shoreline, boats, jet skis, and other water toys are inevitably going to become a part of your lifestyle. Not only are water toys expensive, they also have yearly costs associated with them. For boats or jet skits, you’ll need to budget for maintenance, docks or slips to keep them at during the summer, and storage in the winter. You’ll also need to consider dock or boat lift removal once the cold weather starts to come around.

Tips and Tricks

If you do end up buying a property with shoreline, make sure to ask the seller for a list of who helps maintain their waterfront and dock. Either a shoreline specialist or landscaper will help keep your beach or land up against the water in tip top shape. It also helps to get information on who helps with toy storage or putting in and taking out the dock every year as well. These companies will be familiar with the property and can help avoid any new customer assessment charges or other fees.

If you have any questions about lakeshore property or are looking for a home in the Lake Minnetonka area or another one of Minnesota’s 10,000 lakes, give me call, I’d love to help!