Help With Possible Island Home

secondcurve · 09-21-2008, 05:20 PM

Ishoot:

The posters before me have a created a very good list. I don't have an island property but have considered one. A couple of other thoughts:

1) What will you use for a mainland slip? Can you get a long-term lease? Slips are relatively loose right now, but that isn't always the case. If you don't like your existing slip, get your name in line right away for another marina and or slip;

2) Remember that it won't always be summer time at your island house. So many people underestimate this fact when purchasing an island home. Are you truly willing to own a home that is unusable or inconvenient for 2/3rds of the year?

3) The cost of everything on the islands is much more expensive than on the mainland. Don't forget this fact when negotiating the purchase.

4)Negotiate, negotiate and negotiate when buying your home. You are at the right point of time in the seasonal buying cycle. Add to this the economic uncertainty and there are a lot of motivated buyers. You are in the cat bird's seat. Don't be afraid to insult a seller......there are a lot of them so don't worry about finding another property to bid on.

5) Make sure you will love the place for at least the next five years as prices are likely to be flat or falling over this period of time and as things get worse from an economic standpoint vacation properties and island vacation properties specifically, will likely be difficult to unload.

Good Luck and tell us about your buying experience as it unfolds!!!

Webbsatwinni · 09-21-2008, 07:56 PM

Second Curve,

While I agree with you, most of the people I have uncounted on the islands are heartier and more of a "do it yourself" group than those on the mainland. That said, my comments are below:

Quote:

Originally Posted by secondcurve

Ishoot:

2) Remember that it won't always be summer time at your island house. So many people underestimate this fact when purchasing an island home. Are you truly willing to own a home that is unusable or inconvenient for 2/3rds of the year?

I spent almost every weekend there and over 5 weeks this summer. There are the times when the ice is not safe, but if you can heat your house, you can get many winter weekend in (we did 9 last year and by all accounts it was a bad year for ice)

Quote:

Originally Posted by secondcurve

Ishoot:

3) The cost of everything on the islands is much more expensive than on the mainland. Don't forget this fact when negotiating the purchase.

One exception, the price of the house. If you want water front, mainland is (from my observations) double to three times the purchase price of an island property.

secondcurve · 09-21-2008, 08:10 PM

Webbsatwinni:

Very good points. I just wanted Ishoot to give the decision about buying an island property some long and hard thought. It is a perfect arrangement for some people but an unacceptable choice for many others.

Webbsatwinni · 09-21-2008, 08:18 PM

Very true, we rented both mainland and island properties for many years in various places around the lake for our family vacations before deciding on island property.

I agree that is not for everyone, most people who visit think we are nuts (They thought that before as well) and one of the toughest things is explaining to non lake Winni people that we have a house on an island.

09-21-2008, 05:20 PM	#1
secondcurve Senior Member Join Date: Jan 2005 Posts: 2,118 Thanks: 1,331 Thanked 559 Times in 288 Posts	Ishoot: The posters before me have a created a very good list. I don't have an island property but have considered one. A couple of other thoughts: 1) What will you use for a mainland slip? Can you get a long-term lease? Slips are relatively loose right now, but that isn't always the case. If you don't like your existing slip, get your name in line right away for another marina and or slip; 2) Remember that it won't always be summer time at your island house. So many people underestimate this fact when purchasing an island home. Are you truly willing to own a home that is unusable or inconvenient for 2/3rds of the year? 3) The cost of everything on the islands is much more expensive than on the mainland. Don't forget this fact when negotiating the purchase. 4)Negotiate, negotiate and negotiate when buying your home. You are at the right point of time in the seasonal buying cycle. Add to this the economic uncertainty and there are a lot of motivated buyers. You are in the cat bird's seat. Don't be afraid to insult a seller......there are a lot of them so don't worry about finding another property to bid on. 5) Make sure you will love the place for at least the next five years as prices are likely to be flat or falling over this period of time and as things get worse from an economic standpoint vacation properties and island vacation properties specifically, will likely be difficult to unload. Good Luck and tell us about your buying experience as it unfolds!!!

09-21-2008, 08:10 PM	#3
secondcurve Senior Member Join Date: Jan 2005 Posts: 2,118 Thanks: 1,331 Thanked 559 Times in 288 Posts	Webbsatwinni: Very good points. I just wanted Ishoot to give the decision about buying an island property some long and hard thought. It is a perfect arrangement for some people but an unacceptable choice for many others.

09-21-2008, 08:18 PM	#4
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	Very true, we rented both mainland and island properties for many years in various places around the lake for our family vacations before deciding on island property. I agree that is not for everyone, most people who visit think we are nuts (They thought that before as well) and one of the toughest things is explaining to non lake Winni people that we have a house on an island.