The Perfect Up North Property

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whitedust

Well-known member
indy_500 said:
I hear you loud and clear. My first house I bought in 2016 for $130k, sold in 2020 for $225k, bought my second house in 2020 for $350k and could probably sell for close to $450k as it stands. I am fully aware of real estate appreciation.

I’m not trying to say owning a 2nd home is a “bad idea” by any means. It is truly a dream/goal of mine. Just stating there is a lot of considerations that need to go into the buying process. I would guesstimate $3000 might be close to average for property tax for someone with a 2nd home? $3000x40 years is $120k. Again, I’ll never spend $120k in lodging in 40 years time. But I’m also not a northwoods summer guy that wants to be on the water, so my use would be limited and seasonal.

With the younger generation (my generation) struggling to afford home ownership, it will be interesting to see what the future holds for “up north” vacation homes.
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Work from home you can live anywhere. For example Eagle River schools grew over 100 students during Covid. Will Mom and Pop stay IDK but they haven’t moved on yet. Also people are leaving cities in mass. Chicago had a mob wipe out a convenience store over a weekend teenagers brawling in the streets a good reason to move as far north as possible. Lol.
 
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jjj70095

Active member
I always tell people who are thinking about buying property up north, "the more you plan to use it and be up north, the more you should think about buying". Just like the rule of thumb for buying vs renting any house.

Rent if it is short term, buy if it is long term. I have paid $100k in tax deductable property taxes the past 20 years, but house has appreciated $600-$700k. Dont buy it as an investment, but buy because you plan to spend a large amount of time in the northwoods to enjoy.
 
dfattack

dfattack

Well-known member
jjj70095 said:
I always tell people who are thinking about buying property up north, "the more you plan to use it and be up north, the more you should think about buying". Just like the rule of thumb for buying vs renting any house.

Rent if it is short term, buy if it is long term. I have paid $100k in tax deductable property taxes the past 20 years, but house has appreciated $600-$700k. Dont buy it as an investment, but buy because you plan to spend a large amount of time in the northwoods to enjoy.
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That's one thing Indy didn't factor in either. Lots to this process. Since he says he wouldn't use it in the summer...who knows. Maybe Airbnb?
 
pclark

pclark

Well-known member
indy_500 said:
I hear you loud and clear. My first house I bought in 2016 for $130k, sold in 2020 for $225k, bought my second house in 2020 for $350k and could probably sell for close to $450k as it stands. I am fully aware of real estate appreciation.

I’m not trying to say owning a 2nd home is a “bad idea” by any means. It is truly a dream/goal of mine. Just stating there is a lot of considerations that need to go into the buying process. I would guesstimate $3000 might be close to average for property tax for someone with a 2nd home? $3000x40 years is $120k. Again, I’ll never spend $120k in lodging in 40 years time. But I’m also not a northwoods summer guy that wants to be on the water, so my use would be limited and seasonal.

With the younger generation (my generation) struggling to afford home ownership, it will be interesting to see what the future holds for “up north” vacation homes.
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There are still affordable deals on properties on smaller lakes up here. Taxes are very reasonable on those properties, off water property can also be had at good prices. Always shop in the fall as sellers just want to unload before winter so they don't have to do all the winter prep.
 
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euphoric1

Well-known member
my perfect up north property would be deep in the woods, down one of those roads that head back off into the wilderness you see while driving and think " I wonder what's back there " no neighbors and short of driving back there the only other way to see if I was home would be to fly over. I don't necessarily need to live off the grid or as a survivalist but just somewhere where it seem as If I was alone in the world (with the wife of course...in case she was reading this lol) oh yeah and be somewhat trail accessible lol
 
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wiscrev

Well-known member
Happy wife, happy life! When we moved here, I told the wife that I didn't care what she liked or the price [within means], but that my only request was it had to be close to trails. The result, wife liked the house and the trail is at the end of the driveway! Also, very quiet neighborhood.
 
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whitedust

Well-known member
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euphoric1 said:
my perfect up north property would be deep in the woods, down one of those roads that head back off into the wilderness you see while driving and think " I wonder what's back there " no neighbors and short of driving back there the only other way to see if I was home would be to fly over. I don't necessarily need to live off the grid or as a survivalist but just somewhere where it seem as If I was alone in the world (with the wife of course...in case she was reading this lol) oh yeah and be somewhat trail accessible lol
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You definitely want the snowmobile trail accessible to your property. Even in Vilas the county sheriffs would ask to see your drivers license for local address if riding roads to marked trail DNR too. They were nice about it but would ticket you for road riding if not a local resident.
 
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ICT Sledder

Active member
ddhanna said:
Only if it impacts the assessed value. Local tax rate X assessed value = property tax.
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Assessed value is directly related to market value, or at least your local taxing authority's best estimate of market value. Market value is reflective of all variables that influence that value - including what I mentioned above.
 
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snobuilder

Well-known member
Here's a pic
This is a PWF...Permanent Wood Foundation. Treated yellow pine to .60 retention. Ideal in the sand that my place is stting on.
 

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snobuilder

Well-known member
whitedust said:
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You definitely want the snowmobile trail accessible to your property. Even in Vilas the county sheriffs would ask to see your drivers license for local address if riding roads to marked trail DNR too. They were nice about it but would ticket you for road riding if not a local resident.
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trail cuts through the corner of my little 2 acres....Real heart warming to see the lights on the trail at night especially when it the Lumberjack Memorial Trails groomer:ROFLMAO:
 
pclark

pclark

Well-known member
Cool project, stage #2 of my project is jacking up my cabin about 4-5ft to meet grade of my new garage. Man, it's a process as you probably know!
 
H

Highflyer

Active member
indy_500 said:
I hear you loud and clear. My first house I bought in 2016 for $130k, sold in 2020 for $225k, bought my second house in 2020 for $350k and could probably sell for close to $450k as it stands. I am fully aware of real estate appreciation.

I’m not trying to say owning a 2nd home is a “bad idea” by any means. It is truly a dream/goal of mine. Just stating there is a lot of considerations that need to go into the buying process. I would guesstimate $3000 might be close to average for property tax for someone with a 2nd home? $3000x40 years is $120k. Again, I’ll never spend $120k in lodging in 40 years time. But I’m also not a northwoods summer guy that wants to be on the water, so my use would be limited and seasonal.

With the younger generation (my generation) struggling to afford home ownership, it will be interesting to see what the future holds for “up north” vacation homes.
Click to expand...
I bought my place with the plan to only use it during the Fall/Winter months and rent out in the summer. Found out I loved having it in the summer as well. However as someone already said, you could easily rent it out in the summer months to pay for your cost/winter lodging. If the younger generation can't afford houses being a owner of property will be a good think because you should have no shortage of renters looking then......for both long term and short term.
 
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