While the term ‘cottage’ can have different meanings to different people, most think of a cottage as a place to getaway and relax for a weekend – or even a week. Most people keep a cottage as a vacation property, which they can either use exclusively on their own, or rent it out while they are not using it to make extra money. Owning a piece of Lake Michigan real estate in the form of a vacation cottage has a number of benefits, including the following three –
1. Potential for Rental Income
The shores of Lake Michigan are a popular getaway spot for people of all ages, yet not everyone is able to purchase a Lake Michigan real estate property for themselves. This means there is a viable rental market that you may be able to take advantage of when you own a cottage on or near the lake. While you aren’t likely to get rich by renting out your cottage, you can use the income to offset the cost of ownership and build equity down the line.
2. Motivation to Get Away and Relax
Everyone hopes to spend more time in their lives just relaxing and enjoying the outdoors, but it can be hard to do that with the commitments of work, family, etc. When you take the step of owning a piece of Lake Michigan real estate, you will be more compelled to make time to come out and visit your retreat. Also, weekend getaways are easier to plan at the last minute because you will already have a place to stay and probably will have left some supplies at the cottage.
3. Increased Use as you Age
Many people are able to make more time for recreation as they get older. This could be because they are in a more financially secure position, the kids have grown up and moved out, or any number of other reasons. By searching Lake Michigan homes for sale and finding the right cottage property for your needs, you can establish a place of your own that will likely see more and more use as the years go by. When you get to an age where you can spent much of your time at the cottage, it will already feel like home thanks to the memories that have been made.