Top 5 Reasons to Buy Real Estate in Michigan’s Upper Peninsula
Individuals who want to buy real estate and have a true love for the great outdoors often need to look no further than Northern Michigan. The Wolverine State’s Upper Peninsula called the “UP,” offers excellent housing opportunities in Houghton, Baraga, Marquette, Ontonagon, or Keweenaw County.
Are you looking to buy a home or acres of land in the UP? Here are five top reasons to purchase real estate in Northern Michigan.
Michigan’s Upper Peninsula Real Estate is Affordable
Unlike many desirable locations across the United States, UP real estate is affordable. Michigan ranks as the third most affordable state in the U.S. and ranks fourth in the category of states offering the lowest cost of living. As a result, many home seekers are actively buying recreational property in Northern Michigan due to this affordability. Not to mention, this smart investment comes with an incredible lifestyle.
Due to the low population found in Northern Michigan, the area is peaceful. You can truly unwind and relax here without the traffic, crowds, and other types of congestion you’ll find in other vacation areas. Buying a home, acreage, or waterfront property in the UP offers you more bang for your buck. Waterfront cottages are selling for 20% more than homes without water frontage – think of what that might yield you as an ROI in just a few short years.
Interested buyers probably don’t want to wait too long. As more people realize just how affordable land in Michigan is, the demand will undoubtedly increase. This will eventually boost prices, which means you’ll have a valuable asset when this occurs if you get in right now.
Sellers are Motivated
Currently, real estate is a seller’s market, and buyers are motivated to sell, especially those sellers who have acres of land. Many of these owners have been sitting on their property for a long time, just waiting for the right time to make a profit. Most love their land but don’t have the same emotional attachment they’d have to a house. This typically means there may be more room for negotiation. As a result, you can buy land at a reasonable price and even potentially build your own home – imagine the lifestyle you could get by living or vacationing in towns such as the beautiful L’Anse or Houghton.
Real Estate is a Limited Resource
Real estate is a solid investment, especially in areas of demand. It’s not as volatile as stocks and bonds, which means it’s a safer investment wager. Unlike other types of assets, real estate is only going to appreciate. You don’t have to worry the way you would by throwing all of your cash into a single stock or bond, which could crash at any time. One way to consider the safety of a real estate purchase is to measure your portfolio through the lens of money you’re NOT spending, just as much as you calculate the money spent. If you own land without a house on it, there is literally no maintenance to be done. Your investment essentially grows in value over time.
With well-chosen acres of land, either with or without a home on it, you can also enjoy tax advantages and leverage your real estate investment to build wealth. That being said, real estate is limited in the long term. Currently, acres of land is available for purchase in Northern Michigan, but this resource is not infinite. As the population increases, over time, the demand for vacant land will increase with it. When the time comes to sell, you’ll almost always sell for more than what you paid. This makes land purchases in the UP an excellent investment. If you add a house on your property – imagine a lakefront or lake views home on the majestic Lake Superior or Lake Michigan – this could further enhance the value of your property.
Incredible Views in Michigan’s Upper Peninsula
The Upper Peninsula of Michigan is a true paradise, especially for those who truly appreciate the outdoors and are enthusiastic about outdoor recreation. You’ll find acres and acres of untouched wilderness, with plenty of fishing and hunting opportunities. Michigan has over 3,000 miles of shoreline, and the state tops the list of conditions with waterfront property.
Being near the Great Lakes is practically like the ocean, but minus the crowds, excessive heat, and other drawbacks that come with beach areas along the Atlantic, Pacific, and Gulf of Mexico coastlines. Yet, you get the same type of incredible views in the Great Lakes region. The smaller lakes and rivers found in Northern Michigan are also beautiful. There’s nothing like waking up in the morning, taking a cup of coffee out to your deck, and gazing over the fantastic scenery, whether it’s wooded areas, lakes, rivers, open fields, or, depending on where you live, mountains. Regardless of where the land is, you can’t go wrong because the landscape is amazing pretty much anywhere you look.
The options for homes for sale in the UP are vast. Envision yourself owning a log home in Watersmeet, a custom-built house in Manistique, or simply enjoying your very own lake frontage in Houghton, Ontonagon, or Iron County, where you can keep a boat or enjoy the excellent fishing.
Work With an Experienced Michigan Real Estate Agent Now
If you’re interested in buying property in the Upper Peninsula, State Wide Real Estate of Houghton (SWOH) has plenty of real estate listings for you to explore. Our Northern Michigan land brokers are experts of the region – after all, we live and play here too – and can help you identify the best location that would suit your investment and lifestyle goals.
Our office is a Keweenaw Multiple Listing Service members, giving us access to another 75 Realtors’ property listings. Our primary focus is in Baraga, Houghton, Keweenaw, and Ontonagon counties, but we have several land listings in Iron County and other areas. Drop-in our office, we’d love to chat with you and share our enthusiasm for the UP.