Have you been thinking about buying a second home in Wisconsin?
The realtors at The HIVE have experience working in Wisconsin and working with out of state buyers looking for a cabin. We put together this quick blog about buying a second home in Wisconsin. Read our blog for more information on how to find your dream vacation home.
If you have additional questions, or are reading to find your second home, contact us today.
1. Reasons to Buy a Second Home in Wisconsin
Buying a second home is a big decision that can come with many benefits. Here are some:
- Expand and diversify your real estate portfolio
- Escape from the hustle and bustle of city life
- Spend more time in the great outdoors
- Earn rental income
2. Where to Buy a Second Home in Wisconsin
Many Twin Cities homeowners are looking to Northwestern Wisconsin for their vacation getaway. Why? In short, Northwestern Wisconsin is beautiful. Between the rolling hills, numerous lakes and rivers, hiking trails, and forests—you can’t go wrong. A few of the major highlights within a few hours drive of the Twin Cities include:
- Namekagon River - Perfect for a canoe paddle or camping along the riverbend.
- Interstate State Park - Wisconsin’s oldest state park with countless hiking trails featuring rivers and waterfalls.
- Kinnickinnic River - Fly fisherman rejoice.
- Balsam Lake - A gem of a community with immaculate lake homes.
- Timberland Hills - Cross country skiing with on trail cabins.
- Ice Age Trail - The Thousand Mile Trail through Wisconsin
3. Down Payments on a Second Home in Wisconsin
Buying a second home is slightly more complicated than buying your first home. If you are looking to get a mortgage for your second home, you will likely need a larger down payment and have to pay a higher interest rate. It’s important to discuss with a lender before touring homes to verify what types of homes will be a good financial fit for you, your family, and your goals.
4. Rental Income on a Second Home in Wisconsin
People are flocking to Wisconsin lakes and rivers and paying top dollar to stay in Airbnb or VRBO rentals, camping on private property, renting out tiny homes or glamping in yurts. While owning a rental property can take a large initial investment, each time your property is rented out, you earn income that you may use to improve your property or help pay your mortgage. If you’re only planning to occupy your second home for a couple of weekends each month, it may be a great idea to set it up to rent out a week or two. Visit our investment property blog to learn more about the benefits.
5. Finding a Realtor for Buying a Second Home in Wisconsin
It's important to find someone you can trust when you start the process of buying a home. Well connected realtors can have access to properties that may never hit the active market, and their knowledge will prove priceless when you've found your dream home. Our team has a licensed realtor in both Minnesota and Wisconsin, so we understand both markets and can help you maximize your real estate portfolios through our connections in both states.
6. Buying a Second Home in Wisconsin
- Find a lender you trust
- Start touring homes
- Meet with The HIVE's Wisconsin licensed real estate agent
- Come visit our Saint Paul office! We'll drink cappuccinos and discuss your goals.
- What is your timeline? What house characteristics are on your wishlist?
- Make an offer
- Get a home inspection and read our blog about the importance of home inspections.
- Escrow Period - If it's been awhile since you've purchased a house, read our guide to closing.
- Closing day! Pop the champagne!
Let us know if you have any questions about buying a second home.
One of our experienced realtors will be in touch as soon as possible.
We can start the process today!