Three Tips for Buying a Resort in the Northwoods of Wisconsin
Working with a local real estate agent who knows the area, what questions to ask, and resort values is critical when looking for a resort property to purchase in the Northwoods of Wisconsin.
Here are three more of our best resort purchasing tips for you to consider:
Consider working with a local lender. Bank loans are not always easy to secure for resort business properties. A local bank can be a good option because they might know the property or have done business with a previous owner.
Have a thorough understanding of the financials. Purchasing a resort to run as a business requires a deep understanding of the property’s income and expenses and the revenue it generates. Make sure you look at the reservation book and rate schedule, both current and past, to understand realistically what you can expect.
Obtain a comprehensive inspection of the property you are considering. Assess the physical condition of the property, including buildings, equipment, and furnishings. Don’t forget about utilities like the septic system and water supply – especially if the property uses a well.
Patrick Schey and his team understand the resort business and the options for financing them and can help you find the resort property that is exactly right for you! Check out our website or contact us if we can help you in any way.