With Lake Country being the premier vacation destination in Minnesota, resort properties are a great real estate investment. Aside from being an income-generating venture, operating and managing your own resort in Minnesota can ultimately be a rewarding experience.
Read more to find out how you can purchase your very own Lake Country resort.
What is a resort?
A resort, in its simplest form, is an establishment built for a specific purpose: vacations and getaways. They come in different shapes and sizes. Some resorts are simple retreats, while others are world-class luxury facilities. Resort themes and amenities differ, and location often plays an important role in determining the overall resort experience.
In Lake Country, a resort can take the form of a campground, an outdoor recreation and hunting area, or lodging/bed and breakfast.
Things to consider when buying a Lake Country resort
Bear these factors in mind as you look for a Lake Country resort to call your own.
- Topography – Take note of the area and the ground it sits on. Is it densely wooded? Is it a hilly location? Are there homes and services located nearby? Is it a lakefront resort, or at least connected to a waterway? Does it have the potential to become flooded?
- Condition of existing structures – How many buildings are currently on the resort property? What type of shape are they in? Will you need to make renovations or demolitions? What utilities are available?
- Type of resort – Is the resort solely for sports and recreation, or is it geared more for relaxation? Is this in line with your future plans for the resort?
- Revenue potential – How did the resort fare under its former management? What was the bookkeeping system employed? Do you need to expand or add more revenue departments? How much income will it potentially generate, and when can you achieve your ROI?