Some people are being excitingly exploring alternative living (i.e. moving to Maine for the lower cost of living here) and some (with deeper pockets) to find an opportunity to buy a second home in Maine. Many value deals are available (even for properties “on the water”) and interest rates continue to be below anything we have seen before – and may never see again!
I share this with you because my real estate business website (www.larrycilley.com) is prompting more post-recession buyers to contact me looking for living alternatives and real estate deals.
Let’s first cover the subject of thinking about the possibility of a second home in Maine. For those with the means to take advantage of special situations to acquire a vacation home, your choices are many and varied. Sellers continue to price their properties as if there were no hard times – usually because Mainers are stubborn in their ways and optimistic that someone will pay something close to their asking price. After all, they have convinced themselves that they don’t need to sell, but if the truth be known, they are very willing to reduce their price significantly for many reasons that are unique to their circumstances and desires to “re-nest themselves.” Many have a home that is paid off, but it’s too big for them now. Oftentimes, they want to move closer to their grandchildren. Whatever the reason, it has been my experience that buyer brokers who “know Mainers” can put together some unexpected great deals for serious buyers.
I’ve also have encountered people nearing retirement who want to spend their remaining years in Maine.Down East Magazine in on their coffee table every month and they routinely fantasize about living in Maine. These people have a strategy of buying a piece of land now in anticipation of building their next home on it once the market re-establishes itself – which always happens, eventually. I’ve had good luck in occasioning opportunities for buyers to finding something special when it isn’t even on the market for sale. It’s amazing how many potential sellers will listen seriously to offers that unexpectedly prompt them to move on with their life.
Although buyers of means can easily afford a dream vacation home of their choice and negotiate very attractive deals, I’m finding that some are shopping for very small homes in need of some repairs for peanuts – but in locations that are a “hub” to being a base location for meeting their basic summer needs with the intention of making peripheral excursions to other nearby Maine attractions. For example, it’s easy to have such a central living location in Wiscasset and use your vacation time to make side trips to places like Bar Harbor, Monhegan Island, Moosehead Lake, Portland and so many interesting other places and venues.
I’m finding that several families often share their resources to purchase these “hub base properties” and work out a time for them to enjoy the property without any conflict with their friends or relatives. After all, why pay expensive prime season motel prices to “do Maine in the summer” when you could creatively enjoy very inexpensive accommodations with the flexibility to do an assortment of fun things like camping, hiking, biking, sailing, summer theater, antique shopping, Portland/Freeport shopping and so many cultural attractions to see and experience? Such places are often rentable for extra income.
Well, hopefully I have prompted you to consider alternatives that may never have occurred to you before as you think about the many joys of coming to Maine. I once met a man who lived in New York and worked as a physician. He had come to the end of his vacation and was lamenting his return to the city and the pressures of his job. He said “you are so lucky to live here. I’m so envious of your lifestyle.” He reminds me of my neighbor who is a retired Army surgeon. He’s now a Maine lobster man and loving it!