Is It Better to Rent or Buy on Gull Lake, Michigan?
 

If you've been dreaming about living on Gull Lake, know that buying isn't your only option. For a growing number of people, it's not even the best option.

Renting is, in many cases, just as beneficial and sometimes even more so. Renting at a community like The Bluffs at Gull Lake gives you premium lake access, a beautiful atmosphere, and a lifestyle upgrade without a six or seven-figure commitment.

Deciding whether buying or renting is right for you ultimately depends on your finances, the stage of life you're in, and how much work you want to put into a property.

Why Is This Question Worth Asking?

The beauty of Gull Lake is well known around the Midwest. It's a spring-fed, 2,030-acre lake that's about 2.5 hours away from Chicago and Detroit alike. For many years, it's been one of the most coveted places to live in West Michigan.

It's no secret that that desire comes with a hefty price tag!

Listed right now, Gull Lake properties directly on the lakefront are priced anywhere from $2 million to $4 million, and that doesn't even begin to cover upkeep. They are always in demand, which puts them at a higher price point.

"Our target residents are often people who thought they could spend $500,000 on a lake house, only to find that the same home is now $900,000," Matt Callander, President of Callander Commercial, says. "And it's a total fixer-upper, at that."

The sticker shock is very real for buyers, and that's what's pushing more people to ask a question that might have seemed strange just 10 years ago: "Is it actually smarter to rent on Gull Lake?"

What Does It Cost To Own Near Gull Lake?

Before we can talk about what it costs to live on Gull Lake specifically, let's talk about the costs of what homeownership is like in general.

The Purchase Price Is Just The Start

For a true lakefront property on Gull Lake, you are almost certainly looking at a price tag of $1 million or more today. If you're financing that purchase, high interest rates mean the monthly cost will climb pretty quickly compared to a few years ago.

Property Taxes

Many Michigan homebuyers get caught off-guard by property taxes. When a property sells, its taxable value "uncaps" (meaning it resets to the full assessed value, which can be much higher than the previous owner was paying).

This is one of the most common reasons that lakefront buyers experience such sticker shock. At first, the cost looks manageable, then the first bill for taxes comes in the mail, and it's a whole different ball game.

Average property taxes on Gull Lake run about $14,000 per year, and that's before purchase, not accounting for the spike after a purchase.

Hidden Costs For Lakefront Owners

Waterfront properties experience wear and tear that traditional property owners aren't aware of. Such things like wear from humidity, ice, seasonal freeze and thaw cycles, maintenance for docks and seawalls, boat lift repair/replacementall of those costs add up very quickly. Traditional issues like septic systems, wells, and other mechanics don't follow a convenient schedule for when they need repairs, either.

"Real estate taxes are the biggest issue," Brian Ball, Director of Property Management at Callander Commercial, says. "But repairs make up a lot of costs that many new lakefront homeowners never see coming."

You're Trading Flexibility

If your life circumstances change, like you get a new job, there's a shift in your needs, your kids grow up and leave the house, selling takes time, money, and market cooperation. You're carrying the costs of the lake house whether you're there or not.

What Renting At The Bluffs Offers That Buying Can't

Renting on Gull Lake isn't a compromise or a consolation prize. For many, it's the smarter choice.

Lake Life, Without The Headaches

Living at The Bluffs at Gull Lake is unlike living anywhere else in West Michigan. It's an exclusive community designed to provide a connection to the lake lifestyle without getting buried by it.

With views of Gull Lake, gas fire pits surrounded by cozy Adirondack chairs, built-in shuffleboard courts and cornhole boards, and pristine walking paths, residents get a life that feels like Northern Michigan without ever leaving the comfort of Southwest Michigan.

Inside, apartments include quartz countertops, stainless steel appliances, walk-in showers, in-unit laundry, fiber optic internet, and boat and overflow parking. Rent starts at around $1,600 per month, and The Bluffs offers 1-, 2-, and 3-bedroom units.

The best part is that when something breaks, all you have to do is call property management instead of worrying, budgeting, and shouldering the cost yourself.

A Test Drive Of The Lifestyle

"There's also ownership to consider," Callander says. "Ownership is much less liquid. You could test drive access to the lake lifestyle for a year without being encumbered by ownership."

It's a perfect situation. You can use The Bluffs at Gull Lake to find out just how much you love being near the water before locking into a grandiose investment.

The People Who've Done It All Already

Young families looking for a place to rent aren't the only people who find their way to The Bluffs. Ball has noticed a consistent pattern among residents who join the community he sees a lot of older people who have already enjoyed years of lake ownership.

"It's mostly the older crowd," he says. "They sell their lake house because they're wintering in Florida and summering here. They can't fully give up being by the lake, they love the location, but they're done owning."

For the older crowd, The Bluffs is simply the next chapter of life.

Who Should Consider Renting At The Bluffs?

If any of these describe you, renting might make sense:

• You want the experience of lake life without the commitment.
• The market has priced you out of where you want to be.
• You're in a life transition right now (newly retired, newly relocated, newly flexible, or any period where your next few years aren't entirely mapped out yet).
• You've already owned a home and you're ready for a simpler lifestyle.

The Financial Case In Plain Terms

When you factor in a down payment, closing costs, property taxes (that reset after purchase), ongoing maintenance costs, and the opportunity cost of capital tied up in real estate, the cost of owning can be daunting. Renting takes away that intimidation.

Renting at The Bluffs means predictable costs. There are no surprise assessments, no emergency repairs that you're responsible for, no dock replacements when Michigan ice does what Michigan ice does best. It's all transparent.

"It's about up-front cost," Callander says, "the exponential effect of financing, and the commitment. You have access to the lake lifestyle without being weighed down by all of that."

Looking Into Gull Lake Life?

If you're weighing the pros and cons of life near Gull Lake, whether that means renting or buying, The Bluffs is worth a serious look.

The community is managed by Callander Commercial, West Michigan's leading real estate firm with over 25 years of property management expertise. To learn more about The Bluffs at Gull Lake, give the leasing office a call at 269-384-8367 or visit our website to schedule a tour.