Not everyone’s idea of the perfect home is a ranch style with a white picket fence. Over the decades, Dakotaland’s Mortgage Team has had the opportunity to assist many unique housing seekers find conventional financing for their unconventional homes. Many financial institutions are not equipped or are willing to accept the challenges a non–traditional home may pose from a mortgage and underwriting perspective. According to Chief of Mortgage Lending, Sarah Senska, the credit union has not shied away from these unique properties, but instead has embraced the creativity in finding the right mortgage even when it’s not a typical home.
Shouses or shomes are a newer concept as far as housing is concerned, but they have become very popular in the past few years. A shouse (shop/house) or a shome (shop/home) is a hybrid home, basically incorporating two buildings into one structure. Daniel Albrecht is just months away from moving into his new shouse located south of De Smet. Dan and his dad, Todd, own and operate the family business of Albrecht Road Maintenance, which specializes in the transport of gravel and road repair. “Working on equipment in the winter months in South Dakota is almost impossible without access to a heated shop,” explained Albrecht when asked why they chose this type of structure. Dan had recently returned home after college and needed a place to call his own. The shouse provided a dual solution. Albrecht had become a member of the credit union when his parents opened an account for him when he was a young child. Dan, now 22 years old, was happy to find a 1.90% apr* construction loan at Dakotaland.
Another unique twist to the housing market has been the ‘repurposing’ of a once commercial property into single or multi–family homes. Churches, bars, train depots and retail businesses are a few of the unique buildings finding a new life as a residence. Patti Larson purchased a main street business in Woonsocket, SD intending to utilize the space as a lodge/apartment rental, but recently has chosen to make it her primary residence. “Saving an old downtown structure intrigued me. Plus, it is a great space and good location with easy access to everything in town,“ explained Larson. The 1400 sq. ft. building built in 1954 has a long history, but it will be remembered by most as the local Corner Café. Patti relayed that she didn’t bother approaching any other financial institution, but instead, chose to work with Dakotaland on the initial purchase and the renovations.
Scott and Dawn Mutchelknaus renovated a 1950s gas station/bus stop into a family home near Wolsey, SD. “We initially paid cash for the acreage and abandoned building formerly known as Holforty’s Gas and Oil. The credit union was our resource to secure the mortgage we needed to finance the extensive rebuild”, Dawn explained. The Mutchelknaus’ quickly learned how challenging an abandoned property would be to renovate, especially one that was never intended to be a home, but it has proven to be a one–of–a–kind home and a sound investment.
