For some people, the idea of owning a cabin is a dream come true. Most cabins are placed near beautiful scenery and/or natural wonders, making them prime real estate for those who want to get away from the big city. In addition, most cabins provide a simpler way of living, and this too can also help you relax and unwind from the craziness and non-stop action of your current town. However, before you run out and buy yourself the cutest little cabin you ever did see, be sure to consider the following four items so you don’t end up making a mistake you’ll regret.
Like any big purchase, it’s always a good idea to ensure you can afford something before you go through with it. When looking at cabins, there are plenty of financial factors to consider:
- Will this be your main residence, or will you own this and your current home?
- If you will own two homes, will you need to rent the cabin out in order to make ends meet?
- Will buying this cabin make you house poor?
- Have you considered the cost of cabin insurance?
- Have you factored in the additional costs of utilities, taxes, maintenance, and other expenses that come with homeownership?
Once you put a lot of thought into these areas, you can make a better choice on whether the new cabin is a great purchase.
Whether you own the cabin outright or use it as a second home, you need to be prepared for emergency situations. Do you have money in the bank to pay for said emergencies? If you’re not near the cabin, do you have trusted individuals to help you, such as a plumber if there’s a leak or an electrician if there’s a spark? Although you home to never need them, having these individuals nearby can give you peace of mind for when you’re not around.
Although owning a cabin may seem like a great idea, you really need to think about how often you’ll use it. For instance, if you are still working full time or have kids involved with activities, it may be hard to get out to the cabin regularly. If you’re not using it—and if you’re not making money on renting it out—then it may not be the right choice. However, if you’re retired or simply have more free time, then having the cabin can be a great place for you and the family to sneak away to for a long weekend.
If you’ve finally decided that having the cabin is a necessity, then you want to ensure you pick the right location. Do you want a cabin that’s someplace always warm, or do you want one that experiences all seasons? Do you want one right next to a lake or body of water, or do you want one in the mountains? Knowing exactly what you want will help you find the right cabin that suits your exact needs as well as your budget.
Owning a cabin can be a dream come true. If it’s something that interests you, be sure to consider all four of these things before making any final decisions.