3 Smart Tips When Buying A Cabin
Having a cabin in the mountains or by a lake can be nice. Having a cabin gives you a second home to get away from life whenever you need a break. Before buying a cabin, there are a few things you should consider.
1. Keep Your Mortgage Costs Lows
To have a balanced budget, it is generally recommended to keep your housing costs below 30% of your monthly gross income. That means all home-associated expenses, such as a mortgage, property taxes, utilities, and maintenance needs.
When you buy a second home, that rule doesn't go away. You will want to make sure you can keep housing costs, for both of your homes, within the range of 30% of your income. However, you can complete this financial decision if you have room in your budget for the new addition of a cabin.
2. Choose an Accessible Location
When you buy a cabin as a second home, you want to make sure you choose a location that will be accessible to you. You will want to check out the roads and access to the cabin. In general, it should be easy for you to visit your second home. A second home that you can drive to within three to five hours, for example, will probably get more usage than a second home that is a twelve-hour drive away.
Additionally, you should visit to see what the property and views are like where the cabin is located. If you are considering a cabin in an area you have not visited before, spend a weekend or two in the area to make sure you enjoy the local climate and atmosphere before buying a cabin.
You also need to think about how the location of the cabin impacts its value. If you purchase one near a popular outdoor area, for example, you may be able to leverage the cabin as a rental during part of the year if that is something you are interested in.
3. Always Visit
Even if you have visited the area where the cabin is located many times, it doesn't mean you should not visit the actual cabin in person as well. This is because you need to see what condition the building is in and if it needs any work to meet your living standards.
When it comes to buying a cabin as a second home, make sure the mortgage, property taxes, and other costs will not squeeze your budget too tight. Choose a location you can easily access and enjoy. Additionally, always visit and check out the cabin in-person before signing a purchasing agreement. For more information about what to consider when purchasing a cabin, contact a cabin real estate agent.
