5 Things To Consider When Buying A Cabin

Are you thinking about buying a cabin? You’re not alone! This time of year, a lot of people are thinking a cabin or lakehome would be ideal, but before you purchase one, there are some things to consider.

1. Can you afford a second property? Your financial situation is the biggest factor to take into consideration when purchasing any property. Will you be able to pay cash or will you need to finance? Besides the mortgage, there are utilities, property taxes, and most likely a variety of toys and amenities to enjoy at the home.
2. How do you plan to use the property? Are you thinking about a small rustic cabin or a lake home? Will you be using the cabin year-round? Will it be just for your own use, or do you plan to rent it out? What type of amenities do you want nearby? A quaint downtown or restaurant on the lake?
3. If you are looking to buy a waterfront property, what type of activities are you looking to enjoy? Some lakes are better for fishing than others, some are better for boating, some are super busy, and some are quiet. Before you start your search, decide which lakes work out for your needs. Once you know where you want to be, your Realtor can easily set up a search for you.
4. Have you thought about the maintenance for a cabin? Owning a second property means you have a second home that will need to be taken care of. The land will need to be cared for, and if you are on a lake, the dock, boat, boat lift, and all the toys will need to be maintained. If you don’t want all the responsibility, consider a condo or townhome with an association rather than a single family home. This route would be a good option for those who want to just close the door and go.
5. Buying a cabin can be an investment if you plan to rent it out regularly, but there may be tax ramifications in doing so. Before you set your sights on purchasing a cabin to produce additional income, make sure to consult with your financial or tax advisor.

A cabin can be a wonderful and relaxing getaway, but make sure you do your research so you can truly enjoy everything that a cabin/second home has to offer.