A cabin in the mountains or somewhere out in nature may seem like the ideal second property. When it comes to buying a cabin, there are a few things you need to consider before you start the buying process.
Consideration #1: Affordability
Start by determining if you can afford a cabin. A cabin is usually a smaller financial investment than a regular second home. However, it is going to come with its own expenses. You will have to pay the mortgage, property tax, insurance, and maintenance for the cabin. The maintenance and upgrades the cabin needs will depend on how well taken care of it is and how old it is.
You can indeed rent out your cabin. However, you have to be willing to figure out how to manage the rental process to use rental fees to offset the cost of owning a cabin. If you can afford the cabin outright, renting it out should be a bonus.
Consideration #2: Style
When you hear the word cabin, a certain type of building may come to mind. When it comes to renting a cabin, you will need to think about what type of cabin you want. Do you want a traditional cozy log cabin with an open living room/ kitchen area, bedroom, and bathroom? Do you want an A-frame cabin, with a simple layout? Or do you want a modular cabin with more rooms? Do you want something more modern and updated?
Think about what you mean when you say you want a cabin. A cabin could be a simple, small three-room home or just as large as a regular single-family home. It is important to know what you mean so you can narrow down your search.
Consideration #3: Location
With a cabin you will be using as a second home, you need to carefully consider its location. You want the cabin to be within distance so you can easily drive to the cabin and enjoy weekends and days off at the cabin. If you are thinking about renting out the cabin to generate a little extra income, you should find a cabin located somewhere that appeals to others such as a vacation destination.
When it comes to buying a cabin as a second home, you need to consider these and many other steps. If you have questions, you can reach out to cabin real estate services. They'll show you cabin listings and help you narrow down your options.