4 Things to Ponder Before purchasing a Cabin
You may have found a great cabin at a great price. Make sure you remember, however, to calculate annual property taxes and maintenance costs. Insurance for second homes can run more than for primary residences. Financing may be more expensive for a vacation home as well. Get quotes, do your research and do the math to find out if you can heed the cabin’s call without creating a great deal of financial stress that you won’t be able to relax when you’re there.
2. How frequently will you will you use it?
Look at your number of days off annually, then think about how many you would like to spend at your cabin. Would you miss the beach? Regret not traveling abroad? Be sure you’ll enjoy the area, and not just the cabin itself, through most of the year.
3. Will disaster strike?
Forest fires are tough beasts to tame, and mountain cabins in many cases are directly in their path. Although no one can predict when a fire will spark, you can find out if your desired area is prone to droughts or any other conditions favorable for an out of control conflagration. Take a look at insurance coverage for different disasters, and add it to the monthly cabin costs.
4. Could you rent out your cabin?
In some cases, you can lease a vacation home for up to 14 days annually without paying taxes on the income. The money could help offset the cabin’s maintenance or loan payment. You should definitely look into the tax benefits (if any) of your own unique situation.
If you choose to purchase a cabin, be sure to work with a Realtor with expertise in those types of properties. Nick 7 Cindy Davis can assist you with your beachfront home here in the Tampa Bay and Surrounding areas, but did you know that we can also assist you in any State in the US or even any county as well. We work with top notch RE/MAX Agents. If you need some help finding an agent to assist you, simply click here or give us a call at 813-300-7116.
