on June 25, 2019
The allure of a personal cabin is undeniable. You have access to a sliver of space that’s all yours—a space where you can relax, sit by the water, and barbecue into the evenings. Maybe you’ve been at a friend’s cabin and thought, “This is the life! I wish I had a cabin of my own.”
While owning a cabin is a worthwhile dream, and something many people aspire to, it pays to think this decision through and give it the careful consideration it deserves. Keep in mind the following:
Cabin Maintenance
One key factor to consider is cabin upkeep. Ultimately, having a cabin means owning a second house. Unless you’re going the rustic route, your cabin will have a water heater, a furnace, electricity, a septic system…and all the problems and maintenance costs that go along with them. If you struggle to keep up with your current home’s maintenance, adding a cabin to the mix may cause more headaches than it’s worth (Here’s an article about the cost of upkeeping a log cabin).
Frequency of Use
Another thing to keep in mind when trying to decide whether or not to purchase a cabin is how often you’ll be able to use it. Is the cabin so far away that it’s impractical to go there over a regular weekend? Do you think you’ll realistically only make it to the cabin on three or four weekends each year? If, for example, you think you’ll make it to the cabin four times per year, take your annual expenditures (mortgage, lawn care, repairs, upkeep/maintenance) and divide them by four. That’s how much each trip to the cabin essentially “costs.” So, if you spend $18,000/year on your cabin ($1,500 per month), each trip to the cabin is worth $4,500. Sure, part of that cost is probably your mortgage, meaning you are acquiring an asset, but still, it’s a good idea to think about whether or not a cabin is worth that much to you.
Tethered To One Spot
One more consideration is this: Do you and your family want to be tied down to the same place, year after year? Though it is appealing to have the comfort of a second home, it does mean you’re somewhat tied to it. Is it important to you to explore other lakes (or even other states or countries)? Or, are you content with returning to the same spot multiple times each year?
Changing Surroundings
Finally, consider how much the area around your cabin is likely to change. Is there room for more development? If so, will you be annoyed if new neighbors pop up right next to your property line? Is the area growing in popularity or declining (meaning the value of your cabin may not increase significantly over time)? Also, think about how popular the lake is and whether or not it has public access. If the waters are overcrowded and noisy during the summer, that may defeat the purpose of gaining a little R&R at the cabin.
Ultimately…
…deciding whether or not to buy a cabin is a personal choice. If you feel comfortable with the expenses and maintenance involved, enjoy having your own space by the lake, and don’t mind returning to the same spot every summer, purchasing a cabin might be a good decision for you. If, however, you’re unsure if you’d like to commit to owning a cabin, consider some alternatives. You could rent a cabin or AirBnB space, split the purchase of a cabin and share it with other family members or close friends, or join a “vacation club” that lets you share ownership of one or more vacation properties. You could even rent a houseboat! Whatever you decide, it’s a good idea to consider whether or not a cabin truly fits your lifestyle before jumping in and making that purchase.