Looking for the perfect summer home can be tricky. Dad may want somewhere he could still play golf, while the kids are begging for a place near the beach.
While owning a cabin may sound like it's all fun and games, it actually takes a whole lot of planning and thinking to really find that perfect summer retreat.
Here should be your top considerations according to Fox News Real Estate:
Find the right location
When planning to invest on a vacation home, there are three very important elements that you need to keep in mind: location, location, location.
Since the whole idea of a retreat place is so the family can enjoy a quiet and relaxed getaway where there are outdoor recreations for everyone to enjoy, you should build your options around locations near a beach, mountain, or a stream.
It is important to know the location well, and that means it should be somewhere that the family have already been, like the area where you have rented summer cabins for the past summers. That way, you already have an idea on the safety as well as weather conditions in that area.
Also, consider the distance when finding for a location. After the excitement wears off, it just wouldn't be as fun to drive 5 hours out of town with the noisy and impatient kids at the backseat so you may end up planning trips less frequently.
Figure out the finances
While the location is important, knowing how to pay for the property is equally as significant. Usually, mortgage applications for a second home are more complicated than with a primary home. So before considering the idea, pay off as much of your mortgage for your first home so that lenders won't see problems when they look at your debt-to-income ratio.
A good way to keep up with the finances is to rent out the summer home for the periods that you won't be using it. But don't forget to declare your rental income tax if you plan to renting it out for more than 14 days per year.
Cabin care
Unlike the modern-day conveniences that you avail in the city, most rustic cabin in the woods just don't have the same amenities. Most of the time, cabins don't have access to a municipal sewage system, and that means you should learn about proper septic tank maintenance. If the place has a wood-burning stove, you also have to figure out how to take care of that. During fall, pipes can get clogged so they would require flushing out to prevent them from bursting.
Also, remember to set aside extra cash for usual home maintenance and major repairs like a leaking roof and a bad water heater as well.
