If you're looking for a new and unique way to invest in real estate, you might be looking into buying a cabin property. The cabin can serve as your own vacation spot, and you can also rent it out when you're not there yourself. However, buying a cabin is quite different from buying your average, suburban home. There are some tips you'll want to follow your first time around cabin real estate.
Make sure the cabin is accessible in winter.
If you show up to look at the cabin in the summer, you may have no trouble driving down the remote roads and paths to reach it. But what happens once winter comes? Are the roads leading to it plowed, and do you have a way to clear the path to the cabin? If the cabin is set way back from any road and the access roads are impassible in the snow, this may not be the cabin for you — unless you have no plans of ever visiting in the winter!
Have the cabin inspected by a building inspector with experience in the area.
You do want to have the cabin inspected prior to purchase, just like any other home. However, you should be careful to choose a building inspector who has experience working with cabins. They'll be more familiar with the common issues that appear in cabins. They'll also be less likely to deter you from purchasing the cabin for issues like a lack of insulation, which are common in cabins but undesirable in usual homes.
Spend a lot of time researching local prices.
Most areas where you'll find cabins for sale are quite remote. There won't typically be 10 other similar cabins for sale that you can compare to the one you want to buy. So, you'll really want to do your research to ensure you know how much the cabin is worth and how much you're willing to pay. Look at past real estate listings for similar cabins over the past few years. Ask owners of other local cabins how much they paid. Also, work with a real estate agent who has sold a lot of cabins and can guide you in making a fair offer.
Buying cabin real estate is a unique experience, but it is definitely one worth having. Talk to your real estate agent to learn more, and then start looking at cabins for sale. It's so much fun!Share
4 August 2021
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