Announcement

Collapse
No announcement yet.

Can I/should I buy a cabin?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Tangler
    replied
    Not a good financial decision. Not everything worth doing in life is a good financial decision.

    Is this right for you? Only you can say. The questions I would ask yourself:

    1. Can you really afford it. I mean really. Zero doubt. You have way more than you need and this will not harm you in a way that means you cannot retire when/how you want.

    2. How much do you love it. Area? Do you visit that area often now?

    3. Spouse (or whatever person is the PC thing to say now), do they like it? love it? Will they be annoyed in any way?

    4. Do you want to rent it? Is it OK if someone else's doggie pees on your rug? Do you want to deal with that or just keep it as a pure consumption item?

    5. If you plan to rent it, what do the numbers look like? NOI? Cap rate? cash on cash returns? Management company costs? taxes? Insurance? vacancy rate?

    6. Are you ok with only going to this place or at least mostly going to this place? Everything has costs (including opportunity costs) and this might mean fewer trips to other locations so that you feel like you are being "responsible" by using your resource.

    7. Are you handy? I just tried to fix my dishwasher.........less than easy fix, but I have not given up. onliine videos are great but you gotta love that crap or pay out the nose for someone who can turn a wrench to deal with it and if you don't like fixing things and hardware stores then it is another reason to rent IMO.

    I might buy a second home in the future too. I do not think it is a smart financial move but rather a consumption item that "might" improve your lifestyle.

    Life is all about tradeoffs. You can have anything but not everything. If this thing means you must work a little longer how do you feel about that?

    Good luck.

    Leave a comment:


  • dennis
    replied
    It's a lifestyle choice and only you can determine if it's worth it. I was and has been for me the last 33 yrs. It's my favorite place.

    Leave a comment:


  • Ronin1
    replied
    We had a vacation home for that very reason for 20 years. Great when the kids were young and easy to bring all our pets with. As the kids aged we used it less and less. It was an expensive luxury item but worth it to us for the family time

    Leave a comment:


  • burritos
    replied
    Click image for larger version

Name:	200.gif
Views:	273
Size:	1.95 MB
ID:	333272
    I say yes.

    Leave a comment:


  • jz-
    replied
    Our vacation house costs us $35k annually in property taxes, maintenance, repairs, insurance. We paid cash and have owned it for 30 years. A very expensive luxury.

    Leave a comment:


  • Lithium
    replied
    I would get an RV or travel trailer before I dumped that much money on a cabin. With a cabin you are stuck going to the same place. But I just stick to throwing a tent and sleeping bag in my trunk.

    Leave a comment:


  • childay
    replied
    I don't want anything to do with a second home/cabin. How much land are we talking for $600K that seems pretty insane for a "cabin."

    Leave a comment:


  • gvs.psych
    replied
    I should clarify, that it's not like the thought of the cabin is a pure reaction to this one incident, haha! It's more of a growing experience of having AirBNBs not quite offering the same experience as having our own place from the perspective of not having our own stuff, not always being dog friendly, and are increasingly expensive (in our area it's about $250/night plus dog fees), so wondering if having our own place would ultimately offer a better experience that would be worth the impact on cash flow. The last cabin rental ended up $2000 for 3 nights after the fees and stuff. Not sold on the idea at all and appreciate the perspectives but it's definitely not simply because of the one incident

    Leave a comment:


  • nephron
    replied
    A vacation house is never a smart financial move. You can easily figure out your approximate "break even" point by calculating how much you pay to rent the thing vs how much it would cost to own the cabin (taxes, maintenance, utilities, interest on mortgage, insurance, loss of potential investment growth of down payment, etc). I think that you'd have to use it every month for it to make any sense. You'd probably feel obliged to go there to make use of it during your vacation days instead of going someplace you'd rather go as well. My wife was contemplating this previously. I think you can rent a pretty nice airbnb for the amount you spend on a cabin.

    Leave a comment:


  • fatlittlepig
    replied
    Why would you buy a home that’s 1.5 hrs from your home.

    Leave a comment:


  • CordMcNally
    replied
    Why would a dog peeing on a rug make you want to buy a cabin? $500 for a rug isn’t crazy. Would you rather your dog pee on your own rug?

    Leave a comment:


  • Hatton
    replied
    Why did the dog pee on the rug? Did you leave him/her alone too long? Was the dog frightened by the new place? Perhaps trying to figure this out and perhaps hiring a trainer to help you would be cheaper than a cabin.

    Leave a comment:


  • Tim
    replied
    Originally posted by Hank View Post

    How often does the dog pee on the rug?

    I’m in the “no cabin” crowd. Maybe at less than $200K, but you still have maintenance, insurance, utilities, etc. Plus why always go the same place when you can go to the Smoky Mountains, Finger Lakes, Tahoe, Maui, Whistler, Park City, Outer Banks, Aruba, St Barts, New Zealand, etc.?
    Maybe you dog loves to travel. Might want to check the restrictions on the international stuff.
    Just pointing out this is animal issue, not a people or travel problem. I would not buy a cabin for a dog just so I could be with him/ her.

    Try Bark Potty.
    https://www.chewy.com/bark-potty-nat...yAAEgKgcPD_BwE

    These suckers really work for $38. Your dog will jump on your lap and lick your ears. FYI, might even use it at home when it’s raining outside or whatever.

    Leave a comment:


  • Hank
    replied
    Originally posted by pierre View Post
    Can you? Yes
    Should you? Maybe

    600k seems like an overreaction to a dog peeing on a rug. How often do you rent a cabin?
    How often does the dog pee on the rug?

    I’m in the “no cabin” crowd. Maybe at less than $200K, but you still have maintenance, insurance, utilities, etc. Plus why always go the same place when you can go to the Smoky Mountains, Finger Lakes, Tahoe, Maui, Whistler, Park City, Outer Banks, Aruba, St Barts, New Zealand, etc.?

    Leave a comment:


  • wideopenspaces
    replied
    We have a cabin and we enjoy it. However bought for 260k 1.5 years ago. Currently 650k value but I would not have bought at current price ( we have a similar income to yours) as it would be uncomfortably tight financially. That said we do go up a lot and take our pups with us and it's super nice and easy. Prior to buying we rented airbnbs and left the pups home with a sitter. Most places don't allow pets. So I'd probably go that route at these prices . . .

    Leave a comment:

Working...
X