Huge decision...to buy a cabin or not?

[magnum mike]

Another option is renting a seasonal spot. We have been doing this for a hunting/fishing camp for 12 years and there is no down side for us. Fixed price for lease fees, no grass to cut or snow to shovel and we have the security to head to the shack when ever we want with no reservations required.

[solbes]

Tremondous upside on owning your own lake property. We bought 5 years ago, and I still pine for the melting snow and warm spring sun. Our 2 girls are young (2 and 6) which means they will have grown up with this property. Hopefully lots of visits from each during future summers after they are grown. We bought land only on a cash out re-fi on our main home, which was pretty slick. Deduct that interest on your taxes, and at a lower rate. I can't really advise against buying your own lake property. The 3 hour drive isn't too bad for us, even with 2 little ones. We love the property and someday will build our retirement home there.

Minor downsides we've found:

-Buying duplicates of everything, or haul it back and forth (mowers, weed wackers, chainsaws, blowers, gardening stuff, tools, etc. This list never ends!)

-Getting help on installing/hauling the dock & lift twice a year, or hire it out

-Making sure your property is as theft proof as possible when you leave. Our neighbors have had some things stolen, and we've had some very silly things go missing that we forgot to lock up(splitting maul, cheapie Target outdoor plastic chairs)

-Of course you are doubling your property tax and utility bills with two homes. The latter can get very expensive if it's a 4 season cabin. I can't believe how much $$ propane is these days.

-Just the general logistics of it all. If you are doing an upgrade, are you close to a home improvement store? We aren't so it's pack up the 4 of us, the dog, and all the building materials in a midsize pickup and haul it 170 miles north. Also this isn't cheap when we used the truck with $4 gas, about $80 per weekend.

[traveler]

thanks for all the replys guys! Gotta check in every day to keep up:)

Farmboy...you do know my family, don't you?? Kidding....mine aren't gonna be a problem.

Solbes; good to hear from someone with a sililar (long) drive. It seems to be one of the bigger issues we keep coming back to. Also, it's a long way from nothing, so we'd be bringing it or doing without.

We're getting more ideas on the finiancing...it seems like doing a refinance on our current home (we have tons of equity) would work well, although it wasn't my frist choice.

Seems like having the interest deduction, and dealing from a position of paying cash make this a good idea. Keep 'em coming...

[pegleg]

Traveler, we bit the bullet and bought about 18 months ago. Probably the worst time to buy being the housing market crashed about that time but my feeling is it is a long term investment and lake property contiues to go up (except for the last 18 months or so).

I didn't want to deal with the maintenance part so we bought a townhouse on the lake. There is a management company that rents out places for extra income but we decided not to go that route. We like just paying a monthly association payment for snow removal, lawn care, dock installation, insurance, etc. and all we have to do is arrive at the cabin and enjoy the weekend without too much work involved.

Good Luck...

[JeffB]

In my opinion the pros far outway the cons. My stress melts away at the lake. I don't even mind the mowing or work out there. I'm there almost every weekend summer and winter.

[riverrat13]

Traveler,last fall my wife and I tossed around the same idea.We have five kids,four in college, a cabin was out of the question and long drives up north and upkeep did not appeal to us.So with a little research we ended up buying a brand new park model home from Coates RV and moved it to the lower marina in Wabasha for less than $35,000. We lease the lot and rent a boat slip for a reasonable rate.They do all the yard and dock work you just show up and enjoy! The area has great beaches,Lake Pepin just three miles by water ,boat up to many fun bars and restaurants.Our park model sleeps 8 and has all the comforts of home.Last year the walleye.bass and panfishing was great!Also good public hunting nearby.We live in the south metro and its 60 miles doorstep to doorstep with no traffic .It was a great choice for us and the kids loved our idea!Hope this helped.Good luck in your search !

[traveler]

Sounds like a good fit for you Riverrat. The 3.5 hr drive continues to be a big topic of discussion.

One thing i don't know if I've even mentioned on this thread...we've been deer hunting (bow and gun) in the Kelliher area, about 20 miles from this cabin, for over 30 years. Both my older kids went thru our camp during thier early years (both grown and moved out of state) and at least one of my girls at home likely will do so as well.

So I'm pretty "emotionally invested" in this particular area, and the drive isn't a big deal to me (my wife, however...

[traveler]

Bit of an update...as of now we're moving ahead; cleaning up finances, talking to the bank about re-finance options, etc... Looks like it just might be(come) a go!

It's been a big help reading all the responses here. I knew this would be a popular topic, and I'm not surprised to see the majority opinion being "go for it", if possible.

So if all goes well, you're all invited up! Just call ahead, OK?

[BoxMN]

Hey Traveler, congrats! You won't regret it, and your wife won't either, I would bet.

We got a small shack (my avatar) on small lake about 10 years ago, and just built a modest cabin last year, but kept the shack as a "shed" as they say it can't be living quarters anymore.

We are about same age as you, but with 5 Grandkids. They LOVE it! I grew up with Grandparents having cabins and I want the kids to have the same experience. Most the pros and cons have been listed, and seems like you are moving ahead, so I can only reinforce the decision you are making.

I wasn't sure if I wanted a cabin, with all the "work" and hassle - just got it for my wife... but now it is the place that I would rather be than any place in the world. The work is a joke - you do the work you want to do, and if it doesn't get done, who cares?!?.... It will be there the next weekend. Besides, there is not much "cabin work" that can't be done with a cold one in your hand or nearby

Friends love it, relatives love it, we love it. It can be busy or it can be solitude, all what you want it to be. The only thing I worry a bit about is how I will feel if it gets broken into. It would stink, but we have neighbor who lives there, and other neighbors up there all the time in summer, so that helps. And we are up there about every weekend, so I think that helps.

Anyway, congrats, keep us updated. And for anybody else thinking of getting cabin, if the finances work and you talk it over and make sure you have a contingency plan (what if a job is lost?...) I say go for it. Best thing we ever did.

Also, our drive is 2.5 hours. Whether it is just wife and me, or us and a couple kids, that 2.5 hour gets a lot of discussion going, and we see that as a good thing. Really, a lot is said during that trip, and thinking back to duck hunts with my Dad we had a lot of really good conversation that I value as much as the hunts themselves.

Good luck!!!!

[pushbutton]

when you invest in the stock market you are buying a piece of something at lets say 10 to 50 times its earning potential, if you would apply the same principal to this purchase, it is a no brainer. as a place to put money towards it is a great investment. having said that i would make sure your wife is up for the time and money sacrifices that must be made. not to make broad based sterotypes, but men can put blinders on, and for good or bad, focus and justify anything to get the job done. that means no weekends driving to aunt sally's anniversary party, not going to see the new baby in the extended family, and her having a working vacation instead of a relaxing pampered one. while you may end up with a great investment and a wonderful place to get away to, will you end up going there alone or, even worse, with a crabby and sullen partner? good luck!

[primetime49]

buy a cabin rent it out 4 or 5 4 day weeks or weekend days a year

this will pay your taxes and upkeep

busy year rent it out more or if you want winter or summer travelrent it more

buy winterized and rent it to snowmobilers[we have a cabin but also we go to Gull lake a week every winter and do nothing at all[people like us rent winter stay

prices are down a little on some cabins

they do rapidly apreciate

we see that our neighbors at lake are there to stay so it may be diffucult to find cabins

good luck

[chasineyes]

Please don't buy it as an "investment". Plan to use it forever. What world does everyone live in who assumes these prices are going up and up and up? Wages have been FLAT for the past 10 years. How many school, city and county employees are now seeing 0% increases. We are in a global environment and every year wages will be handcuffed because of this. Remember disposable income...every time my family goes up to the parents cabin, we drop a minimum of $200. I guess I'm have a VERY hard time believeing we will see $300,000 the new "norm" for metro homes. I guess after all, it is only a $2300 payment .

[cylinder]

Box, I agree 100%. We have a longer drive (over 5 hrs) but I've learned that by not pushing the speed limit it's a much more enjoyable ride - no speeding tickets, less stress, better gas mileage, and it only adds 20 min to the trip. (BTW, my car gets 40mpg) I used to go up there every weekend but haven't had as much free time in recent years. Last yr we only got up there once a month, but we rented it out most of the rest of the time and made several thousand dollars on the deal. My wife is retiring this year so if I can find a job up there we're moving in.

You are right on about the financial contingency plan. It wouldn't be good to be locked in with payments that might be hard to handle, then lose a job or have health problems, etc.

Don't let anybody browbeat you into raking leaves or doing yard work you wouldn't ordinarily do. It's a lakehouse in the woods, not a city lot. Leaves and pine needles belong there. Keep it natural and enjoy it.

[traveler]

"Also, our drive is 2.5 hours. Whether it is just wife and me, or us and a couple kids, that 2.5 hour gets a lot of discussion going, and we see that as a good thing. Really, a lot is said during that trip, and thinking back to duck hunts with my Dad we had a lot of really good conversation that I value as much as the hunts themselves."

Box...the above started an interesting discussion here last night. Pet peeve of mine; the teens turning on the Ipod's when they get in the car and turning off to anything else.

I don't allow it (much) driving around here, and I darn sure won't allow it on long drives to the cabin. I made that clear last night, thanks for bringing it up:)

[pushbutton]

chasineyes, i guess i should have phrased it a little different, i was trying to convey that i would rather be putting my money towards waterfront property than towards the stock market at this time. i agree that the prices wont be going up like foolishness we have recently witnessed, but i am almost certain traveler will not lose money on this purchase, something that cant be said for everyones 401 k. lets call it a secure investment then. 3 years ago i cashed out the market, paid huge a gains tax, and last year bought 2 cabins which i fixed up, rent out, and also personally use. believe me i am way better off then if i had listened to the conventional "wisdom" of staying the course in the fixed paramutual betting board we call the stock market.

[BoxMN]

Hey cylinder, yep, I now drive about 1 mph less than the traffic flow. That way I never have to worry about passing anybody or climbing up a tailpipe As I got older I like to think I got wiser, but I think it comes down to laziness and like you say, it makes it more enjoyable!

Traveler, my 12 yo grandson's fav thing is collecting money from me as we play the "find a tractor, but it has to be moving or smoke coming from it..." game. We give the kids about 6 or so things to look for and price them accordin to their scarcity, hehe... A pink school bus is worth $2, a deer is 25 cents each, a flag is is nickel. haha! It seems so silly, but they loveit, and I like picking out goofy things, but things I know are there, like the giant chef on 169 just past princeton.

We learn about friends at school, and its amazing how the open up when there is nothing else to do, ha!

...sorry for rambling about it,but like I said, talking to my Dad on trips to duck hunt or fish or to a cabin are some of the memories I cherish now that he is gone. Nothing was left unsaid between us when he died, and some of those long trips are when much it was said...

Good luck!

[traveler]

not rambling at all Box, thats what we're here for:)

Pushbotton, renting it out to reduce costs has come up, can you tell me a little about how you do it/how you got started/how it's worked out for you?

[Northlander]

All I hear guys with Cabins talk about is having to go to the cabin to work on this or that. No thanks Ill just continue to travel around to new places and rent cabins.

[chasineyes]

All I hear guys with Cabins talk about is having to go to the cabin to work on this or that. No thanks Ill just continue to travel around to new places and rent cabins.

Don't forget rising taxes.

[SkunkedAgain]

THAT depends on what you buy. We might have a project once a year to work on but there are no chores other than splitting wood in the winter. To me that's part of being outdoors. You can buy a high-maintenance place or a low-maintenance place, just know what you want and know which kind you are buying.

I totally agree about the driving and conversations. I tuck into the slow lane and never worry about cops or anything. We have a four hour drive but usually what extends it is stopping in town near the lake to buy food, booze, etc. I like to support the local economy. The conversations on the drive up are always good. We don't have any kids but I wouldn't let them tune out with ipods if we did. How many opportunities do you have to really talk with your kids during the week? Of course, we all know what the Griswold family trips can be like too! Just make it a fun, relaxing environment. They'll enjoy that and you will too.

[marineman]

Thirteen years ago, we bought a lakehome 30 miles north of St. Paul. We had looked for two years before finding this place. Right place, right time, right price. We were very lucky to be fishing in front of our home when the owner put his for sale sign out. I've never regretted it. Nothing like getting up at 4:15 am on a beautiful summer day and being the first (and only) one on the water. The main reason we did it was that we hated coming back home after a day of fishing. Don't have to worry about that anymore. If you have a chance to own a lakehome, do it. And, the value of our place has more than doubled in 13 years.

[pushbutton]

traveler,

the hardest part of renting is finding reliable people, since i own a service industry business, i use word of mouth to find all of the renters. responsible people are worth more than higher rents. lower costs to people you know also encourages repeat business. craigs list and vrbo are also good ways of attracting people, if choosing that route you will need to draw up a legal contract. previous house rental contracts taught me to make them strict and punative; you dont have to follow through but the threat helps people treat your property with more respect. on this topic, be prepared for other people to do dunb things. you cant take it personally, and it is a cost of doing business. if you do plan to rent it i would also not furnish and fix with top of line materials. having said this and everything in my previous posts... i also have a camper at a resort on an excellent fishing lake and i usually go there during the summer....dont have to mow the lawn, nothing to fix, and little to clean. i just open the door and do what your suppose to do at the lake...have fun and relax( ok i have a 3 year old not much relaxing)

[pushbutton]

apparently i cant type the word that starts with a c and ends with raig. i guess we do have to pay for this free site somehow, so i will also add that putting a listing in hso classified might also be a great way to drum up renters for your cabin.

[solbes]

All I hear guys with Cabins talk about is having to go to the cabin to work on this or that. No thanks Ill just continue to travel around to new places and rent cabins.

I like to do both. We usually have a family reunion somewhere in the summer and it's often at a lake we've never been to. They are a lot of fun. Plus I think the traditional up north resorts will forever have a place in this part of the country and supporting them is a great thing to do.

Conversely, one of my favorite things about owning your water property is the sound of that boat lift crank. It's like a garage on water! One minute to crank up or crank down and drive off/on. We take the car on most trips up north and save quite a bit on gas.

[Blue Kayak]

Good luck with your decision. I don't have any experience with a lake cabin, but I have tested thousands of wells for nitrates. Some of the highest levels of nitrate contamination we have found are in lake cabin homes where each home has its own septic system and well. Often the lots are relatively small, and it is difficult to keep enough distance from the septic treatment systems and wells.

You mentioned there is a new mound. Have you checked out the condition of the well? You might want to have water samples tested for nitrate and bacteria by a laboratory. How old is the well? How deep is it? What is its distance from the new mound?

If the mound system stops working, is there enough lot space to install a new system and still keep the necessary distance from your well.