If you’ve never bought a cabin, there are a few questions that you’ll need to answer before purchasing that “second home”. Julie and Daniel Desrochers from Desrochers Realty Group stopped by with their advice on how to make that big commitment.
Here are things to consider before buying a cabin:
Be sure to consider both the distance and the popularity of your location. Determine how long you are willing to travel and if everyone else in Minnesota will be on the road to the same location. It might be worth it drive a little farther to a less-popular place.
Paying for a Second Home
The process can be different from buying your main residence. You will probably have to have closer to 20% down available. Talk to your lender for the best advice on how to make the finances work.
Maintenance of the Property
You need to determine if you are willing to maintain the property when you visit or do you want it ready when you arrive? You’ll need to budget for this. Also, remember that the property might require some maintenance during the winter months.
Characteristics of the Lake
You have to determine if you want excellent fishing or connections to other waterways. If you want to visit restaurants by boat, that should be researched as well. Also check out the depth and clarity of the water.
Characteristics of the Cabin
Have a good understanding of how many bedrooms and bathrooms you need. Will your cabin be a gathering place for extended family and friends or will it be a retreat for just immediate family members? Remember that your cabin might be used differently from your home.