Buying a vacation home

[Don K]

If the wife is hot and bothered than you better buy it!!!!

And if it doesn't get used enough I'm sure there is plenty of Hunt Talkers on here that would help you out

 

[Kiwi]

I have one 4 hours drive away. Its in the middle of a lot of national park (forest) and we use it at least 40 days a year. Have great family holidays and I can sneak off for easy day hunts (all year round in NZ). Anyway its definitely been worth buying it for our holidays. But we also rent it out for short term rentals (typically a weekend and occasionally a week). This brings in about 7% gross yield. Not sure if this is an option for you but worth considering short term rentals if you can be bothered dealing with the hassle.

 

[Olelkhtr]

"It depends"...
Strictly as an investment, it depends on the price/value, potential increase for the area, stability of your income, etc...forget about how much you'll use it.
If it's about using it...can you do the same thing without buying? It's real estate, then....location, location, location!
If it's in hunting territory, that will add value far beyond monetary.
Also it depends on where you currently live. Like "rescuekru", if you're now in CA, Il, NY, CT, NJ,or MD...and the "vacation" property is out west in "Elk" country....then definitely buy it.
Just another election or two and you'll be making the vacation home permanent.
MD to CO maybe next year!

 

[Hem]

Fun to think about buying vacation property...we do it all the time.

But then I think about ALL the hassle free trips I can take each year...a different place each time,without paying initial investment,annual property taxes,maintenance etc.(if occasionally used as rental income). It doesn't pencil out in the long run,unless you have surplus money to burn.

 

[KJH]

We have one... About 100-120 days per year there. Its 3 hours from my house, and is far enough away to be away, but close enough to get there often. Its helps that much of my "home area" hunting and fishing is done form there. We are there almost every weekend from March through December plus a couple weeks straight in the summer (January and February are for snowmobiling the in mountains!). We spend 2 full weeks there over Christmas/New years. Our kids don't play summer sports just so they don't have to miss time at the cabin- their choice. Its a year round escape from daily life, and we are blessed to have it. Our cabin is our favorite possession, our house is just a house where we sleep so we can work during the week.

Its a big part of our lives and I wouldn't have it any other way. It is an investment in family, in addition to being a financial asset if I ever wanted to borrow against it although we hope to pass it to the kids someday. I'd never buy it solely as a financial investment.

My biggest point to tell you is that if you make a cabin/lake house/ vacation home a important part of your life, its a phenomenal choice. If its only a "that would be neat to have" type of thing, then I wouldn't go that route- go on more hunting trips instead!

It is so nice to head to the cabin and never pack a thing, except maybe some groceries. All your stuff and toys are there waiting for you... Just get in the truck and start driving... No planning, no packing, no problems!

 

[idnative1948]

Vacation property is a lot of work if you want to keep the dwelling and property it sits on in good condition. Ours is 3 hours away in Oregon and we try to go every other weekend during Spring-Fall and once a month during the winter and snowmobile in the last 6 miles. Seems like I am always cutting wood for ourselves and the in-laws who have a cabin 75 yards below, [painting/fixing on theirs, keeping the spring cleaned out, etc. As it is open range the cattle try to tromp down anything in the way of little trees you try to plant. I finally have three aspen in the meadow that look like they are going to make it now that I built a corral around them. It is the most fun when we have the kids and grandkids there and I don't have to work. Going into it we didn't do it for the investment, but more a legacy to be passed to daughters and grandkids.

 

[ida homer]

I'm a real estate appraiser in Boise. In my opinion, a cabin is not a wise income investment generally speaking.

Buy a 3 bed/2 bath single level tract home. You can cash flow them $500+ a month right now in our area.

But if you just want a cabin for vacation, then go for it! My best childhood memories are from our family cabin.

 

[belshawelk]

We use ours as a family a couple times a year for about 4-5 days at a time. I use it additionally a couple weeks for hunting. My buddy use it as a camp base for hunting and I trade him for any maintenance issues that come up when they are over there and basic upkeep needs.. We are 5 hrs away but in the in the next 5-6 years will be moving about a 2 hrs away and will be using it much more.

Yes it costs me a few grand in taxes and insurance a year, and its in an area that will never appreciate big amounts, but also wont lose any money. Since I don't do bars, golf or other things away from my family on weekends, its really not that much if you add up what others spend on partying. I lease out my pastures and never have to pay for any motel or other items when hunting. All my quads and gear stay their so I can be hunting in an hour once I get there.

 

[AlaskaHunter]

Yep - X2

Another consideration is it is difficult to get insurance for a cabin (at least in Alaska),
so the risk of vandalism or loss due to wildfire should be factored in to the decision.

 

[elker]

Just finished building a cabin in central Idaho, 3 hour drive. Made it so it's easy to winterize and low cost heating. Located on the Salmon River. Use it for hunting, elk, deer, bear, waterfowl, upland, and steelhead/salmon fishing. Took me a year to build and really satisfied. One of the best benefits is to get away from the wife for a week or so. It's helped our relationship . I'll spend from Sept. to December at least half time hunting there. Nice to just pack a few clothes and bring groceries. Here's a couple of pics. Did it all for $50K!

 

[gutshootem]

Just finished building a cabin in central Idaho, 3 hour drive. Made it so it's easy to winterize and low cost heating. Located on the Salmon River. Use it for hunting, elk, deer, bear, waterfowl, upland, and steelhead/salmon fishing. Took me a year to build and really satisfied. One of the best benefits is to get away from the wife for a week or so. It's helped our relationship . I'll spend from Sept. to December at least half time hunting there. Nice to just pack a few clothes and bring groceries. Here's a couple of pics. Did it all for $50K!View attachment 73638View attachment 73639

That's an awesome place! Did the 50K include the property? Also, is that another camp behind you or a home?

 

[BigEd13]

I live in south Texas and bought property in southern Colorado, I'll break ground next year for our cabin. It will be a vacation home and base of operations for hunting until retirement then we'll be there for the summer half of the year and in Texas on the lake in the winter.......should be a steady temperature year round for us. We will do something like Air B&B during the time we aren't at the cabin, if it pays the taxes, insurance, etc. we're golden. Hopefully we'll be finished with it in 3 years but it is really looking like 5, too many variables between now and then. Since I will be building the cabin itself I will only have to pay to get the well, septic and block work for the sub floor done, otherwise it would be way too much $$ for us to justify. I have been building all my adult life in one form or another.

For us it's an investment and it's been a dream of mine to have a place in the mountains since spending time at my uncle's place on Mt Lassen in northern California.....40 years later I am realizing my dream. I do have a supportive wife though, that helps a lot.

 

[BigEd13]

_edit_

 

[BigEd13]

Another consideration is it is difficult to get insurance for a cabin (at least in Alaska),
so the risk of vandalism or loss due to wildfire should be factored in to the decision.

We bought property in a remote area but it has a HOA and a gate, they even have a volunteer fire department. All things considered the insurance won't be bad at all...

 

[Ben Lamb]

I'm a real estate appraiser in Boise. In my opinion, a cabin is not a wise income investment generally speaking.

Buy a 3 bed/2 bath single level tract home. You can cash flow them $500+ a month right now in our area.

But if you just want a cabin for vacation, then go for it! My best childhood memories are from our family cabin.

Timely resurrection of this thread.

We're looking at doing something similar - find a spot that we can use as a VRBO when not in use, or tailor our time to the free moments. In this new day and age, if you have vacation property, you should be looking at creating revenue from them. The down side to the VRBO craze is that it creates livable housing shortages in some of the more popular communities. Bozeman is dealing with this issue now, and our banker has been clear that they are not interested in compounding the situation and as such, have been great advisers on what and what to purchase.

 

[elker]

That's an awesome place! Did the 50K include the property? Also, is that another camp behind you or a home?

Yes, included $50k included everything, lot, permits, water, sewer hookups. That's another house behind. Small lots, small community. A lot of sweat equity. Just got back from a couple of deer hunts, elk hunts coming up soon. Fall steelhead starting to show.

 

[Steiny]

Here is my hunting cabin in southern, IL. It's a 35' x 55' pole building, 35' x 40' of which is a two bedroom finished cabin and the balance a 35'x15' garage. Did it very simple; sealed concrete floors, OSB walls and ceiling except for living room & kitchen which has pine car siding walls, just a couple windows for security, a single electric thru wall heat & AC unit, wood stove, etc. Decked out the kitchen pretty nice with good cabinets, counters and appliances and did a full bathroom with shower. Gravel all around so no lawn to maintain, just spray weeds.

Got the whole thing built for just shy of $100K, and only bills are $25 per month water, $60 per month electric and a small annual tax payment. It sits on 20 acres of rough ground (huntable), just a couple miles down the road from our big hunting lease.

 

[buckbull]

Here is my hunting cabin in southern, IL. It's a 35' x 55' pole building, 35' x 40' of which is a two bedroom finished cabin and the balance a 35'x15' garage. Did it very simple; sealed concrete floors, OSB walls and ceiling except for living room & kitchen which has pine car siding walls, just a couple windows for security, a single electric thru wall heat & AC unit, wood stove, etc. Decked out the kitchen pretty nice with good cabinets, counters and appliances and did a full bathroom with shower. Gravel all around so no lawn to maintain, just spray weeds.

Got the whole thing built for just shy of $100K, and only bills are $25 per month water, $60 per month electric and a small annual tax payment. It sits on 20 acres of rough ground (huntable), just a couple miles down the road from our big hunting lease.

How does the tax assessor appraise this, entirely as a pole barn or does the living quarters get taxed at a different rate than the barn?

 

[Steiny]

How does the tax assessor appraise this, entirely as a pole barn or does the living quarters get taxed at a different rate than the barn?

I hope as a barn. They would have no way of knowing what is inside.
Regardless, taxes are cheap there.

 

[buckbull]

I hope as a barn. They would have no way of knowing what is inside.
Regardless, taxes are cheap there.

Cheap taxes and Illinois should never be used in the same sentence.

Reason I asked, I've kicked around doing a similar thing on place in west-central IL.