This article will discuss what a cabin is, its types, and how to get a cabin for sale.
What is a Cabin?
Cabins, often known as cottages, are homes with a small footprint typically located in rural regions. Although the term “cabin” is described as a log structure, it’s also a building with a couple of amenities to camp. Cottages can refer to structures made of various materials, including wood, stone bricks, or even stone.
You can buy a cabin for a variety of reasons. For example, some investors might purchase to utilize them as homes for their primary residences, while some make use of them for holiday houses. Another kind of buyer is who already own homes in the city as their primary residences and would like to rent the cabin during weekends or the summer break.
Types of Cabins –
Log Cabins: With rustic logs as the base, cabins are popular with tourists who enjoy the outdoors. They are energy efficient because the wood exterior holds heat and keeps the cabin warm throughout the cold winter nights. However, they’re not as common; therefore, owning one has very lucrative earning potential.
A-frame Cabins: The name implies they have large triangular roofs that appear like letters. This design is ideal for managing snow. The cabins feature huge windows on the front and back, which allow a lot of sunlight. They’re also easy to construct and cost a lot. However, their unique shape could mean you’ll be faced with little storage space, which means you’ll need to think outside the box.
Family Cabins: Family cabins are spacious with layouts and plenty of space to accommodate large gatherings of families or large groups to have fun and enjoy each other’s company. If you decide to purchase one, you may be charged additional fees per night since you may include luxury features, like fireplaces and hot tubs. One disadvantage is that keeping one up and running is costly.
One-roomed Remote Cabins: These cabins are great for getaways for one person or couple. They’re inexpensive to maintain as they don’t come with any luxurious amenities.
How to buy a Cabin:
Based on your financial circumstances, these are the options you have to get a cabin for sale:
- Second Mortgage: You could apply for a second loan to invest in a cabin. However, second mortgages tend to be more expensive and require more money for a down amount. For example, if your lender requires an amount of 3% to purchase your main residence, they may require 10% to purchase the vacation home. Some require as high as 20 percent. Additionally, you’ll need more credit as well as more assets as well as a higher income.
- Cash-Out Refinance The refinance with cash-out is an excellent option if you have a lot of equity in your home. The lender will rewrite your mortgage, grant you an additional loan, and pay you equity in a lump sum. This could provide you with an amount of down payment or money to purchase the property entirely.