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Can I break my own rules and buy a cabin?

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  • #61
    “ So this purchase is about the finances of course, but also much more.”

    Hey, I am not psychiatrist nor even trained in any aspect of human behavior. I do know we all are greatly influenced by our environments. Probably buried is a desire to be a better parent (whether real or imagined, all parents could do better). Just think, next year you will have a “teenager”!
    Might be Mama Bear wanting to provide an alternate life experience and roots for her cubs. Certainly no downsides from the kids standpoint.
    I get the feeling that the cabin is actually creating an additional life journey for the kids, that is the “more”. That is not “breaking the rules”, it’s simply providing an enhanced environment for your family. Your kids will miss those experiences each year you delay.
    Still won’t eliminate time conflicts (tennis is a huge time commitment if the 12 yr old wants to play competitively). So what? When the cabin no longer serves a purpose, unload it or repurpose it.
    Based on the stage of life the family is at, sooner the better.

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    • #62
      Update for anyone interested:-)

      The seller on the cabin we liked was not open to reasonable negotiation so we found another in the same area fsbo for 125k. I was pretty excited! But then I did some digging ( I really have too much time on my hands right now) and apparently they are considering putting in a rail line that would go right through/ within 1000 ft of some of the cabins in the HOA. It sounds like the funding isn't certain and this rail line has been discussed repeatedly over the past 100 years and never built thus far. . . But the risk feels too high for me. So we pulled the plug and we're just doing a regular refinance to 15 years. Maybe someday I'll revisit my cabin life dream:-) Appreciate all the advice and comments!

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      • #63
        Update for anyone interested:-)

        The seller on the cabin we liked was not open to reasonable negotiation so we found another in the same area fsbo for 125k. I was pretty excited! But then I did some digging ( I really have too much time on my hands right now) and apparently they are considering putting in a rail line that would go right through/ within 1000 ft of some of the cabins in the HOA. It sounds like the funding isn't certain and this rail line has been discussed repeatedly over the past 100 years and never built thus far. . . But the risk feels too high for me. So we pulled the plug and we're just doing a regular refinance to 15 years. Maybe someday I'll revisit my cabin life dream:-) Appreciate all the advice and comments!

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        • #64
          Sorry to cloud your final decision...but it would be many years before there are any trains barreling by your bedroom window (if ever).

          That said, HOA legal fees could be noteworthy.

          Last week, I went by the area where I want to buy and had a long chat with the HOA prez. It does not look like anything will be available in the foreseeable future, including the one or two that he initially thought might be available. Cabins that were kind of on the bubble were sold in the last 10 years to stable situations and the others are locked up in wealthy families or multi-generation owners.

          I feel your pain.

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          • #65
            Originally posted by wideopenspaces View Post
            Update for anyone interested:-)

            The seller on the cabin we liked was not open to reasonable negotiation so we found another in the same area fsbo for 125k. I was pretty excited! But then I did some digging ( I really have too much time on my hands right now) and apparently they are considering putting in a rail line that would go right through/ within 1000 ft of some of the cabins in the HOA. It sounds like the funding isn't certain and this rail line has been discussed repeatedly over the past 100 years and never built thus far. . . But the risk feels too high for me. So we pulled the plug and we're just doing a regular refinance to 15 years. Maybe someday I'll revisit my cabin life dream:-) Appreciate all the advice and comments!
            Always appreciate "the rest of the story". Sorry yours didn't work out this time, but, in 5 years, I bet you will be glad you made this decision. Maybe sooner.
            Financial planning, investment management and CPA services for medical and high-income professionals | 270-247-6087

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            • #66
              Originally posted by jfoxcpacfp View Post
              Always appreciate "the rest of the story". Sorry yours didn't work out this time, but, in 5 years, I bet you will be glad you made this decision. Maybe sooner.
              This is a luxury purchase. Not saying to overpay or make an uninformed decision. There is FMV and there is the value to WOS and the family experience. With kids at 3 and 12, the childhood experience factor has a time element that is perishable. 5 years is significant chunk for kids growing up. 20 years from now the railroad and purchase negotiations may seem like non issues.
              Someday will come and childhood memories fade.
              They grow up fast!

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              • #67
                Originally posted by wideopenspaces View Post

                We have been doing this- we rent places within a 2-4 hour drive of our house about once a month. But I want my own space, without other people in it. We would not rent our cabin out. I want to just leave work Friday afternoon without having to pack anything up. I want to bring our dogs along. It's not really possible to do that with these rentals.
                As your kids get older sports, music, friends, birthday parties, tournaments, recitals, etc dominate weekends. We looked hard at the cabin option and ultimately didn't do it and very glad. We could never use it more than one weekend a month and it would likely be for just a day at a time.

                We got a trailer and it is more portable, cost way less, takes less maintenance, etc. We're happy with that compromise. I can always buy land and stick the trailer somewhere; but more often we get a weekend here, a week there. Right now two weeks in middle America, 1400 miles from home. Could not do that with a cabin.

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                • #68
                  Originally posted by Tim View Post
                  This is a luxury purchase. Not saying to overpay or make an uninformed decision. There is FMV and there is the value to WOS and the family experience. With kids at 3 and 12, the childhood experience factor has a time element that is perishable. 5 years is significant chunk for kids growing up. 20 years from now the railroad and purchase negotiations may seem like non issues.
                  Someday will come and childhood memories fade.
                  They grow up fast!
                  Of course. My point was that they will make other choices now and probably be just as happy they're not all tied to the cabin. The decision to pass doesn't mean they're in a vacuum of no other memories with kids just because they are not at the cabin.
                  Financial planning, investment management and CPA services for medical and high-income professionals | 270-247-6087

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                  • #69
                    Originally posted by G View Post
                    Sorry to cloud your final decision...but it would be many years before there are any trains barreling by your bedroom window (if ever).

                    That said, HOA legal fees could be noteworthy.

                    Last week, I went by the area where I want to buy and had a long chat with the HOA prez. It does not look like anything will be available in the foreseeable future, including the one or two that he initially thought might be available. Cabins that were kind of on the bubble were sold in the last 10 years to stable situations and the others are locked up in wealthy families or multi-generation owners.

                    I feel your pain.
                    So it's a public/private joint enterprise and this go around depends on funding that should be decided this year. Then construction in 2022. I will follow along on the news and see where things go. My guess is that if it doesn't pass now, it won't for a long time, especially if Trump loses as this would be a railway to export oil out of the state so there are some federal political issues involved. So we could revisit next summer when there are more known variables. And we'd be able to just pay cash at that point which would be less stressful to me. So that would be good.

                    I'm sorry to hear about your situation. Fingers crossed something opens up unexpectedly.

                    Comment


                    • #70
                      Originally posted by wideopenspaces View Post
                      Update for anyone interested:-)

                      ....of some of the cabins in the HOA.
                      Somehow I cannot wrap my head around the fact that a cabin in the middle of nowhere in Utah is a part of an HOA. I thought one got away from their regular house into a remote spot to escape the major irritants of life, and one of the main ones is an HOA. The last thing one wants is an HOA board giving you an emergency assessment bill of 25K because they fought the train tracks installation, and lost.

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                      • #71
                        Originally posted by Kamban View Post

                        Somehow I cannot wrap my head around the fact that a cabin in the middle of nowhere in Utah is a part of an HOA. I thought one got away from their regular house into a remote spot to escape the major irritants of life, and one of the main ones is an HOA. The last thing one wants is an HOA board giving you an emergency assessment bill of 25K because they fought the train tracks installation, and lost.
                        Haha, true. However if you want culinary water and not have to haul water in or use a well, you are looking at an hoa. Even in the middle of nowhere.

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                        • #72
                          Originally posted by FIREshrink View Post

                          As your kids get older sports, music, friends, birthday parties, tournaments, recitals, etc dominate weekends. We looked hard at the cabin option and ultimately didn't do it and very glad. We could never use it more than one weekend a month and it would likely be for just a day at a time.

                          We got a trailer and it is more portable, cost way less, takes less maintenance, etc. We're happy with that compromise. I can always buy land and stick the trailer somewhere; but more often we get a weekend here, a week there. Right now two weeks in middle America, 1400 miles from home. Could not do that with a cabin.
                          That sounds amazing!! We've thought about an airstream or an RV but that has its own set of issues. Maybe if I ever get over my fear of driving a gigantic vehicle . . .

                          Comment


                          • #73
                            Originally posted by Kamban View Post

                            Somehow I cannot wrap my head around the fact that a cabin in the middle of nowhere in Utah is a part of an HOA. I thought one got away from their regular house into a remote spot to escape the major irritants of life, and one of the main ones is an HOA. The last thing one wants is an HOA board giving you an emergency assessment bill of 25K because they fought the train tracks installation, and lost.
                            Wow totally the same thought. HOAs are not a 'thing' in Canada but I figured if one bought a cabin there would be no way. Interestingly, here there are no HOAs in towns/cities but I have heard of lake associations though I don't think that they have much say in anything where they exist.

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                            • #74
                              Originally posted by wideopenspaces View Post

                              That sounds amazing!! We've thought about an airstream or an RV but that has its own set of issues. Maybe if I ever get over my fear of driving a gigantic vehicle . . .
                              I have had two family members purchase big RV’s in the past. Both really liked them. Basically one trip per year. The most common topic of conversation was “getting it ready” and the “hassle and expense getting them fixed.” Not much discussion about the trips.

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                              • #75
                                Originally posted by wideopenspaces View Post

                                Haha, true. However if you want culinary water and not have to haul water in or use a well, you are looking at an hoa. Even in the middle of nowhere.
                                Get a bore, solar powered pump, storage tank and trough.

                                I would not be keen on a HOA. A major problem with acreages is vegetation management. If the HOA tell you that you have to remove dead trees, keep grass down, this could cost a lot, unless you want to do it yourself.

                                Vegetation management is a costly problem unless you have sheep or cattle, but that creates other problems and then you have to fence the property which can be expensive.

                                With the railway, with fiscal stimulus, I think they will fast track existing projects but there is a chance proposed projects that generate jobs would have a better chance than in the past.

                                Maybe you could pick a property up cheap if they do announce a railway.

                                How much would it cost to buy a farm in the same area with a cottage, and no HOA ?

                                As an investment, 10-20 acre farms on the urban fringe can have potential for appreciation. You would also have power, water, sometimes sewerage but if not a septic tank. It
                                would depend on zoning plans in the area and future demographic changes.

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