1795 Log Cabin- Need advice!
Homana Nebel
6 years ago
last modified: 6 years ago
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party_music50
6 years agolast modified: 6 years agoRelated Discussions
Need advice: what's the best way to finance this cabin?
Comments (16)Hi Colleen, I'm a bit confused -- when you say it'd be cheaper to take a mortgage on our current home to pay for a cottage/cabin, what about what Mnk716 and Lucy (above) said about putting our primary residence at risk by borrowing against it to pay for a second home? With all due respect to the caring intention behind their replies... the idea of segregating the effects of potential default risks by segregating the selection of which properties you use as collateral... is silly & untenable for the most part. Their advice comes from a mistaken assumption that as life becomes challenging it is easy to "sacrifice" certain assets that were used as collateral and keep all other assets and portions of your financial life in simple, easy balance. The reality is; when it rains, it pours... and you'll end up "rallying ALL the troops" and using EVERY resource at hand to solve yoru troubles if/whenever you face them. That's human nature... especially for anyone who has ever been a parent. If you followed their advice and left your primary residence free & clear, and leveraged only against the vacation home... then fell into dire straights to the point where you were facing the possibility of defaulting on your monthly bills & payments; A) You would then be likely frantically trying to re-access that locked-in equity in your primary home to save your bacon (which raises two more problems; B) It would likely be too late to qualify after you fell into desperation, and C) Your legal liabilities would stretch into all parts of your life anyway. Also, when you say "especially cheaper than a vacation log home"......is there something iffy about vacation log homes? Actually, yes... doubly. A) Log homes are a construction type that are considered (rightly or wrongly.... there are many fans and defenders of quality log-built homes) riskier to the lenders. Because of this lender price a "risk premium" on top of any financing that is collateralized by a log home. B) Vacation homes are seen as a 2nd-tier payment priority risk (to understand why, we don't have to look further than Mnk716 and Lucy's feelings.) When the "fit hits the shan" and there's not enough funds to make all the monthly payments, the lenders assume that you will pay in the following order to the amount of funds you have; 1) Your primary residence, 2) Your vacation residence, 3) Your real estate investments, 4) Your consumer debt. Because of this, vacation homes are also priced an additional "risk premium." THUS, to finance a property that is both a log home, AND a vacation home, will take a double-hit increase to rates & terms. BETTER to start from the "big picture" of your total balance sheet (all your debts, all your assets, and all your available leverage (and at what levels of costs.)) Then design from that where your best use of funds will come from. *I've lurked in the Buying And Selling Homes long enough to know you're the Official Guardian Angel of the forum! WOW! Thank you so much for that "hug"! Cheers, Dave Donhoff Leverage Planner...See MoreAn 1835 log cabin kitchen, selling 'as is' - OT
Comments (6)Appraising the property has been one of the problems the owners are having. There is no property with which to compare. That is one reason the owners want to raffle the property. There is little chance they could get anything near the value with an outright sale. A realtor looked at it and had no clue where to begin assessing value. With your interest and background, what would you suggest for getting an accurate appraisal? We are hoping for a low appraisal to keep the taxes as low as possible. The tax liability would be significant. A cousin of one of our members is in bankruptcy because she could not pay the income taxes on a won property and could not get a mortgage. We plan to have a survey and proven clear title to the property before we begin ticket sales. We are considering a ticket price of $500 - $1,000 as well as specifying the value of the property and alerting the potential buyers of tax liability. We hope those steps attract only financially responsible buyers. A cash prize alternative is a possibility. We are checking to see if we are required to offer that as an option. If ticket sales are poor, I would be surprised. A number of people across the country have expressed interest in purchasing the property over the years. However it is always a possibility. We are considering a 50/50 split of the ticket sales after expenses if we have not sold the minimum number of tickets by the deadline date. The owner and HP group will share 50 percent. The HP group is a 501 (c)(3). We had already applied for a gaming licence and will get the raffle approval from the state, oversee the raffle and collect the money. The day of closing, the owners will give us a quit claim deed, we will pay for the house (their cut), and transfer the house to the winner. The house will be open for inspection to any who (plans to) purchase raffle ticket(s). Would a potential owner find value in a home inspection done by the non-profit and available to view? It will be sold 'as is' with full disclosure of known issues. Again, hopefully no one would purchase a raffle ticket who would decline ownership. Thanks for bringing up the possibility. We will look into it. We and the owners have already consulted with a tax attorney and CPA who have been involved with house raffles in the state. Both parties must agree on all the details, and we will have a detailed contract before proceeding. It should be fun, but a lot of work. Thanks, Judy...See MoreColor Ideas for Log Cabin
Comments (15)Karen, I think the key to decorating a log cabin is to 'break up" the expanses of wood and mortar, without trying to hide it, per say. That is, find spots where it should stand boldly from floor to ceiling, and spots were it may not be seen very much. The strong horizontal lines beg for a balance by way of vertical lines, you don't need to crowd the room with vertical, but a few key pieces to break up and accent the horizontal logs. To bring in more verticals, you may try: 1 Hang curtain rods higher than the window and allow the curtains to go to the floor. 2. keep an eye out for tall cased furniture, but not bookcases, per say (also horizontal lines), maybe a hutch with solid doors above that you can paint. A tall, and narrow bookcase with widely spaced shelves, the type that might be a pantry or linen cupboard, will have a vertical emphasized, and more so depending on the items you place into it. I recently saw a shelving unit with a collection of quilts and vintage textiles that were rolled and stacked like logs and packed into deep shelves -with just the colorful round ends showing, it was like Amish abstract art. 3. if you are using patterned upholstery or linens, consider running the stripe or pattern in a vertical, ie, from headboard to footboard, or the opposite direction of the logs depending on where the bed or couch sits. Also, if you use patterned textiles, you might try to avoid stripes in the bedding and upholstery, and go for an all over pattern, quilt block, or patten repeat that doesn't have a strong direction. 4. hang small matching art in a vertical line, or clusters. To break up the room: 1. taking up from no 4 above, instead of spotting small wall art here and there at the same eye level, try massing it in a cluster, this will create a visual break, even though you see the logs behind. 2. Consider a large work of art (doesn't have to be vertical, can be horizontal) and also look for wall art with very wide mats, to give the actual artwork some visual 'elbow room' from the log 'wall paper'. 3. I think that oak and leather tends to have the same texture and color as the logs, and if you want a room that is sedate, bland or some pieces to blend in, then that's the way to go, but you should still consider textiles, even smooth linen, and the large hanging rug or weaving is a great textural accent to the logs (which beg to be softened), but it doesn't have to be a Navaho inspired blanket, there are many beautiful flat-weave rugs out there (Kilim Rugs) or even those Sari Quilts (Key words: Kantha, Gudari, Dupatta, Phulkari) for a modern and casual or boho feel. 4. Another accent to consider is shiny objects. I think first of antique brass, because the warmth of the color complements the wood, but colorful glass vases or bottles near a widow that sparkle, will give you another layer of texture. A mirror will do the same, it doesn't have to reflect anything, just shine and look pretty. This post was edited by Lilylore on Sun, Nov 23, 14 at 3:19...See MoreLog cabins anyone?
Comments (14)I'm building my own log home right now -- haven't stained it yet, but I'm definitely doing a light stain indoors -- I've seen too many that are way dark inside. http://www.permachink.com/company-news/wood-stain-colors - scroll to set of samples at the very bottom for interior quality stains -- I chose between butternut or light honey samples, and went with light honey, which I will coat with once. All the interior walls (ie, not exposed to the outside) will be sheetrocked, Other than the cathedral ceiling over the LR, DR and kitchen, the rest of the ceilings will be sheetrocked and painted a warm off-white. Since my logs will be light, I'm going with Sherwin-Williams "Global Spice" color palate - warm and earthy, but yes, some light tones in there. I'm staying away from deer and moose themes! (I'll have a Christmas stag out for maybe 3-4 weeks in the season, but it looks festive, not "deer season" hunting lodge.) My kitchen will be light quartz countertops, and the kitchen floor will be a light wood-look tile. (Which will contrast with a much darker pinewood floor throughout all the "dry" rooms.) I think both oil rubbed bronze and brushed nickel could look good for fixtures. You'll notice that the link above also sells stains in colors, which you may want to consider for cabinetry. You could paint trim white -- I'll be staining in wood finish, but my house sounds like it will be a lot lighter log-wise than your likely purchase. If you have to treat the wood (preserving) make sure you do the manufacturer's suggested full course of treatment. I've seen log homes while doing my research where no additional treatment was needed for 20 years (other than a six month apart bout with a good, long, feather duster)....See MoreSherry8aNorthAL
6 years agolast modified: 6 years agoHomana Nebel
6 years agoworthy
6 years agoKathleen Squires
6 years agoMilly Rey
6 years agotoxcrusadr
6 years ago
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