Circa-1875 Log Cabin Home. Keep or Sell?
Alex
5 years ago
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Feathers11
5 years agoannied75
5 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 MoreSelling Disappointments/Rants Long
Comments (45)I would be attracted by the privacy of your lot, but put off that the house was not sited in the middle of the parcel so that I was buffered on all sides, now and in the future. In other words, what's the property behind your house (that you butt up against)? How close is your house to the property line? Who owns that property and how is it used? Any future plans for it? If I were looking at your house, I would be asking these questions, so you and your agent should have answers prepared. Are you in an area where forested tracts are rapidly becoming developed homesites? I live in the Northeast, and the next town over is basically forest and conservation land with multi-acre zoning... a few years ago, a very nice home that was barely (and charmingly) visible from the road, seemingly nestled in the woods, was suddenly exposed when a long driveway was cut through and another house built very close by --- the first house had been built backed up against its own property line. Those are the kinds of things I would be asking myself if I was considering your property. I know that you can't move the house :o), but maybe you need a "story" to explain why you sited the house where you did ("to take advantage of the lovely hillside view", etc.), rather than just to be as far away as possible from your neighbors. I feel for you - it's a beautiful house in its own unique way and I know it will really come alive again for the next owner --- I'm thinking wonderful "Martha Stewart"-style holiday parties and cozy quiet nights by the fire. That said, I am not a big fan of staged houses. I like to see a clean slate so I can let my imagination run wild. When I first looked at your pictures, I thought, "hardship house", as in divorce or bankruptcy, because it seemed so forlorn and emptied out. I would clear out the house out completely (but always keep it fresh and clean for showings), leaving one comfortable seating area with good lighting where people can sit to discuss, review your albums, etc. Maybe that area could have some mini-staging --- couch and comfy chairs, pillows, big coffee table, nice rug a la the Ralph Lauren/upscale ski McMansion look! I'm also impressed with your can-do and flexible attitude... you've been hit with some harsh (if well-meant and accurate) criticism here without getting defensive or hurt. I wish you the best of luck. You are getting some great advice here....See MoreSuggestions for Cabinet Hardware in Log Home Kitchen
Comments (14)Logcabinkitchen, thanks! The back wall of the backsplash does match the red loft wall. The red wood is actually reclaimed barnwood from a dismantled barn. I don't have any pictures posted on here but I can post a link to the photo bucket album. It's just a small vacation cabin we built, so it's on a much smaller scale then yours, but maybe you'll get a few ideas! Here is a link that might be useful: cabin photos...See MoreTonnage for our cabin?
Comments (40)'Contractor #1 with no load calc bid 70K furnace (that's the existing size and it warms up the place too fast and produces uneven results), 3 ton AC. #2, also no calc, 70K furnace and 4 ton AC. #3 did a load calc and came up with 45K furnace and 2 ton AC and highlighted some duct modifications he wanted to do.' Elmer.....those quotes are a 'complete' ripoff!!!!!! I've read numerous articles over the years that HVAC companies on average 'double' the HAVC seer to cover their A&$#^#%#%*. Annette....I would recommend hiring an independent professional to run log calculations on your house. It shouldn't cost much and could save thousands. Have you thought about geothermal? No....I'm not in that business....See MoreOliviag
5 years agoAlex
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