For many, the dream of owning a rural “home away from home” is something that began in childhood.
Before you buy, however, you might want to answer the following questions:
How Far Away Is It? If you must travel two days by rail, then take a four-hour hike through the woods with a toddler strapped to your back, you may want to seriously reconsider the purchase. Ideally, you should be within a few hours of your home. If electricity is a serious consideration, you should make it clear to your real estate agent that you are not interested in properties off the grid.
How Close Are the Neighbours? Buyers typically want a private retreat as they’re trying to get away from the crowded urban sprawl. It’s okay to have neighbours as long as the surrounding trees give a reasonable illusion of privacy.
Is It Worth It? As a buyer, you must determine whether the value you’re paying is worth the return for your family. There are annual property taxes and insurance as well as the cost of upkeep to consider. Many buyers consider renting the property out for some additional income. However, there may be tax implications to renting your home, so seek professional advice from your tax advisor
By taking a good, hard look at the travel requirements, the modern luxuries and the financial aspects of rural home ownership, the dream of spending peaceful summers at the cabin can come true.