To Buy a Cabin or Not (CO or WY)

Discussion in 'The Rockies – It's all downhill from here...' started by tmz1m, Oct 22, 2017.

  1. MartiniUp

    MartiniUp Long timer

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    Very well stated and 110% accurate. Same thing I told a fellow about beach property. DON'T!!! Rent a vacation spot, then drive away.
    #41
  2. oldmanb777

    oldmanb777 Just say NO to socialism!

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    Permits, as in building permits and code inspections. So in many places the "tradesmen" can't even spell permit, let alone read the code book. Permits are sort of optional. Now I'm the first to say "Govt get out of my life". and permits are a hassle, and really a double edge sword. However, they tend to at least try to protect the naive consumer. I had always expected the permit to be part of the job. You know, pulling the permit, getting it inspected, fixing the stuff the inspector wanted done over etc. Not so fast. Permits are required for many things. However, its the owners responsibility to get all permits, make sure they are right, and properly executed. So often in the mountain communities, the contractor won't pull a permit. If you want one, you deal with it. Get homeowners permit on that. "I don't deal with permits" says the contractor, that's your responsibility. Fine, homeowners permits are easy in most places. But still. Seems like the building dept just looks the other way, if a contractor does the work, without a permit. BUT does your homeowners insurance look the other way?
    Speaking of homeowners insurance. You almost can't get fire insurance in many places in the west. Add a wood stove/fireplace, and it becomes even more difficult. If you finance, fire insurance will be required. So make sure you can get fire insurance before you throw down your money. Much bigger issue than I would have expected. We have a fire station less than 1/2 mile. Fire hydrant is very close, maybe 100 yds.. I still had to jump through some hoops, proof of where the fire station was. What kind of fire station. They had levels of capability the insurance co wanted to know about. When my Sister was shopping insurance on thier rural place, it was worse. Had to have a fire inspection prior to coverage. So something else to think about.
    #42
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  3. Hicountryrider

    Hicountryrider Been here awhile

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    Well my experience hasn't been as bad as oldmanb777's. We bought a new spec house and lived in it full time for 7 years before moving down to Littleton. Our house is well built and if you do need a contractor good ones are hard to come by and while the guy that built my house stays busy he certainly is not booked out more than a few months. If you know what to look for and buy a quality property that was well built you shouldn't have to be working on it all the time. Rodents will move in and they are a constant battle but they don't take that much time or money to keep on the traps, etc. Our house is stained and the west facing side does need attention every few years and if you don't have time to do it yourself it can be expensive. I have an 1800 sq ft home and approx same size detached garage and can get someone to stain them both including pressure washing for around $5-6k which needs to be done every 5 years or so (and some of that $$ is due to the house having chinking between the boards that cannot be stained so they have to brush the whole house - other types of siding can be cheaper to maintain). Other than that there are regular maintenance items like any home. Also a lot of issues are simply due to where you are located. We are on a sunny ridge between Fairplay and Alma and the snow melts pretty fast when the sun is out. My inlaws are ~7 miles north closer to Hoosier pass and they don't get afternoon sun and have a lot more snow to deal with but don't have to stain their house nearly as often. When I arrive on a Thursday night I can always get my AWD SUV into the garage and then I snowblow it if needed the next morning. Short story is pay attention to the location, if driveway gets sun, if there is much solar gain to heat home, Types of trees around home, etc. We keep our heat pretty low when we aren't there and have a woodburning stove to help heat it when we are. We are all electric and our bill is ~$300 in winter but hardly anything in the summer. For us it is worth it - we don't have any kids or weekend/after work commitments and with our work schedules we can use it a lot.
    #43
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  4. oldmanb777

    oldmanb777 Just say NO to socialism!

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    Well said. Location,location,location. Build quality is big, bigger in the mountains, because of the climate. Our place was poorly built, as is the majority of places I see. The other thing,,,,,,,,,,your work schedule allows you to get the use out of it. You can go up on Thursday night, not Friday night. All major factors. Our place, (other than the wind) is a much harsher climate than my sister has on Trout Creek Pass. Even though they are at about the same elevation.
    Some really good insight on here.
    #44
  5. ronhr

    ronhr Retired in Place at Work (they like me more now)

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    Here is my rule for buying property, that I tell to all young people. There has to be one business aspect to the purchase as I have not found wife's dream house and probably won't. You can sell it tomorrow and not take too large or any hit, you can rent it and recoup your monthly payment, you can put in on Airbnb and defray your payment, you can eat the payment, or you can live there forever.

    Decide where you want to buy a cabin and advertise locally for the deals that are not on the market and know whether it is a good deal or not when someone responds.
    #45
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  6. jonz

    jonz Miles are my mantra

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    I bought a house in the mountains 1000 miles away from me and am happy I did. I had a rental house in Southern California and was able to do a tax free roll over into the house in the mountains near West Yellowstone, MT. I rented that out for 10 years - it was something of a PITA but I was able to write off my trips up there for repairs, rental turnovers, etc. I was a long term rental for locals. You can stay in the rental for up to two weeks and still keep the tax deductions. My last year, I went to a weekly rental and wish I'd done it long before. I made as much from Memorial Day to Labor Day even after paying 40% for management fees as I did all year with the long term rentals, and the house was cleaned after every tenant. Now that I retired, I spend half the year in the house and couldn't be happier. One selling point for you may be that if you like it more than your spouse, having the house makes it easier to convince the spouse that you "have" to go there to do upkeep, etc. And then you make time for rides, hikes, fishing, hunting, etc. If you think you may retire there, consider that Wyoming has the lowest overall tax load (ex. no state income tax) of all 50 states according to Forbes. If I was just a few miles away in Wyoming, I'd save $4000+ just on my state income tax
    #46
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  7. eakins

    eakins Butler Maps

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    If you buy it in WY, you may find in the future you might to use it as your home address and take advantage of WY having the lowest tax burdens in the country. You would not be alone as alot of high wealth people "live" in WY.

    Prime example. 3 Forks is a massive vacation ranch with parts in CO & WY.
    Note where the main Lodge sits.

    Dropped Pin
    near Wyoming

    https://goo.gl/maps/oG3rEuof97R2
    #47
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  8. Magus

    Magus Never grew up...

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    Rent. Check some different places out. You have a lot going on and can't be sure where things will end up. Unless you have 'the place' that you have to be, which is sounds as if you don't, save some money and poke around. See what you and the family like and how it all develops.
    #48
  9. tmz1m

    tmz1m Been here awhile

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    Went exploring in northern Colo (Red Feather) and southern Wyo (Medicine Bow forest to Laramie) yesterday, saw some great places -- most were not for sale but had sold earlier this year, as I wanted to get a better idea of what actually sells and what it sells for so I can compare when things come on the market. Taking it slow, definitely won't do anything this year, but we're making a list of must-haves and dealbreakers for us. At the very least, we're having a lot of fun thinking about it.
    #49
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  10. surly357

    surly357 Cochetopa dreamin'

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    I can't count the hours I've spent 'thinking about it' over the years... Nowadays I'm leaning more towards a 'camping lot'. Someplace relatively inexpensive to hang out and putter around on without feeling I have to go there every time. Maybe build a looping mtn bike trail. Anyway, 'thinking about it' is good entertainment, especially with Google Earth. ;-)
    #50
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  11. Boricua

    Boricua Been here awhile

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    Buy a Powerball ticket too. Then you can dream really big.

    Sent from my XT1635-01 using Tapatalk
    #51
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  12. Lomax

    Lomax Nanu-Nanu Adventurer

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    AHHH Just got back from a weekend at the cabin. Fantastic relaxing weekend. Saw some Turkeys and a couple of Elk. Got a couple of rifles sighted in. :clap
    #52
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  13. abruzzi

    abruzzi Long timer

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    #53
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  14. Gargantuan

    Gargantuan Been here awhile

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    2 mill final offer
    #54
  15. Gargantuan

    Gargantuan Been here awhile

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    and you throw in the helicopter
    #55
  16. Boricua

    Boricua Been here awhile

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    2mil get you the tool shed. The asking price is 149mil.

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    #56
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  17. Proveick

    Proveick Long timer

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    769 K / mo :rofl
    #57
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  18. Boricua

    Boricua Been here awhile

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  19. Boricua

    Boricua Been here awhile

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    That's with a $59mil down.

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    #59
  20. Gargantuan

    Gargantuan Been here awhile

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