As of today, my cabin building budget is $20,000. I’ve been putting anywhere from $20 to $300 a month away for my dream cabin, and after a year of saving my funds are laughably short of what I need to build my dream cabin. My plan all along as been to pay off the property at $400 a month, and put away any extra that I have to build the cabin once the property is paid off. The only problem with that is that I’m looking at not getting my cabin for 3 years or more. Do you know how much I could be enjoying that cabin over the next 3 years?!
I might be able to afford to purchase a little diesel-powered generator to the run power tools I don’t own yet. I might be able to afford to rent a mini excavator to clear the land where the cabin will go and create a smooth, sloping driveway to that place. My savings might get me enough lumber for a good foundation of piers made of rail road ties and a floor.
My cabin budget is based on the estimated costs of the last cabin my dad built. My cabin will be a bit smaller than the last cabin he built, but I want more windows and a partially-covered deck. What would you do if all that stood between you and your dream was $20,000 and a summer’s worth of manual labor?
I, like most people, really enjoy instant gratification. So, I am now considering financing the cabin– even though I haven’t paid off the property yet. My thought process has been pretty simple– think of all the reasons not to finance the cabin:
1) The name of the game is not “Borrow Til you Drop!”
2) Before I dreamed of a cabin, I dreamed of being debt-free and retiring at 50.
Then, I think of all the reasons to finance the cabin:
1) It’s just money. Why should money be all that stands between me and what I want to do before I die?
2) I could get so much more out of the property if I had shelter from cold weather and snow.
Then, I distract myself with other thoughts:
1) If I just built a little bunk house, I would spend less money and probably learn a lot about cabin-building in the process. The bunk house could be expanded later, or it could be kept as a storage shed for the 4-wheeler and the motor cycle or a little place for company.
2) If I just built a tent platform, it would make it really easy to go up and set up camp, even if I was alone. The tent platform would make a great deck for the cabin, once it’s built, too!
These thoughts and a million others are running through my head all day and some nights, and the snow is not even melted yet. Even a heavy-duty four-wheel drive truck can not make it onto my property, but I am already preoccupied by what to do with the property.