Realizing your dream of cabin ownership may be easier than you thought. We remove the barriers to ownership. Learn more about financing your prefab cabin.
If you’re wondering what the best way is to pay for a cabin, you’ve come to the right page! Here are a few common options that our customers have used. The best way to pay for a cabin varies from person to person based on their unique needs and desires.
Work With Our Preferred Lender
The Riverwood Cabins team has built a relationship with a bank that specializes in construction lending and home mortgages specifically for prefab and modular log cabins. They have completed nearly 1,000 construction mortgages and they would love to share the lending process with you. They are open to your unique situation and are able to provide great mortgage plans and flexibility. If you are looking for a friend in the mortgage business, we can certainly connect you.
Learn more about Our Preferred Lender.
Take Out A Home Equity Loan
A home equity loan can be an affordable and accessible way to buy your log cabin. If you’ve owned your home for some time it’s likely that the equity you’ve built up there can be a great source of capital to use in acquiring your dream cabin.
Home Equity Loans come in all shapes and sizes. Currently, there are home equity loans available at 4.65% that are interest only, which allow you to pay $262.50 per month in interest only on a $70,000 loan. That low payment could allow you to stay in your home for a number of years, enjoy your cabin, then sell your home and move into the cabin full time if you want to.
Partner With Friends or Family
Log cabins are often enjoyed with a group of friends or family, so it can make sense to share the cost of a cabin among all the parties. A $70,000 vacation property with a log cabin split among four friends is only $17,500 per person. That’s less than the cost of some new Harley Davidsons, and your stake in the property will likely increase in value! Plus, you can enjoy the investment with your friends and family for decades.
If you choose to team up with friends or family on a cabin, make sure you avoid any of the pitfalls you could fall into. Men’s Journal shared some excellent advice in this article about how to own property with friends, and stay friends. Clearly spell out who is responsible for maintenance, what happens if someone wants out of the partnership, and so forth.
Write A Personal Check
Modular and prefab cabins are extremely affordable compared to their traditional log home counterparts. A surprising number of Riverwood Cabin customers simply write a personal check for their cabin. If you have disposable income, a Riverwood Cabin is one of the best investments in your family you can make. You are investing in a property that can increase in value, but even more importantly you are creating an opportunity to make memories with those you love. These shared experiences are the threads that knit together the fabric of our lives, and are incredibly valuable. Talk about a great return on your investment!
Call 855-5CABIN5 to talk to our cabin sales advisors about what they recommend in your situation. They have helped hundreds of people accomplish their dreams of cabin ownership and can give you objective unbiased advice based on their years of experience.