Buying a cabin is no small feat. Real estate and construction, especially somewhere out in the wilderness, can be a massive expenditure, meaning you’re looking for financial help just to get some peace and quiet. If you’re like the other two-thirds of Americans who’ve recently purchased property, you’re subject to a mortgage. That means payments, and paperwork, and bureaucracy, and so on and so forth.
You bought a cabin to get away from all of that. TruLog has some tips to help you get there faster.
We’re not financial experts. And although you probably shouldn’t be taking financial advice from a blog you found on the internet as gospel, following a few common-sense practices can get you out from under the cost of your cabin a lot sooner.
First of all, take a look at what you pay, and the structure of your loan. You’re looking to pay off the principle–which is to say, the main body of your loan–in order to keep the accumulating interest as low as possible. Whenever you can, seek opportunities to pay a little bit extra off on the principle of your loan. If you’re clever, you can come up with a couple of ways to chip away at the principle without too much financial strain: for example, according to some sources, if you make an extra payment every quarter, you can cut a full third off of the time and expense of your loan. Make sure you pay attention to the wording of your mortgage, however, as some companies have policies about early or extra payments, and you might get charged extra for making them.
You may want to consult a financial expert on how to best pay off your mortgage, with all of the ins and outs of financial trickery. One way to cut through the crap, however, is to pay more than the minimum. Treat your 30-year mortgage as a 15-year mortgage, if you have the money, or treat your 15-year mortgage like a 10-year mortgage. Nobody wants to be in debt, and the less time you need to make payments, the happier you’ll be!
Of course, the best way to defray costs and save money, is to defray costs and save money. Take every opportunity you can to reduce the amount of money you’re putting out– cost saving measures like watching water and energy consumption, or reducing upkeep and repair expenditures. Like we said, we’re not financial experts, but we are the best in the business when it comes to making sure you’re cutting costs on the upkeep of your property.
Our log siding is an excellent way to reduce the cost of taking care of your log cabin. With all of the work and expense you’ll put through on an unprotected log cabin, you could be making a whole lot more movement towards paying it off. Take a look at the numbers, and see if you don’t agree! Every dollar you save on making sure your property stays safe, is another dollar you can put towards making it your property forever. At TruLog, we care about cabins. We want to make sure you’ve found yourself a place where you can get away from all of this– making sure your cabin isn’t a financial burden is a big part of that.