diff --git a/Makefile.include b/Makefile.include
index 72b1039274..69cc428e57 100644
--- a/Makefile.include
+++ b/Makefile.include
@@ -397,6 +397,10 @@ include $(BOARDDIR)/Makefile.include
 INCLUDES += -I$(RIOTCPU)/$(CPU)/include
 include $(RIOTCPU)/$(CPU)/Makefile.include
 
+# Include common serial logic to define TERMPROG, TERMFLAGS variables based on
+# the content of RIOT_TERMINAL
+include $(RIOTMAKE)/tools/serial.inc.mk
+
 # Include emulator code when required and if available
 ifeq (1,$(EMULATE))
   # Use renode as default emulator
@@ -406,10 +410,6 @@ ifeq (1,$(EMULATE))
   DEBUGDEPS += $(EMULATORDEPS)
 endif
 
-# Include common serial logic to define TERMPROG, TERMFLAGS variables based on
-# the content of RIOT_TERMINAL
-include $(RIOTMAKE)/tools/serial.inc.mk
-
 # Include common programmer logic if available
 -include $(RIOTMAKE)/tools/$(PROGRAMMER).inc.mk