Reply to How much $ to buy vacation home

Forum Index » Money and Finances

Reply to "How much $ to buy vacation home"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]If it is a vacation home condo and not a place you live at full time, buy an older smaller one a block or two from beach that is cheap. I bought mine in 2013 for 290K cash. I am surrounded by million dollar homes. My place is only 1970s garden apt complex in town. I use it to go to beach, not sit in unit.

A one million dollar vacation home most banks want 25% down. Taxes are around 12K a year. Flood and Home insurance higher at beach like around 4k a year. A 750K mortgage is like 3K a month. So like $4,300 a month.

My condo I  bought 290K my common charges $350 a month, older unit so only pays $350 a month property taxes. My insurance only $600 a year as discounted as the master condo policy covers a lot. It costs me $750 a month.

I rent it out very rarely. I get 2k a week in summer. I stopped renting it but this one couple from VRBO a few years ago rents it two weeks in July each year for 4k. The main issue as a secondary home in a flood zone a primary home unless it is elevated and to FEMA requirements flood insurance is expensive. A condo flood is covered in master policy and no surcharge to second owners.  [/quote]

It isn’t at the beach and we are going to pay cash. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics