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Real Estate
Reply to "Running the numbers for a beach house to make it worth it"
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[quote=Anonymous]OP, I have waterfront property in Bethany - 2 bed, 2 bath condo. The community also has a golf course, swimming pool, tennis courts, basketball and workout facility. The monthly cost, including everything (mortgage, insurance, condo fees, electric, water which is high in DE, sewer and internet - we don't have cable because it's too expensive) is less than $2k per month with a 15 year mortgage. I think we were required to have 25% down to get a loan because we have a mortgage on our house here and we didn't want to roll them together. But most condos I've seen in the Bethany area run in the $200k - $250k range. Most repairs are covered by your condo fees, so your repair cushion doesn't have to be that high. One thing you didn't consider is that when you stay in a hotel, you are eating out a lot. Having a place where you can cook is a big cost savings. [/quote]
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