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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]I think one way to look at it is figure out the cost of interest over the life of the loan for the beach house. Now add three percent of the purchase price for repairs. Add the hoa. Now figure out how many nights in a hotel this is. I'm willing to be that it would take 15 plus years to recoup the money spent on the hoa, interest and maintenance. A beach house really isn't a good investment. It's a luxury. Ok I looked up the interest and you'll spend 231k on interest over the life of a 30 year mortgage. That's 1,156 nights in a 200 dollar hotel room. At 68 nights a year it will take 17 years to break even on the interest since you aren't renting the place out. Yes, the 200 dollar hotel room will increase in cost so you need to do the math, which should reduce the 17 years to I would guess, 10 just for the interest. [/quote]
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