The wife and I want to retire to Edisto in about 12-15 years and were looking at purchasing a beach house in 5 years or so and renting it out to try and help offset the mortgage a little. I'm trying to get an idea of all the costs that go into doing this, so was asking for anyone on the board who has a beach or vacation rental to chime in with any experience.
Costs that I'm aware of:
1) Mortgage
2) Property management fees, unless you do it yourself
3)Insurance - homeowners, ? hurricane or flood required?
4)Utilities - TV/wifi/power/water
5)Property taxes
6)Repairs
Am I leaving anything out? Anyone want to chime in with how much some of this stuff actually costs?
We're still a long way away from actually doing anything and I'm trying to figure out if this is feasible or not. TIA.
Costs that I'm aware of:
1) Mortgage
2) Property management fees, unless you do it yourself
3)Insurance - homeowners, ? hurricane or flood required?
4)Utilities - TV/wifi/power/water
5)Property taxes
6)Repairs
Am I leaving anything out? Anyone want to chime in with how much some of this stuff actually costs?
We're still a long way away from actually doing anything and I'm trying to figure out if this is feasible or not. TIA.
