Archive for October 25, 2006
The total amount of rental income on our beach home in the Outer Banks of North Carolina came to $24,600 this year. Of course, you have to subtract out Commission ($3,727.25), Laundry ($1,178.10), Maintenance Fees ($375), Pest Control ($50), and a couple other misc. fees and the result is $18,729.48.
I can’t really complain about this year’s rental season. We were able to rent out our house 13 weeks of the summer. Which is essentially every day from the first week of June to the last week of August. That’s about as good as you can get. In October we had a pool heater installed, which we are hoping will increase our rentals by an extra couple of weeks in late May or early September.
We currently pay $3,344.31 a month for P&I, Taxes, and Hazard Insurance. So when all is said and done we’ll have paid $40,131.72 to own the home, and only recovered $18,729.48 in income. Making our total loss $21,402.24 this year. And that doesn’t include the upgrades to the home, like a new pool liner, new hot tub, remodeled bathrooms, ceiling fans, garbage disposals, etc. This figure also fails to account for the utilities.
But being able to drive down to the beach at a moment’s notice, being able to spend time with friends and family makes it worth every penny.