How to Pay Your Monthly Mortgage in One Weekend
I started seriously entertaining the idea of buying a second home in upstate New York (as if I own a first one) after agreeing to rent this place in Accord, N.Y. for a holiday weekend with friends. That’s right, we are collectively paying $1,300 for four days in an upstate New York rental house: a mid-60s place with a ping-pong table, outdoor fireplace and a pond. (In our defense, we decided to do this late in the game and there weren’t a lot of choices left–and the place is very nice.)
I looked this Accord, N.Y. house up on Property Shark and found that the owners bought it for $160,000 in 1999. Even if their down payment was small and they renovated, a weekend rental surely covers the monthly mortgage (to rent it for a month is a whopping $8,000!). And there must be thousands of nincompoops like me who will pay top dollar to get out of the heat. Upstater’s own Alia rents her place out to non-nincompoops on VRBO to help pay the mortgage and it works.
If you’re thinking that the market is still soft up there, take note: this house is currently assessed at $620,000! I can’t imagine anyone paying that much for it, but then again I never thought I’d pay this much for a weekend in the country. So this reaffirms my search for a vacation house upstate–it will save me a whole lot of money on rent.
Posted on June 28, 2011, in Accord, Catskills, Rentals, Second Homes, Ulster County and tagged accord ny real estate, accord ny rental properties, homeaway, how to rent out second homes, mortgages, property shark, upstate new york real estate, upstate new york real estate market, vacation rental companies, vrbo. Bookmark the permalink. 3 Comments.