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.

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About lisa

I'm a freelance writer (and thus, not a homeowner), specializing in real estate, urban planning and sustainability. Also, I just like looking at pictures of houses.

Posted on June 28, 2011, in Accord, Catskills, Rentals, Second Homes, Ulster County and tagged , , , , , , , , , . Bookmark the permalink. 3 Comments.

  1. is assessed for 620k, what are the taxes?
    just a suggestion – but real estate taxes is important factor in pricing, choice and affordability of houses upstate —- so something to include on the listings you highlight.

  2. thanks for the suggestion–we’ll take it!

  1. Pingback: Cool Converted Barn for Rent in Warwick «

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