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Cost Of Owning An Outer Banks Beach House
Many people would love to own a beach house on the Outer Banks but have no idea how much it costs or what’s involved.
Since most of the houses on the Outer Banks are used as weekly vacation rentals many people want to know what portion of the rental income will help pay for the expenses and what will be left over to go towards the mortgage? As a general rule you can use a 60/40 split. 60% of the gross rental income will go towards the expenses of the house such as, utilities, management fees, pool/hot tub cleaning, maintenance, taxes and insurance. The other 40% will be left to help cover the mortgage. The expenses on these houses will vary depending on size, whether you have a pool or hot tub, and what the current management companies charge among other things. The gross rental income will vary by the amount of weeks the owner keeps the house open for rentals or how much the owner uses the house during peak rental months.
 Example: Average 4-5 Bedroom home on the Outer Banks cost approx. $500,000
$500,000 x 20%($100,000) down =$400,000 Mortgage @ 5% 30yr P&I payment=$2148 month $2148 (monthly payment) x ... more

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