After spending time at someone else’s vacation home, of course, you want one of your own. Buying a second home is a big decision, and you should be ready for the hidden costs. In addition to your mortgage, you’ll need to know the maintenance costs of a vacation home. Find out how to take care of your Caribbean beach house here.
How to Budget
When you determine your maintenance budget, follow the same rules as you would for any house. You should set aside at least one percent of the cost of your house each year. For instance, if your vacation property costs $500,000, you should set aside $5,000 each year for maintenance.
Types of Maintenance
The type of maintenance necessary for your vacation home will depend on its location. If it’s right on the beach, you may need to update exterior features after heavy storms. For instance, consider how often you’ll need to install a new front door if conditions cause it to crack, peel, or rust.
Pro Tip: Hire contractors to help you make repairs to your home. Professionals will ensure your maintenance project is top-quality every time.
Vacation Home Expenses
Owning a vacation home comes with more expenses than the cost of the house and maintenance. You’ll want to decorate the place too. Filling your beach home with furniture, artwork, and appliances may require a separate budget.
Ways To Save Money on Your Second Home
If owning a second home starts to get too costly, save money by renting the space. When you are not using it, allow people to rent it for their own vacations. Often, allowing renters to stay in your home can satisfy the cost of your monthly mortgage in a single week.
The maintenance costs of a vacation home are like that of your current house. Though beach houses may endure more wear and tear, you can prepare with money in the bank and a good contractor to help you make repairs.
