February 27th, 2009
Category: Deep Creek Lake Buyer Info, Vacation Rentals
How are some vacation rental homes at Deep Creek Lake doing?
Just like most things in life, “some have it and some don’t”, or so the saying goes.
With today’s tightening lending market many wonder; are there homes for sale at Deep Creek Lake that have great rental income that you can purchase to help offset the expense of second home ownership?
One such example would be 335 Waterfront Greens Drive (GA6806172). This 5 bedroom/5 bath home offers abundant vacation opportunities and great rental history. This home produced over $55,000 in gross rental income in 2008
This home offers lake access, indoor swimming pool and use of the Waterfront Greens: Par 3 Nine Hole Golf Course, tennis courts, mini golf course, club house for get-togethers or card games by the fireplace, canoe and kayak racks, winter sled riding hill and lots of walking paths and open space.
With the indoor swimming pool and all the amenities offered within the Waterfront Greens Community this is a renter’s or owner’s paradise. All these fun activities await you right outside the door. All this tucked in the quiet, relaxing and sunny cove of Beckman’s Peninsula.
Let’s run some numbers - but first things first - if you are going to finance part of your purchase locking in your interest rate now while rates are currently low will help secure your payment.
Mortgage Principal after 20% Down= $639,200
Monthly Payment=$ 4040.18
(Based upon APR of 6.5% for a 30 year mortgage on $639,200.00)
Annual (Principal and Interest) Mortgage Payment= $ 48,482.16
Annual Rental Income in 2008=$55,000+
Cha Ching!!!!! You now own a second home and real estate at beautiful Deep Creek Lake, use it for your families personal enjoyment, according to your schedule, allow guests to use the home the remainder of the time and your mortgage gets paid. Now that’s what it is all about!
Of course like anything in life, nothing is guaranteed so take into consideration that rental bookings can either increase or decrease. But locking in your mortgage rate makes one less variable you will need to deal with while owning a second home at Deep Creek Lake!