Things like HOA dues, utility bills, snow plowing, maintenance, and property taxes can be additional expenses that will need to be paid.
Also, while you are not occupying your vacation home, there are a lot of ways you can lease it out and make it pay for itself. Here are ways you are sure of making a vacation rental pay for itself.
- Rent your property short-term.
- Handle your rentals yourself.
- Envisage and pay tax.
- Buy your vacation home with your IRA or retirement account.
- Rent seasonally or long term instead of short term.
- Trade for services.