For Memorial Day weekend, seven friends and I went to Cape Charles, Virginia. Located on the mouth of the Chesapeake Bay, the little town was only about a 3.5 hour drive from the city (without awful Memorial Day) traffic. We were lucky enough to stay at a family friend’s house that happens to be on the market. The house is located in a small, private subdivision that is steps from a beautiful marina, shops, and a delicious restaurant. If you venture outside of the gated community, there is a great public beach, pristine golf course, and the picturesque town of Cape Charles. Picture a quintessential Main Street with boutique shops, cafes, and ice cream, all walking distance from the beach.
As most of our friends were crammed into beach hotels, we were lucky enough to enjoy the three story, three bedroom, three and half bathroom house. There are also so many balconies and porches that I lost count. Inside the floor plan is very open. My favorite feature is the double sided fireplace in the living room. On the other side of the fireplace is a small, private patio that adjoined to the master suite. Speaking of the master suite, it is the size of my entire apartment. On the second floor there are two bedrooms and a bath. The third floor is a loft area that we used as a bedroom.
As I mentioned before, the house is on the market. The joke of the weekend was what if we all chipped in and bought it? I brought in my friend, Eric from The Cribline to do the math. Owning a vacation home is more affordable than you think. Check out The Cribline math:
“The house is listed for $439,900. With 20 percent down of $87,800 the mortgage amount would be $351,200. The down payment divided by 8 people would be about $11,000 each. At an estimated 4.25 percent fixed interest rate for 30 years the monthly payment including taxes and insurance would be about $1,100 per month. After tax deductions the payment would be about $800 per month. Divided by 8 that would be $100 per month.”
Anyone in the market? Get all the details here.
