How much cash do you actually need on top of the down payment to open the doors?

Question

Trying to size a check for this and I only ever see the purchase price discussed. A two bedroom condo in a tourist market, say $320k, 20% down is $64k. Then what? Somebody told me furnishing a two bedroom is "about $15k" and somebody else said $40k and I have no way to judge which is closer. Does the furnishing number include the stuff nobody photographs, plates and towels and a vacuum?

monica_tran3 · Answer

Both numbers are real, they're just different products. $15k is IKEA and a Costco run, and it books at the bottom of the market. $40k is a designed unit with a photographer, and it books at the top. The condo doesn't decide, you do.

What people leave out of both is the consumables and the small stuff: two full sets of linens per bed, a vacuum, a first aid kit, a fire extinguisher, coffee maker, cookware, hangers, a lockbox or smart lock, wifi install, plus the trip to actually assemble everything. That's easily $4k to $6k on a two bedroom and it doesn't show up in a single photo. Then hold three or four months of full carry in cash, because you'll be booking at $0 reviews and prices to match.

devon_pierce · Answer

Add the condo association question before you add anything up. I've been shortlisting units and about a third of the buildings I look at either ban rentals under 30 days outright or have a rental cap that's already full. That's a bylaw read, not an ordinance read, and the listing agent usually doesn't know.

How much cash do you actually need on top of the down payment to open the doors?

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