Distinguished 4BR Colonial positioned perfectly on the water. Enjoy boating from your backyard, plus poolside water views and a spacious deck for relaxing. Large home welcomes all with a first floor master, gracious kitchen, Florida sunroom and more!
Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
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People approach the whole idea of owning a second home from a hundred different perspectives simply because a second home can answer so many different purposes. If you are an Rehoboth Beach homeowner at the stage in life where making retirement plans is becoming a more immediate imperative, you might want to buy a second home as a vacation destination—but one which is also a tryout for your family’s future center of operations. Those who have spent a good part of their lives in cities sometimes seek a second home in the mountains or at the shore as a restorative refuge. People living in less crowded environs might crave a pied-à-terrefor proximity to a city’s cultural riches. There really can be a hundred different reasons (and that’s not even counting all the financial ones)!
Once you begin to seriously entertain the notion, it becomes evident that deciding on which of many possible directions to pursue will involve weighing the tradeoffs each presents. In addition to an opening a conversation with the Rehoboth Beach real estate professional whose advice you’ve come to trust the most, some of the main points you will want to consider—
· If the second home is going to serve even temporarily as a weekend getaway spot, then buying within reasonable driving distance may be more important than you might assume. Keep in mind that the drive (or flight) will grow steadily less interesting as time passes.
· In most instances, a second home will be occupied by members of your family only on a part-time basis. This brings up a number of issues—among them, insurance. Vacant properties present a different profile to insurers than do homes that are occupied most of the time. Hazard insurance tariffs could also differ from what you are used to (especially in flood-prone areas). Investigating insurance coverage and costs early on in your search will help you to avoid surprises.
· You should consult your tax expert for details, but as a general rule, if the home is not rented out as a business proposition, you’ll likely find that you are able to deduct mortgage interest and property taxes on your Federal tax return. Then again, if you are thinking of renting the house out for more than 14 days per year, rental income is taxable. In that case, though, you’ll be able to use deductions for expenses, such as insurance, maintenance, professional fees, and sometimes even depreciation. Each situation will be different—again, your tax professional will have the relevant answers.
· Financing a second home is similar to financing your main residence. You are likely to need a down payment of 10% to as much as 30% in some cases. If you will be drawing on the equity in your current home, it’s only prudent to be able to retain a reasonable amount of reserves for unforeseen emergencies.
Many people buy a second home in anticipation of retirement. If that is the case, think of factoring in the availability of quality medical and support services in your search areas. A remote cabin in the woods may seem appealing now, but as a retirement venue, maybe not so much! Thinking about the long range is never more important than when you are entertaining the purchase of a second home. I’m here to help clarify those issues, as with all your other Rehoboth Beach real estate need.
You may have seen the reports — and they are correct — that the number of new foreclosures has dropped almost everywhere throughout the country. Although the Mortgage Bankers Association’s report about the drop in non-seasonally adjusted foreclosure starts might indicate otherwise, sharp-eyed buyers can still find any number of foreclosed homes in Delaware.
For those whose goal is to find an appreciably nicer home at a lower-than-average price, a few basics shed light on the process.
Short sales differ from foreclosures. Although the sale price may be a good deal less than what is still owed on a loan, it may be more or less than the actual value of the home. A foreclosed home in Delaware is one that is actually owned by the bank holding the underlying loan — with the previous homeowners already having moved on.
Success in the foreclosure realm means saving money by buying local foreclosed homes — and it means being aware of the motives of the lender. First, any bank will typically offer foreclosed homes on an as-is basis. To keep losses in check, no repairs will have been made on the property. Some homes may be in fine condition, but others will not. That’s why it’s so essential to be willing to pay for an inspection on the property: it’s the only way to know exactly what you are getting into before you sign on the dotted line.
Unless you have prior success in buying Delaware foreclosed homes, it is universally recommended that you enlist a buyers agent to help throughout this process. An agent can advise you whether or not the property value is in line with the market for comparable properties in comparable condition. While you can work with the bank on your own, it is advantageous to have an experience professional to assist at the bargaining table.
If you are interested in buying foreclosed homes in Delaware this fall, why not contact me today to discuss your search parameters? The values really are out there to reward the patient — and anyone willing to put in a dollop of elbow grease! Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.