Beautiful River Road property with 120' of combined road frontage.
Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
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Buying Sussex County real estate has long been one of the preferred ways to save for retirement, so the attraction of merging it with IRA benefits adds a tax dimension. In its own right, buying real estate in Millsboro as an investment combines the security of owning a physical asset with the relatively predictable income flow a rental property produces. And if Stan Humphries (Chief Economist at Zillow) is correct, in 2014 prices are expected to cap last year’s 5% gain by rising a further 3%. Put it all together and it’s clear why some retirement-minded people think that buying Millsboro real estate in an IRA is an attractive proposition.
Self-directed Investment Retirement Accounts are largely similar to other IRAs. They allow investments to grow on a tax-deferred basis until retirement time. They differ by allowing a broader range of investment options—qualified by some specific restrictions.
Self-directed IRAs are required to be administered by licensed investment professionals designated as “custodians.” They make sure that all the i’s get dotted and the t’s get crossed when the account is funded (either by depositing cash or moving funds from an existing 401(k) or IRA). They also mind the specifics regarding the types of investments that are allowed. Investments in land, buildings, commercial and residential real estate are typically green-lighted as long as you are not buying real estate that you, your business, or related parties will ever use.
The rental income and other profits that are earned by a real estate investment must be retained within the IRA account, just as expenses must be paid from it.
Buying real estate in Millsboro in a self-directed IRA isn’t always the perfect vehicle to hold all of your real estate investments. The limitations on who can rent a property plus the paperwork requirements mean that it may not be suitable in some scenarios. But when used appropriately, it provides many forward-thinking investors an attractive tax-free retirement investment—your financial advisor’s input will help you make that decision. And for more ideas about buying real estate in Sussex County as an investment, 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.
Rushing to sell your home is never desirable — but circumstances sometimes require it. To sell your home in Sussex County quickly, the most important factor is finding the right price. Too high a price will dampen buyer interest — but of course you don’t want to set the price too low, either. Here’s one way to find the right price:
First, complete all repairs. They’ll have to be addressed at some point, so getting them out of the way first clears the deck for your sale. To sell your home quickly, you want to feature it in the best possible light…meaning that all of the little (as well as major) repairs have to disappear from the picture. A few hours or days of hard work can have a disproportionate impact on the ultimate selling price.
Next, familiarize yourself with Delaware competitors. Scour the listings for homes in your area and attend any open houses you find. Get a feel for the way homes in the neighborhood are being listed, and which features look to be adding the most value.
It’s also a good idea to consult a qualified appraiser. Most homes will be appraised before sale anyway, and a certified appraiser will offer an unbiased view of your home’s value. Having a recent certified appraisal can also serve to encourage buyers to write an offer quickly.
At this point it will be possible to set the value. There are differing approaches to setting the price for a home, but they share a few things in common. Each generally takes into account average prices paid in recent comparable Sussex County sales combined with the appraiser’s feedback. To sell your home speedily, consider setting your price three to five percent below that formulation. While this may seem unnecessarily low, the idea is to encourage immediate interest from multiple buyers, setting up the potential for competing offers. One thing is nearly certain: a lower-than-average price will get more buyers through your door!
Planning to sell your home in Sussex County? Contact me today to learn more about building a sales attack designed to get results!
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.