Listing Courtesy of OCEAN ATLANTIC SOTHEBY'S INTL REALTY
The children have grown; home feels…a little empty…
Many people assume that an empty nest means it’s downsizing time—time for a smaller house or condo. In truth, for many a homeowner in Rehoboth Beach, downsizing is just one of a number of appealing directions.
It may sound obvious, but it’s your interests and plans that should guide your next step. After a lifetime of deferring to other people’s priorities, many of us are ill-prepared to think creatively about what it is we want. When we do, downsizing might not necessarily be the springboard to life’s next great adventure.
For instance: consider Upsizing. Moving a smaller family into a larger home may sound backwards, but if you have special interests or hobbies that call for a lot of space, now may be the chance to add the workshop, rehearsal space, or studio you’ve always longed for. A larger home can also provide space for guests when the family (and it might be a growing one!) comes to visit.
Have you always wanted to live near water, or be able to step out on the front porch any time of the day to drink in a panoramic view of the mountains?
Or maybe the reverse, and you’d like to sample life in the city—urban living, with its museums, shows and restaurants on every corner. Alternatively, perhaps it’s time to look into one of the increasingly-popular planned communities; one built around a golf course, or one emphasizing social activities, clubs and outings that cater to older adults
The serious point: dream a little! If not now, when? With the children out the door, this could finally be a chance to indulge yourself. Raising a family means putting other people’s needs first. Now it’s your turn. A luxury home or condo could have the amenities you’ve always wanted—a swimming pool or home spa, designer furniture or classic architecture. Your empty nest may give you the chance to own the kind of home you’ve only daydreamed about.
Among the down-to-earth details you’ll want to consider before acting—
Finally, give yourself time…enough time to be sure that the home ownership path you choose is one that’s most likely to prove rewarding. And remember, too, that I (or a qualified Realtor® wherever you land) is your invaluable resource. Do give me a call whenever you want to investigate your choices.
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.
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.