Listing Courtesy of OCEAN ATLANTIC SOTHEBY'S INTL REALTY
Lewes multi-family housing is the umbrella term covering all the various kinds of residences that shelter more than one family. Everything from duplexes and homes with guest cottages to apartment complexes fall into the category, which is most often thought of in terms of the solid investment potential it represents.
While Lewes multi-family housing offers all of the same investment potential and more (the economies of scale can give an apartment building listing, for instance, many times the profit potential of a single family rental), a multi-family residence can also be the pathway to homeownership for a first-time home buyer. You might not think so, but when a prospective buyer will also be resident, standard financing guidelines—even for FHA loans—may apply. The lending particulars vary by a given Lewes property’s specifics—among other factors, whether or not cash flow-producing tenants are already in place. But the assumption that the higher mortgage amounts associated with multi-family housing opportunities automatically puts them out of reach ain’t (as the song says) necessarily so!
The NAR® finds that some 38% of residences are purchased by first-time buyers—yet it’s a safe bet that most of them would never consider that purchasing multi-family homes could be a great way to own their first home (and even generate some extra income at the same time). To begin to examine this as a possibility, some basic research into some of the key elements of multi-family financing is a logical preliminary step.
· Down Payment Options
Today’s loan requirements may be seeing some degree of easing, but most Lewes multi-family homes listings carry bigger down payments than single residences. Even so, some FHA loans for a one- to four-unit home require just a 3.5% down payment. A variety of other loan programs emphasizing affordable down payment options may also apply.
· Cash Reserves Requirements
Some traditional lenders have no specific cash reserve requirements, while the FHA has defined guidelines. For one- or two-unit properties, buyers must have one month’s worth of reserves (cash left after closing). For three- to four-unit homes, the requirement is for three months of reserves.
· Debt-to-Income Ratio
Lenders evaluate debt-to-income ratios to include other monthly debt payments as well as the anticipated mortgage payment. They weigh that against gross monthly income…and, needless to say, lenders who include a high percentage of projected rental income will be more likely to find a loan viable.
Whether you are a first-time or veteran home buyer, considering Lewes's multi-family housing listings is an idea that may be worth pursuing. Give me a call to discuss how one of today’s prime offerings might fit into your future! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestate.com.
When you read up on the dos and don’ts for selling your home, there is one piece of advice that’s universal when it comes to negotiating a successful deal: don’t let emotions get in the way. It does seem peculiar that something that is so obvious about any negotiation would have to be stated at all—much less repeated so often. You have to conclude that it happens a lot.
It does, and there are deep-seated reasons. Although selling your Lewes home is primarily a business venture, it’s one with some of the emotional overtones usually associated with creative endeavors. When an artist or sculptor, jewelry designer or photographer—any creative professional—decides to offer works for sale to the public, it’s nearly impossible for him or her to remain completely objective about how it is received. Or to avoid forming feelings about those who accept or reject the creation.
Selling your Lewes home only seems to be all business. True, it’s a single-transaction enterprise. It begins with preparing the property, and concludes with negotiating to close the deal. Every step of the process may seem to be all business. But in reality, it’s almost unavoidable for emotional cross currents to seep in from the very first step.
Consider preparing the property. If there were such a thing as a perfect home, this would be a cut-and-dried affair: all it would involve would be to eliminate every flaw. But since perfection exists only in some alternate universe, deciding which of a home’s features need to be enhanced, replaced, or done away with altogether involves making subjective judgments. Some of these can require paying significant amounts of money; others, significant amounts of elbow grease.
When the work is done and the results are first put on display, it’s like Opening Night. It is only human to feel personally connected with how prospective buyers react. Not only is the ‘product’ that’s being evaluated one that reflects your tastes and efforts—it’s also where you live! Your home, for goodness’ sake! It deserves to be appreciated at the very least…
Especially when it comes to the negotiations phase of selling your Lewes home, this is one business venture wherein it’s nearly impossible to avoid the personal element. Acknowledging it is simple. And knowledge is power—if you expect that you might experience an emotional reaction at some point, you’ll recognize it for what it is. If it’s an overreaction, you will be much more likely to be able to simply take a deep breath, put it into perspective—and come up with an appropriate response.
“A lot of times buyers and sellers will argue tooth and nail over things that aren’t really that important,” New York City closing attorney Sandor Krauss blogged recently; “and sometimes it blows deals.”
One of the great advantages to having a Lewes agent by your side when selling your area home is to have an experienced intermediary working on your behalf. It can put you at a professional remove from the direct negotiations with buyers—and their emotions! If you will be selling your home in Lewes this winter or fall, I hope you’ll give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.