Listing Courtesy of JACK LINGO REHOBOTH
Deciding to buy a vacation home in Rehoboth Beach can be one of the smartest investments there is. Or it can turn into an irksome drain on time and pocketbook. As much as with any real estate transaction, buying a vacation home that fulfills its upside potential takes thoughtful weighing of all the advantages and drawbacks a second home entails.
There’s nothing better than having your own place to escape to when it’s time to get away… and if the same sanctuary can be rented out now and again, that extra income only adds appeal. Especially when you find a place that strikes an emotional cord, it can be hard to resist the impulse to just make an offer and work out the kinks later. All the same, it pays to keep an eye on some of the issues that don’t leap to mind when you think “vacation.”
Even if it’s only a part-time venue, that Rehoboth Beach vacation home will need ongoing maintenance attention. If you are a dedicated DIY hobbyist, that may not be a large issue; but if not, part of your due diligence will be verifying the availability and price of professional help.
For a second home to make financial sense, all expense items should be part of the budget calculations. A vacation home might be near enough to the water to warrant flood insurance (or extra work done to prepare it for floods), just as a cabin in a wildfire-prone area might be at greater risk of fire and need extra coverage. If your vacation home will involve a home loan, be prepared to pencil in a higher interest rate than what’s expected for a primary residence. Even if it’s just a bit higher, the total amount will add up over the life of the loan. Taking all expenses fully into account from the beginning means there will be no surprises later on.
A Delaware vacation home should be a place that lowers everyday stress levels — not adds to them. There are plenty of properties available, so do give me a call. One of them might be just right for you! Call/text 302-228-7871or 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.
If you’re looking for a superior deal on a new home, you may find that a Delaware bank-owned home is a serious contender. Today’s real estate market includes a variety of foreclosed homes, some of which can be had at prices well below baseline levels.
Adding to the activity in that sector is the virtual disappearance of any degree of the stigma formerly attached to the bank-owned home market. By May of 2012, Realtor Magazine was already reporting how the rise in distressed inventories had brought about an increased appetite for the sector: “Nearly 65% of buyers say they’re likely to buy a foreclosure today compared to 25% who said that in October 2009.” And 92% of those surveyed were interested in a bank-owned home as their primary residence, rather than as an investment vehicle.
If you thinks a Delaware bank-owned home could be a serious contender for your attention, you should be aware of how to best prepare for the opportunities to be had among them.
Pre-qualification not only speeds up the purchase of a Delaware bank-owned home, it also produces a concrete range for your home-buying budget. Some banks charge a fee for the credit-checking procedure, while others simply build that into the bottom line.
The biggest issue facing the buyer of a foreclosed home is the potential for damage to the property. If it’s been vacant for some time, issues tied to improper weatherization or pest infestation can have resulted. A bank-owned home is typically sold as-is — so ordering a thorough, professional home inspection is an absolute must.
Buying a bank-owned home in Delaware can precede on a different timetable than does a regular home buy, so be prepared to be patient. It’s also particularly helpful to have a buyer’s agent on your team to help answer questions as they arise.
If you are in the market for a new home — whether it be a bank-owned home or not — call/ text 302-228-7871or email 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.