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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.
The number of households belonging to older adults is on the rise across the nation, and (let’s face it) the homes themselves aren’t getting any younger. So states the Harvard University's Joint Center for Housing Studies' Housing Perspectives (JCHS), which recently published the projection that, if true, makes it likely that Sussex County home remodeling activity will spike in the coming years.
Abbe Will, research analyst for JCHS drew this conclusion:
"Since much of the housing stock is currently ill-equipped with even basic accessibility features, older homeowners aging in place will need to invest in retrofitting their homes in order to age comfortably and safely.” In other words, even for homes which remain in their owners’ hands, home remodeling activity could grow markedly.
Home remodeling is no minor industry. Home improvement expenditures by older homeowners already topped $90 billion in 2013—making it a significant economic contributor. Now the JCHS projects that it could surge by an extra $17 billion annually over the next three years. Welcome news indeed for the construction and design industries, who had been in the doldrums until recently.
But what does this mean for Sussex County homeowners who plan to sell in the near future? When considering a remodel, if you want your home to attract potential older buyers, consider the innovations modern designs have made for individuals in that demographic group. That will be the competition.
JCHS's analysis notes, "… not even a third of (existing) homes have what could be considered basic accessibility features, such as a no-step entry and bedroom and full bathroom on the entry level.” Both young and old can appreciate other features, as well. Wider hallways in a kitchen remodel is one example. Another is bathrooms showers with ‘edgeless’ design, which holds appeal both to Millennial buyers (for the sleek, modern look) and to seniors with limited movement. A bedroom on the main level that can readily be converted to a master if needed can be attractive to older homeowners—and also to anyone looking for a guest or au-pair suite. Investing wisely by thinking long-term when it comes to home remodeling plans is part of strategic home ownership. If you are considering selling your Sussex County home at some point, it doesn’t hurt to inform yourself about forward-looking trends.
Wondering what today’s buyers are looking for? I’m here to help with all your Sussex County real estate-related concerns: call me anytime this summer! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.