Listing Courtesy of LONG AND FOSTER-REHOBOTH
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.
You might think that professional home stagers in Lewes are intent on aiming for the kind of look that would draw oooohs and ahhhhhs if it were featured in Good Housekeeping or Better Homes and Gardens. In fact, you’d likely be more on-target if the magazine you thought of was actually RealSimple. In case you haven’t been near a newsstand lately, that’s the top-selling magazine “about simplifying your life.”
RealSimple (“Life made Easier”) has articles like “31 Pro Tips to Control your Clutter” and “Get Organized for Fall: systems in place, stress in check.” If you are planning to have a Lewes home for sale anytime soon you could do worse than picking up a copy—if for no other reason than to check out its editorial slant: Less is more. Open space attracts. Simplicity rules.
Today’s home stagers in Lewes (and just about everywhere 21st century lifestyles have invaded) work towards the goal of clarifying room spaces—making it as easy as possible for prospective buyers to imagine their own furnishings and décor preferences in place.
A further refinement is subtlety. In that light, successful staging has something in common with many of the best classic movie scores: it moves you without your being conscious that it’s there at all.
An experienced Lewes stager will often put her or his expertise to work in ways that we would find hard to match, but for homeowners with a do-it-yourself bent, a good start can be to study some of the advice stagers agree upon:
Be willing to let go! Your home as you know it is likely not to be the version that will be easiest to sell. Be willing to say goodbye to anything: furnishings, floor plans, favorite décor items. In other words, remove that compact computer table from the dining room corner—the open space is more important (you future homeowners know they can set up an in-home office anywhere).
Color it neutral. Stagers usually shun bright colors, which may be lively but intrusive. Creamy shades, grays and soft earth tones allow viewers to cast their own preferences onto a scene. But this is a guideline that has limits, too: if neutral turns into sterile, you’ve gone too far.
Apply practical arithmetic. That is, be aware of the power of thoughtful addition and subtraction. From your now-spacious and neutral-toned rooms, subtract as much of the furniture as possible, then remove personal items and bric-a-brac. Then add back in the minimum you need to create a livable environment. If the budget allows, substitute rental furnishings (and even accessories) for original elements that are too well worn.
If your home staging efforts are successful, you will have created a more showable, sellable Lewes property. I can also be helpful by contributing feedback about what is currently popular with local buyers. Call me for a no-obligation consultation. Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.