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Old 08-16-2011, 08:42 AM
 
708 posts, read 1,144,767 times
Reputation: 369

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Hello Board! I wanted to get some feedback on buying a beach house in one of the DE beaches. I am not looking for anything crazy expensive (around 200-300K), but was curious what advice others had that maybe own a place.

Specifially, DE has a very attractive property tax structure (I am sure you know this already) and was curious if the rents during the spring and summer months get close to the mortgage payments at all.

Any feedback/advice you give on your experiences would be greatly appreciated. Thanks as always.
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Old 08-16-2011, 08:55 AM
 
Location: Former LI'er Now Rehoboth Beach, DE
7,823 posts, read 10,492,974 times
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I can't answer as a property owner as we are looking to buy and relocate next year. My sister however, rents every summer in Dewey Beach and from the $$ that she is paying for the house on a weekly basis, I would say the owner is making a nice chunk of change.

That of course is the "A" answer. The "B" answer is how long it has been owned and what they paid for it, the annual maintenance on it, the rental fees paid, the proximity to the beach, the number of weeks rented, etc.

You really need to do a lot of homework as often times these things seem like a great idea but may/may not be depending upon the above and other variables.
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Old 08-16-2011, 10:20 AM
 
Location: Virginia
18,717 posts, read 26,855,154 times
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Make sure you own the land under your house (avoid land lease situations). There are a lot of other good tips in this thread

Living in a Beach Community
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Old 02-22-2012, 02:11 PM
 
708 posts, read 1,144,767 times
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Thanks, It is good to hear form others. I really like Rehoboth beach and Lewes.
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Old 02-22-2012, 02:35 PM
 
Location: Long Neck,De
4,792 posts, read 6,773,446 times
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$200to $300K will not get you much close to the beach for rental property.
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Old 02-22-2012, 03:19 PM
 
Location: Lewes, Delaware
3,466 posts, read 3,141,533 times
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Speaking on the beach we are finally moving down, to Angola by the Bay a rental. We are signing the lease Friday and moving in the first week of March. I can't freaking wait!!!
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Old 02-22-2012, 08:34 PM
 
1,531 posts, read 3,422,091 times
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good for you, James
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Old 02-23-2012, 07:14 AM
Status: "Summer's here! Is it fall yet??" (set 3 days ago)
 
Location: Ocean View, DE
1,768 posts, read 3,058,735 times
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COOL, James! Welcome!! You'll love living down here .

Our home is up for sale, but we won't be moving very far--staying right in the Ocean View/Bethany area. If it isn't sold by late summer, then we are refinancing and building a large garage. I hope we sell it, but our home is worth like 65K less than what is appraised for back in 2004. Not good.

Wishing you and your family best of luck, James!!
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Old 02-23-2012, 07:15 AM
 
Location: Virginia
18,717 posts, read 26,855,154 times
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Congrats James! Also, hi everyone! I haven't been posting for awhile because I don't have much to say--but I'm still reading the posts and still here every day.
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Old 02-23-2012, 08:57 AM
 
Location: Lewes, Delaware
3,466 posts, read 3,141,533 times
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Quote:
Originally Posted by queenofbavaria View Post
good for you, James
Quote:
Originally Posted by beachliz View Post
COOL, James! Welcome!! You'll love living down here .

Our home is up for sale, but we won't be moving very far--staying right in the Ocean View/Bethany area. If it isn't sold by late summer, then we are refinancing and building a large garage. I hope we sell it, but our home is worth like 65K less than what is appraised for back in 2004. Not good.

Wishing you and your family best of luck, James!!
Quote:
Originally Posted by Caladium View Post
Congrats James! Also, hi everyone! I haven't been posting for awhile because I don't have much to say--but I'm still reading the posts and still here every day.

Thanks guys, it was a tough back and forth decision, Florida, North Carolina, or the Beach and we chose the beach since her family is down there and I really need to be near the Ocean, so does the wife. Job wise though, Raleigh, Durham, and Charlotte can't be beat. Those areas are booming compared to anything else on the east coast that we could find. Florida, doesn't have alot of work, but I'm still hoping for Key West when our kids graduate high school. I really like North Wilmington, its a nice clean area close to Philly and the people are pretty nice, well kind of, lol. beachliz knows what I'm talking about. Its just so damn expensive, rents in a decent area are $1200 -$1800.00 per month 3 bedroom and the jobs don't really support that kind of price right now, blue collar anyway.

We went for quality of life over quanity of life, I can deal with less money if I'm right near the ocean and the bay's.

Btw Texas is booming as well, lots of good jobs with a low cost of living but call it the Dallas hater in me and I'm sure its a nice state but there is no way in hell I could move to Texas.
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