Coastal community, second home/rental? (rentals, homeowners association, condo)

[sid369]

We are exploring the idea to buy a second home in the coastal towns of Delaware but
will be using it to rent it out and maybe use it once or twice during summer for personal time.
I am not sure first if this is a good or a bad idea and if this is how most people do with their second homes.
I also need recommendation from people who live there to suggest gated communities which is diverse in its population and also the types of homes it offers i.e. townhomes, singles family homes etc.
drive to the beach will be ok for us, but we want a community pool, gym, bike trails, club house etc. the more the amenities the better.

Which builder and community would you recommend along Lewis, rehoboth and or Bethany. Hoping that one day this will become our retirement home or something that we can pass into our kids.

[NJBoy3]

Why don't you go thru the rental listings in your target areas and find several realtors who focus on the rental market and have a talk with them.

Tough business. You are going to need a lot of things/services you might not be thinking about right now..

[lyndyb]

Originally Posted by NJBoy3

Why don't you go thru the rental listings in your target areas and find several realtors who focus on the rental market and have a talk with them.

Tough business. You are going to need a lot of things/services you might not be thinking about right now..

I think that's great advice. I would think they'd know the market better than most. We considered buying a condo in Ocean City, MD about 20 years ago and the agent showing us listings thought we wanted to rent it and consulted the rental agent staff about the various communities we were looking at and they were quite knowledgeable.

[sid369]

Yes that's the plan, so far I have found these communities, Coastal Club ( expensive home) my opinion, The peninsula ( love the wave pool, indoor pool, private beach), bay forest.

Are there any other communities to consider? Do any of you live in any of these communities? I understand most of the people living here are retired or its their second home. Is there enough diversity in age and race?
Any other insights owners can provide would be great.

[lyndyb]

You may want to check the covenants of the Homeowners Associations for any community you are thinking of buying a home to rent to see if there are any requirements or criteria for renting the property. I know people who live in Coastal Club and understand the HOA is seeking to require rentals to be long-term (such as a year), at the request of the residents who live there year-round, though it remains to be seen if this actually happens.

[nuts2uiam]

May I first suggest that you determine your budget and then work from there. Then check the HOA CC&R's to see if rentals are permitted. Also, before purchase determine if you will "Need" to rent to keep it. There are tons of rentals here and depending upon the amenities, the price, and your competition, you may have your place sit empty. You should also be aware that communities that have either no or loose rental clauses can have a vote by membership to make rentals illegal and then you might be stuck if it passes.