South Rehoboth Beach Homes
Rehoboth Beach Homes
South Rehoboth Beach Homes are great rental investments. The current economic climate allows buyers to purchase that dreamed about beach home, rent it out and also utilize a portion of the year.
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Tax deductions, rental income and use of a beach home are all perks that come with a South Rehoboth Beach Home. Not to mention the current low interest rates, low property taxes, and no sales tax in Delaware. Rehoboth beach homes have maintained their value much better than other areas of the country. The proximity to large metropolitan areas such as Washington D.C., Philadelphia, and Baltimore allow Rehoboth Beach to be a weekend destination. Rehoboth beaches famous boardwalk, pristine beaches, and family friendly atmosphere make it a popular vacation resort.
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Buying a Rehoboth Beach Home
There are a few items of concern that need attention when purchasing your Rehoboth Beach Home. Due to the fact that there are many older homes in Rehoboth remodeling, rent ability, and financing need to be examined carefully. Purchasing a home that has multiple rental licenses may require a significantly higher interest rate, and a larger down payment. The current economic status has made financing this type of property even more stringent and many mortgage companies do not offer this financing. Your personal banker is a good place to start.There are many homes in Rehoboth that have multiple rental licenses due to the high rental rates achieved. Therefore they are classed as investment type loans. Obtaining a conventional loan is very difficult.
Rehoboth Beach Homes with 1 rental license are much easier to obtain conventional loans of 30 years. That is with the current prevailing interest rates. These are classify as second homes. The buyer must utilize the home a portion ofthe year according to their lenders guidelines differentiating it from a investment property.
Remodeling that Rehoboth Beach Home needs advanced planning due to the city rules and regulations. Many homes are situated in setbacks that if once torn down can not be rebuilt in the same setback. They must follow setbacks per the regulations.One can get a rental license for their own home . Moreover, but not that garage apartment if it does not have a license grandfathered with the property.
