The process for buying a vacation home for sale will probably be very similar to that of buying your primary home. However, when looking to purchase a Delaware vacation home, your priorities are likely to be a little different. The following presents four helpful tips to consider when shopping for new vacation homes for sale in Delaware:
1. Perform a Self- Inventory– Since a vacation home mainly serves as a place where one can escape and just enjoy life, think about the most important aspects you wish to have in your vacation home. Make a list of the “must-have” features you want in a new vacation home and what kinds of amenities you would like to see included in the vacation home community. The new beach home community of Bayside includes world-class amenities, championship golf, a range of home sizes and prices, and close proximity to the beach.
2. Research the Local Area- Do your homework and learn about the surrounding area before you make your final decision on a new vacation home for sale. Make sure you will have the resources you need outside of the vacation community. In addition, take a look at the climate- even though some places may provide a desirable vacation spot in the summer, they are not so desirable during the winter months. Buying a new vacation home in a state like Delaware, which has a fairly mild climate, will enable you to enjoy living there year-round if you should so chose.
3. Consider Bargain Hunting- For those looking to buy new vacation homes for sale, the state of Delaware offers both affordability and quality. With the housing market improving and home sales increasing, prices are also going up. However, Delaware has some of the lowest interest rates on mortgages in the country and is one of the most affordable home buying areas in the Northeast. In new beach home communities like Bayside at Fenwick Island, prospective home buyers can find a good deal without giving up luxury.
4. Business vs. Pleasure- For some second home buyers, purchasing a Delaware vacation home is an opportunity to bring in extra funds when the home isn’t being used by the owner. There is, however, a downside. If you rent out your new vacation home more than a few weeks a year, it could be considered an investment property and you will be ineligible for certain tax deductions on the mortgage. Be sure to weigh the costs/benefits if you should chose to go that route.