Reply to Rehoboth Beach: Buying a Vacation Condo

Forum Index » Real Estate

Reply to "Rehoboth Beach: Buying a Vacation Condo - Questions"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]OP. we bought a Rehoboth condo in March, and are excited about.  We understand that the market is somewhat crazy now, and that prices may decline or flatline.  But we figured it is a risk worth taking because interest rates are so low.

Why buy now instead of waiting?  Who knows what prices are going to do in the future.  They might keep rising!  Plus, interest rates are low.  If prices decline but interest rates go up, the monthly payment on a cheaper place might still be no lower than our monthly payment now with a great interest rate.  And we get to build equity and enjoy it now!

Like you, we are planning on renting it for part of the summer, and so far have had no problem finding tenants.

We looked for:

1.  A place very close to the beach, even if that meant that we get less space for our money.  We figured that being close to the beach will help it hold value, and help with renting it.
2.  A place with no ground rent - ground rent is a waste of money and ultimately you could lose your property.
3.  A place with a low condo fee - reduces costs, and means that we don't have to rent it as much to cover costs.

I don't view it as an investment - I know there are better things I could do with my money.  But we like having it now, and are really looking forward to using it more and more as we move toward, and into, retirement.
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics