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[quote=Anonymous][quote=Anonymous]We are seriously considering buying a beach home in Rehoboth.  In order to afford it, we'd have to rent it out in the summer months, which we don't mind.

My questions are:

1.  How important is it to buy close to the ocean?  We need to rent it out, and I think the closer we are to Rehoboth Avenue, the better.  That said, those places are very expensive.  Buying a few miles away would be much more affordable, but do those units rent consistently in the summer months?

2.  We are currently saving money for the 20% downpayment on the beach house.  How much extra should you generally save for 2nd homes (I'm thinking of emergency repairs, etc)

3. Lastly, if anyone has a Rehoboth rental property - how do you like it?  Is it easy to manage?

4.  Any other advice for a first time vacation home buyer?

[/quote]

Owned in downtown RB for 17 years. House was $600k then, now worth anywhere from $1.2 to $1.5M. 
Lots are selling for $1M four blocks back from the beach.

1. We bought as close to ocean as we could afford. If you can’t afford in-town, try to buy on the east side of Rt. 1 so that you can take bike trail into town. You do not want to have to go on 1 just to get to the beach.

2. It depends on the condition of the home. We had a budget for downpayment plus renovations, but it was an older home. We will be doing more renovations soon.

3. The family LOVES it; I do the brunt of the work and it is a lot. Either you do it yourself or you pay @ 15% of your rental revenue to property managers, which is a lot IMHO.

4. Better financially to buy a simple place and fix up overtime. I think townhouses are a nice low maintenance option. Traffic is bad - I would never buy far out or on opposite side of Route 1. You also will make much less money in rental income. Everyone wants either ocean front or the ability to walk or bike ride to the beach. [/quote]

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