Multiple options for buying a beach house meant for rentals

Consider going in with friends, making use of the off season

By JUSTIN NOBLE

As we near the summer season and you hear the beach calling and taste the orange crushes – let’s take a look at a few ways to make those dreams a reality. The real estate market across the U.S. is still very hot due to the lack of inventory and the higher interest rates. However, when looking at an investment property, it’s a little easier to stomach a higher interest rate when it is offset by rental income. Let’s take a look at a few of the options we have for rental styles.

The typical idea of a beach vacation is for a week right? While we wish it were longer (and it can be!) the usual summer beach vacation is a week long. In the Rehoboth and Delaware coast region – most homes rent for a week at a time in the summer season. While the idea here is to make the most you can in summer rentals – you as the owner, of course, can always block off weeks when you want to use the home for your personal use. Talk about the best of both worlds.

the time, you can make as much or even more than a weekly rental scenario. Shortterm rentals are great for the sporadic renter – if you want to use your home most of the time but you want to rent it out every other weekend and during the week all of August – you don’t have the need for the “my family rents this home the same week every week and has done so for three years now…” kind of dedicated renters. It is important to make sure that your community allows for short-term rentals or this option might not be possible for you.

If you know anything about the coastal regions in the Northeast – things in the winter are not like they are in the summer. In my humble opinion – they are better! But I digress. If you are looking at a rental pro-forma and wonder if it makes sense to winterize your beach house or to rent it out, I would say rent it. You can easily rent for long weekends in the “off season” and in most cases you can also rent to one person for the entire off season period as off-season rentals are hard to come by in most markets. In this case, you wouldn’t charge the same premium you do during the summer.

I have mentioned this ownership option before. If you have a group of friends that love to kiki in Rehoboth then it might just be an option to get four together and buy a house. I would say this option is a risky one and one I would highly encourage you to speak to an attorney about. The idea here is that an arrangement would be formed to outline what party uses the home during which periods of time. Expenses would be split based on share of the home.

Oftentimes people forget that you can often provide your rental home to a charity event for example an item at a silent auction for your children’s school gala. A portion would be tax deductible and as such is a savings for you that year. Of course – speak with a CPA to ensure these items are true and correct for you.

The above options are all great ideas in black and white on paper — but what option will work best for you is based on what you want, where you want to be, and for the last option, how well you trust your friends who you might be interested in doing a group beach house option with. In this case I would highly recommend speaking with an attorney who can walk you through the pros and cons of a group purchase with multiple people on a deed and mortgage.

Cheers to a happy, healthy, and fun 2023 summer season and hope you can make your beach house dream a reality – I’m here to help.

Justin Noble

Short-term rentals are a great way to make some extra money. If you plan to use your beach house for most of the season but know you have a wedding weekend here and a week long vacation planned in the Bahamas – then put that on a short term rental site for those dates. This way you can make a little extra money. Most of is a Realtor with Sotheby’s international Realty licensed in D.C., Maryland, and Delaware for your DMV and Delaware Beach needs. Specializing in first-time homebuyers, development and new construction as well as estate sales, Justin is a well-versed agent, highly regarded, and provides white glove service at every price point. Reach him at 202-503-4243, Justin.Noble@SothebysRealty.com or BurnsandNoble.com.

Legal Notice

SUPERIOR COURT OF THE DISTRICT OF COLUMBIA PROBATE DIVISION

2023 ADM 000488

Name of Decedent: Morgan Stanley Norris

Notice of Appointment, Notice to Creditors and Notice to Unknown Heirs

Crystal Rhinehart, whose address is 2017 Newton St. NE, Washington, DC 20018 was appointed Personal Representative of the estate of Morgan Stanley Norris who died on October 14, 2022 without a Will and will serve without Court supervision. All unknown heirs and heirs whose whereabouts are unknown shall enter their appearance in this proceeding. Objections to such appointment (or to the probate of decedent’s Will) shall be filed with the Register of Wills, D.C., 515 5th Street, NW, Building A, 3rd Floor, Washington, DC 20001, on or before 11/05/2023. Claims against the decedent shall be presented to the undersigned with a copy to the Register of Wills or to the Register of Wills with a copy to the undersigned, on or before 11/05/2023, or be forever barred. Persons believed to be heirs or legatees of the decedent who do not receive a copy of the notice by mail within 25 days of its publication shall so inform the Register of Wills, including name, address and relationship.

Date of first publication: May 05, 2023

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