Dreaming of homeownership at the beach

In Coastal Delaware, there are multiple options when buying, including land lease

By JUSTIN NOBLE

Welcome! Likely you are planning or are already at the beach for a wonderful 4th of July weekend. It never fails, I’m sure, whenever you are in town with your friends enjoying the beach that you imagine yourself here for the summer. Putting down roots and purchasing a beach home in the Coastal Delaware towns is a dream for many and it can also be a reality for you. Like every real estate market things are vastly different from market to market and often even within a market — differences from town to town are often found.

It is important to work with a Realtor that is well versed in each coastal town and sub market.

Home ownership is sometimes only ownership of the home itself. In some seaside towns there are ownership types called “land leases” where you only own the physical property on the land and not the actual land itself. This type of ownership type is most commonly found in mobile home parks, however there is also a portion of land between Dewey Beach and Rehoboth Beach in Delaware where the land is leased. When you have a land lease - you own the property on the land but the land itself is often held by a land company. When this occurs you pay a monthly land lease payment to the owner of the land. Usually this means you have a mortgage payment for the actual home plus a lease payment for the land. When exploring this option be sure to speak with a Realtor familiar with this type of ownership as the tax implications are different from that of a fee simple home ownership model.

In some sub-markets there are also options to own a timeshare ownership model. While rare, these models do exist and allow for fexibility within the ownership model. With a timeshare model you essentially own a share of time for that specifc property. That means that you are only permitted to use that property during a specifc time for a specifc time. This model is usually found in more resort-like areas such as Florida near Disney, Mexico, and other tropical locations. This model is by far the more cost effective model of ownership, however it is also the model that comes with the largest list of regulations and ownership rules.

A model that is not often found in sub-markets like the coastal Delaware region are co-ops. This type of ownership is often found in New York City, sometimes in D.C. With this ownership style you own a “share” within a corporation – that corporation being the entity owning the building in which you live. There are specifcs on what you can and cannot do within the building regarding your shares or use of your unit. Oftentimes this affects the ability to rent out your unit, have pets etc. Again, this ownership model is not often seen in the Delaware beach towns, which is good if you are looking to rent out your property.

The next ownership style is what some might call a hybrid between land lease and co-op ownership. Condominium ownership is when you own the unit you live in, you have a deed for said unit, but you have many items that are seen as a common element. Often these areas that are common elements are hallways, balconies, parking areas, the roof, storage space, amenities, etc. While you own what is within your four walls, the other items on the property that you do not own are shared expenses between the other condo owners. This makes it a little more bearable to replace a roof or cover the expense of food insurance. Condominium ownership is more lenient on regulations that pertain to pets, rentals, etc. However, it is important to note that while often rentals and pets are allowed, there are often stipulations around what type of rentals, dogs, etc., that you can have.

When considering each ownership type it’s important to think about what you want for yourself. Do you plan to use this property every weekend, do you hope that you can pay the mortgage by renting it out, or do you have friends and family members that you know will use the unit more often than you will? All of these factors are important when considering what type of real estate ownership works for you.

At the end of the day, while we are sitting on the beach soaking up the rays and kiki-ing with friends, dreams of homeownership at the beach might foat in our minds. These dreams can become a reality with several ownership types at our disposal. Again, it is important to remember that you should align yourself with a well qualifed and educated Realtor that is versed in all things relating to that specifc town and type of ownership that you wish to purchase.

Justin Noble

is a Realtor with Sotheby’s international Realty licensed in D.C., Maryland, and Delaware for your DMV and Delaware Beach needs. Reach him at 202-503-4243, Justin.Noble@SothebysRealty.com or BurnsandNoble.com.

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