Find your Ulitmate Waterfront View in Sussex County
What is more beautiful than watching the sunrise or sunset over the ocean in the bay? The appealing allure of waterfront living is a magnet which draws tourists and potential residents to purchase homes for sale in Lewes,Delaware. In Delaware you have the option of living on the Atlantic Ocean, the Delaware Bay, Indian River Bay, Broadkill River as well as many lakes and ponds that can be found in Sussex County.
The beauty about living in Sussex County is that current and future residents are spoiled for choice when it comes to waterfront property. Whether stunning ocean vistas, rolling bay waters, playful rivers or serene canals tickles your fancy, Lewes offers a waterfront home for every discerning taste.
Are there benefits to waterfront property?
With incredible views and an unrivalled sense of luxury that waterfront living imparts, it is no wonder that many folks dream of having a waterside getaway. Few may realize that waterfront living in Lewes can come with a handy batch of benefits, two of the most notable being health and financial advantages.
Health-boosting effects of tranquility and sports
When investing in a waterfront property a unique set of health advantages becomes available to residents. Living close to nature can reduce stress levels. Who hasn’t felt a calming sense of peace when watching the sunset over the ocean? Backed by the power of science, researchers found that living coasts lead to an improved sense of physical health and well-being. Contact with water is said to induce a meditative state that can make us happier, healthier, calmer, more creative and more capable of awe. These factors can play a major part in reducing risk of chronic conditions such as diabetes, heart disease, high blood pressure and stroke.
These powerful effects are boosted when paired with activity. Living close to the water may also encourage participation in water-bound activities and sports such as swimming, surfing, kite-surfing, kayaking or simply taking a calming stroll on the beach after a hard day. With the warm and temperate climate in Lewes, you may find yourself strolling on the beach in search of Assateague's wild horses quite often.
Financial benefit: waterfront homes is an investment
A waterfront home has significant value and three factors like high demand and appreciation rates should be taken into consideration before purchasing that dream bayfront or oceanfront home. Any vacation rental investment located near water is usually highly sought-after, therefore the rental will most likely have a high occupancy rate. In addition to the higher occupancy rate, owners can charge a higher rental price due to the unique location of the property. High demand and limited supply of waterfront homes typically lead to high appreciation rates, which means whenever the owner decides to sell, they will most likely enjoy a good return on investment.
Many times waterfront real estate becomes a vacation home, saving the homeowner a pretty penny whenever they go on vacation. Besides free accommodation, part-time residents could enjoy free or subsidized access to other activities in the area as well.
What are the drawbacks to waterfront living?
Typically on the pricier side, waterfront properties tend to be more expensive as there are always real estate investors and homebuyers looking to purchase waterfront real estate. The high competition naturally leads to higher prices. There may be additional costs involved once you’ve purchased that bayfront home, which can include different types of property insurance. In Lewes, some homeowners may be required to pay for water insurance, wind insurance and general hazard insurance. During severe hurricanes and storms the risk of flooding increases and can cause damage that may lower the value of the property.
These properties generally require a bit more maintenance than real estate located inland, mainly due to the high humidity that can result in rust, wood rot and mold, however with a proper maintenance schedule major damage can be averted.
When purchasing waterfront property as in investment, what do I need to look out for?
For many real estate investors the benefits of waterfront property in Lewes far outweigh the handful of cons. Lewes offers many great oceanfront, bayfront and beachfront real estate that is investment worthy. Once you’ve decided whether it is the ocean, bay, beach or river you would like at your doorstep, the next step would be to analyze the rental potential of the investment property. The average rent in Lewes is around $1,596, depending on the location and size of the apartment.
Experienced agents are your best bet in securing the best possible property. These agents have extensive knowledge about the area and have deep insight into what owning a short-term rental entails. If a particular bayfront home caught your eye, your real estate agent should be able to tell you what outdoor activities are permitted on the water and if there are any jellyfish you need to be wary of.
Always inspect a waterfront home carefully! Scrutinize everything as the pretty veneer may hide underlying problems. Check for mold, corrosion, damp and rust. A professional home inspection should include water quality tests and other water-based inspections that are not usually done on inland homes.
Once all the research is done be sure to make multiple visits before closing the deal. Visit the income property at different times of the week and during different times of the day. This will help you discover different elements about the neighborhood and whether the property would be a right fit for your needs.
Is it expensive to rent in Lewes?
A two bedroom flat in the Malling area can average between $900 and $2,100 per month. Depending on the area, the average rent can be as low as $670 to well over $2,000. The median home value is estimated to be $585,375. The greater majority of homes are single-family homes. One of the reasons Lewes is a popular vacation and retirement destination is the tax perks. Some of the perks include no sales tax or personal property tax, low income and corporate taxes, and a host of other tax benefits that can be found in Sussex County. Apart from the tax perks, located within a 200 mile range major metropolitan areas like Philadelphia, Washington D.C, Baltimore and New York can be found.
How do Delaware Taxes Work?
The tight-knit community of Lewes benefit from the low Sussex County tax rate, which means that real estate taxes typically flits around $850 to $1,100 per annum. Unlike most other states, property values do not get reassessed regularly in Delaware. Counties and cities base their property taxes on values calculated the last time property was reassessed. This is known as a reassessment year. The last time Sussex County had a reassessment year was in 1974. Municipalities have their own assessments, although some choose to use the county assessment instead. Assessed values are thus based on the market value of the reassessment year.
With stunning nature views and year-long availability of fine dining and sporting activities, waterfront properties in Lewes, Delaware, are fast becoming a hot commodity and it’s easy to see why. When the benefits of waterfront living are combined with resort living and further amplified by low taxes, Lewes has become a real estate investment magnet that will most likely continue to attract visitors with a unique, nautical charm.