: Retirement in DE
03-10-2006, 07:55 AM
Within the next 7 yrs (sooner rather than later) I am going to stop working....[excited]. DE is beginning to look like an attractive place....for many reasons. Taxes, real estate, water access, etc....
Does anyone have any advice about either Mariner's Cove or Potnets Mobile home parks...........
Contact me on B-mail or at email@example.com..........
The only thing I have heard about Potsneck is that even though the actually home is relatively cheap, they are very hard to sell. Threee main reasons for this, The lot rent, some homes have a $800 a month fee. This fee is NOT tax deductible nor are the actual homes. You can not get mortgages on them because they are not fee simple (you actually rent the land that it is on). Finally, because they are not considered real property and cannot get a mortgage on it, you must get an unsecured loan which means a higher rate as well. I know some people will disagree with this, but a good friend of mine just sold his place (after 1.5 years on the market - in a very hot real estate area) and moved down to Fenwick. The places look more expensive at first glance, but when you calculate the tax deductions on both the mortgage and the taxes, it worked out roughly the same. I am not saying all homes in that area are considered trailers but a lot are, you better check before you consider a certain property. I know all of this first hand because I own a mortgage company. I found all of this out when I obtained financing for both of his homes.
03-12-2006, 08:55 AM
Thanks much......I appreciate the honesty......I have found out how high the lot fees can be.....However I was planning on buying a place for cash....... When I stop working i won't be making alot... so I won't need a deduction...... 800-900/ month doesn't sound bad for waterfront................. I don't think I could buy waterfront for 900/month even with 60K down and even with the tax advantage...............
You know what they say, "Cash is King." I agree with you, given your situation (which is a good one), it sounds perfect. The word is that the crabbing inside the community, along the bulkhead, docks and the little creeks are hard to beat.
03-12-2006, 12:53 PM
Bill, I am retiring this year. I have looked in Ocean City, Md. and in De. for many years before coming to the realization that unless a person has money (I don't mean 1 or 2 million, everyone has that now a days, but super big money) you are just wasting your time. Sure, De. has water, no taxes, etc. but remember land costs about 250,000.00/acre. And believe me, it will not stop at that. The state is growing at such a fast rate they will not keep pace with the needs of the people. Pot-Nets is the biggest of all the trailor parks and has 6 or 8 locations. All are different value ranges and have water canals, crabbing, boat slips, etc. but again you are going to pay. They raise rent every year along with the prices for the amenities. The trailors can be bought at bargain prices though compared to some of the other parks. At smaller parks you will pay 125,000.00 for a 30 yr. old 10 ft wide trailor where as in Pot-nets a friend bought a double wide built in the mid eighties for 18,000.00 just two yrs. ago. So check around, Bob
03-13-2006, 04:46 AM
Bill, I thought the same over the past couple of years but paying lot rent and at the same time the home depreciates each year isn't for me??
If you're thinking used homes did you look at Hunter Mobile Home Brokerage, they have a good sample of homes waiting for new owners and they also post lot rents.
Did you check the area out during the summer? The roads can get like parking lots with traffic sitting still. One more thing, Ask the parks if they are considering selling out to condo or townhouse developers, this happened in Lewes and Ocean City.
That strip of land, Long Neck, will not stay a mobile home sanctuary forever.
Whatever you decide, Good Luck with your choice
03-19-2006, 06:22 PM
My old man was thinking the same stuff a few years ago before he retired from DuPonts . He was was thinking small house under 300K and I could visit and do all the fishing, clamming, and duck hunting I desired . I am a REALTOR by profession and can find him just about anything he is looking for honestly . Myself I would rather look more towards something without the lot rent . Your just throwing the money away that you could be using as equity . Unless thats all you can afford I would steer away from any kind of rent . After all your interest is deductable going this route . Your payments are fixed so long as you don't take out an ajustable rate loan . With lot rent you know its gonna increase .
03-22-2006, 10:42 PM
I have a place in Pot Nets Seaside and most of what was said is true but you have to do the math. For $50,000 or less you can buy a waterfront place with your boat 20' from your back door. Add 10000/yr for lot rent and figure a 5% yearly increase. The flip side is buy a waterfront property for 1 million +.
The park is very nice with deep water slips and less than a mile from the inlet. Factor in all the amenities like pools, parks, etc.
Kills me to pay rent but unless I hit the lotttery, its the cheapest way to live on the water.
03-23-2006, 06:45 AM
What everyone has posted is correct 100% . So in a financial nutshell if you want waterfront your gonna rent . If you can live without it its best to buy .
Just relocated to Delaware, but to the extreme western side of Sussex county not too long ago so I know what you mean about taxes and such...
Question for you, since your retiring, do you really want to have the hassle of the traffic and gridlock over by the beach scence 24/7, better part of 365 days a year? Granted it's a little quiter during the winter months, but for 8 months a year, it's a bear, and it's not going to get better. Grew up a half an hour from OC, so I got my fill on it as a teenager, so I do mean to be overly critical if that's what someone really likes.
There are some nice peaceful areas just off RT 13 in Sussex and Kent counties, and most are just about 45 minutes to RT1. Much better deals on real estate, however, this has changed considerably in the last five years. BTW, we have water too, it's just freshwater ponds and the river.