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Cape Gazette
Lewes, Delaware
Jim's Towing Service
March 2, 2012     Cape Gazette
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March 2, 2012
 

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Cape Gazette BUSINESS & REAL ESTATE FRIDAY. MARCH 2- MONDAY, MARCH 5, 2012 43 REAL ;TATE SETTLEMENTS Ms. Lank: I own 30 acres of va- cant land. I wanted to build a pole barn on the property. The town would not permit it unless I had a house built there first. To get the ball rolling, I applied for a special-use permit and built an 800-square-foot "seasonal camp." I'm not permitted to live in the house year-round until I increase the square footage to at least 1,000. I'm attaching a copy of my tax bills for your review. I'm paying the same amount of taxes on the property as I would if I were a year-round resident. My question is this: Shouldn't I be paying a re- duced rate, considering I'm not al- lowed to live there year-round? -- A. Answer: Property taxes are based on the value of your prop- erty, on what an assessor figures it might sell for on the open market. How many days a year you live there doesn't make any difference. If it did, a lot of snowbirds, who spend winter in the South, would be receiving discounts. Senior moment Dear Edith: My CPA says the maximum amount for a couple selling their long-time home is tax-free capital gain of $500,000, or $250,O00 for singles. Your col- umn said twice that. Whcit gives? "--I.N. Answer: Just an extremely pub- lic senior moment! Of course I know better; can't think where my head was when I typed that. It's the worst mistake I've made in 37 years of writing this col- umn. I hate to think ofhow many readers I've misled ... al- though, come to think of it, maybe I didn't do too much damage. After all, I can't imagine many homesellers are worrying about taxes on a million dollars' profit anyhow Tub or shower? Dear Edith: My husband and I are getting ready to remodel our main bath on the second floor and are considering putting in just a walk-in shower and forgetting the tub altogether. Do you think that could be a problem when we go to sell it in the future? Would it devalue the house? - K. Answer: Someone sent in that very question a Couple of years ago, and it brought a flood of re- sponses. When I sorted the email out, the opinions were pretty much 50/50. Many said, "We'd never buy a house with- out a tub," or "Where would we wash the dog?" or "...the grand- children?" Just about as many, though, wrote something along the lines of "Haven't used the tub once, waste of space" or "We'd sure go for an impressive walk-in shower." Appraisers consider anything that cuts down on the pool of potential buyers as detracting from market value. On the other hand, you might fend some buy- ers particularly enthusiastic about a walk-in shower. That's about all I can tell you - sorry. Only you know how long you're likely to be in the house and how important it is to take resale into consideration. Buying anotherhome Hi, Edith: I am disabled and un- der 60 years of age. I receive a So- cial Security check and an SSI check. I also get most of my reeds and medical bills paid for. I own my own place but l hate where I am. I have my place up for sale, but no one is buying right now. I have a chance to buy an- other place right nosy that I like at a low price. The Social Security people said that I couldn't do this. My second place would count as income property, and I would lose all of my benefits. Is this true? How can I make Continued on page 44 RBYCC WATERFRONT HOME WITH DOCK Impeccable Waterfront Home With Attention To Detail Throughout. Seemingly Flawless Floor Plan Featuring Beautiful Entry, First Floor Master, Lg Kitchen, Den/Office, Bonus Room, Gorgeous Sunroom, 3-Car Garage, Hardwood Floors, Tile, Fireolace & More. Direct Access From Your Back Door To Boat Dock With Lift] (6303J) $1,475,000 SILVER LAKE WATERFRONT LOT Rare Opportunity To Build Your Dream Home On This Oversized Silver Lake Lot! Short Walk To The Beach And Avenue. Lakeside Parcel ncluded. (4411K) $%599,000 Attorney-At-Law NORTH REHOBOTH Situated on an Oversized Lot & Located on a Private Cul-De-Sac. Hardwood Floors, New Appliances, Granite Counters, Wood-Burning ~FP, Screened Porch & More! (2308E] $999,000 9 CIVIL, CRIMINAL LAW & ZONING Zoning & Variances o Commerical o Misdemeanor & Corporate & Litigation Felony Offenses Business Law Wills and Estates Accidents & Home Owners o DUI & Traffic Personal Injury Associations Offenses Municipal Law Issues 120 South Bedford Street 420 Rehoboth Ave. Georgetown, DE 19947 Rehoboth Beach, DE 19971 855-0120 By Appointment Listing of areas of practice does not represent specialization in those areas. OCEAN BLOCK - THE ACRES OCEAN BLOCK - THE PINES _Grand Marble Foyer, Expansive Backyard. Completely Revamped Gorgeous Home] Huge Large Kitchen, Custom Moldings, Spacious Gourmet Kitchen. Granite island, Refinished BRs w/Private Deck Access. The Hdwd Firs, 3 Masonry Fp's, Formal Dr, & 1 Br He ght of E egance (SO38DI S3,590,000 Garage Apt! Furnished. (6541E) $2~575,000 WATERFRONT ESTATE GREAT BEACH HOUSE Gorgeous Private 20 Acre Estate Situated On Ocean Block Home Featuring 6BR, 6 Full BA, 2 Red Mill Pond. Appealing Floor Plan& Finishes. Half BA, Open Floor Plan, Bamboo Floors, Lg. Kitchen, Hdwd Firs, Swimming Pool, & High-End Kitchen, Elevator, Porches & Decks, ;otential For Subdivision! [6066R) $2,950,000 Hot Tub & Much Morel [6288H) $1,899,995 WONDERFUL OPPORTUNITY NORTH REHOBOTH BUILDING LOT - RBYCC Own a nd Build in Prestigious Henlopen Acres! Enjoy The Convenience of In-Town Living W/ Own a Piece of Land Situated on the Lot is over 30,000 Sq Ft. On the Corner of This Spacious 4BR Home ! Hdwd Firs, Golf-Course in RBYCC & Offering a Waterfront Fields End & Tidewaters! Walk to Downtown Screened Porch, Gas FP & More! Parcel, which Includes Lg Dock w/Electric, Rehoboth & The Beach! (4368D) $1,425,000 Walk To The Beach] (6785E) $1/150,000 Boat & Two Jet-Ski Lifts. (4787J) $1,100,000 REHOBOTH AVENUE Great Opportunity to own Land w/ Commercia Zoningln-Town Rehoboth! Superb Location & Tons of Possibilities Await the 5awy Buyer! (4275F) $799,000 AFFORDABLE BEACH GETAWAY 3 Story End Unit Just Blocks From The Beach, Restaurants & Shoos. 3BR, Including 1 Master, Tile Kitchen, Outdoor Patio, Deck, Community Pool Excellent Rental[ (6226K) $279,900