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Camden Delaware Real Estate Law Blog

Offer prices for residential real estate is up to the buyers

Many people find themselves ready to buy a home at some point in their lives. Of course, making a residential real estate purchase can be immensely challenging. There are many steps to address, and in particular, it can be difficult to even find the right price for purchasing a new Delaware home.

Though real estate agents can play a role in determining offered prices, they typically will not tell potential buyers the exact price to offer. They will provide advice, guidance and useful information, but they tend to avoid giving exact figures. This avoidance is commonly a way to protect themselves from the backlash of unhappy buyers who may feel that the agent led them astray with the proposed offer. 

Insurance, legal options can help with long-term care planning

As Delaware residents and those elsewhere age, they often realize that many of their abilities have begun to diminish. While they may not have yet reached a point where they cannot care for themselves, this type of scenario may be in their futures. Because of this possibility, it is wise to consider long-term care planning.

In particular, many people worry about paying for the costs of care. Unfortunately, long-term care, which can often include in-home or out-of-home services, can prove immensely expensive. In order to look ahead and account for those potential expenses, individuals may benefit from obtaining long-term care insurance coverage. Often, this coverage can help supplement benefits that individuals obtain through Medicare or Medicaid, which do not typically cover all necessary care costs.

Will you be able to put in that swimming pool?

You may be under the impression that once you buy a home, you can do whatever you want with it and the land that comes with it. That may be true to some extent, but there could be restrictions on how you use your land, and you may not even know it. 

If you want to put a swimming pool in at some point in the future, you may want to make sure that you can. Easements on the property could prevent you from putting a pool in a certain place. Don't dismiss the importance of easements since they allow someone else the right to use a portion of your land, and it may prevent you from using it at all.

Details are important when it comes to estate planning

When it comes to closing an estate, the details matter. In best-case scenarios, Delaware residents take the time to go through estate planning and provide as much detail regarding their end-of-life wishes as possible. Because of the many documents that can be included in an estate plan, interested individuals can make their wishes known in a variety of ways.

It is important to remember that estate plans do not necessarily go in effect only after death. In cases of incapacitation, loved ones may need certain information from an estate plan to make important health-related decisions. As a result, it is wise for individuals to appoint a health care proxy who could make medical decisions on behalf of the incapacitated party.

Property options for commercial real estate transactions

Wanting to invest in commercial real estate may be an idea that more Delaware residents are considering. This type of investment can come with many financial rewards, but as with most investments, some risk is also involved. Fortunately, individuals can get help with real estate transactions and review their options to find the best type of real estate for their circumstances.

Many people may think of commercial real estate only as buildings that have tenants, like retail spaces. However, other types of commercial property also exist that could provide a source of income. For instance, individuals may want to consider investing in storage buildings. They could invest in the property and rent out units to parties looking to store items for short or long-term periods.

Myths about residential real estate may hold back some buyers

Many factors can play into buying a new home. If individuals looking at residential real estate in Delaware have never bought a home before, they may not have all the right information. There are a number of myths about home buying that could impact a future homeowner's potential transactions.

One myth that may have individuals hesitant about buying a home is that their credit scores need to be perfect. However, a perfect credit score is not necessary. Certainly, a person with a higher credit score may obtain a more favorable interest rate and other benefits relating to their mortgage loan, but that does not mean that individuals with less-than-perfect scores must completely rule out the idea of getting a loan for their home.

If a person becomes incapacitated, power of attorney is important

Some Delaware residents may consider themselves control freaks and not think of that characteristic as a bad one. However, there will likely be times in a person's life when he or she cannot control every aspect of a situation. In particular, if an individual becomes incapacitated and loses the ability to make decisions, someone else will need to take control.

Fortunately, this type of scenario does not have to be entirely frightening. Individuals who enjoy having control can plan ahead to ensure that if someone else must make decisions on their behalves, then an appropriate party will be appointed. Typically, a person can utilize a power of attorney document in order to make that appointment. It is important to choose the right version of this document.

The importance of planning for your future, today

There are significant benefits for people in Delaware of all ages to have plans in place for their care and the care of their loved ones in the future. Through a carefully drafted and thoughtful estate plan, you can outline what you want to happen to your property, as well as what type of care you want. However, you may need more than just a basic will.

A will is the foundation in any estate plan, but it is not the only thing you may need to protect your interests. You will find it beneficial to think about the benefits of long-term care planning as well. This could particularly prudent for older Americans who may need support and care at some point down the road.

It is not too early to start estate planning

It is common for Delaware residents and people across the country to have the intention of carrying out certain actions. Of course, if those intentions do not actually turn into taking active steps toward an end result, many important tasks may go unfinished. For instance, when it comes to estate planning, many adults intend to get around to it, but some do not before it is too late.

In fact, only four out of 10 adults have created wills, according to surveys. This statistic means that a substantial number of adults have so far left their final affairs up to chance. Some people may think that they are not old enough to create an estate plan or that they do not have enough assets, but in reality, any adult with any number of assets could benefit from having this plan.

Charitable giving can be included in estate planning

Many Delaware residents have giving hearts, and they want to keep giving for as long as possible. Charitable donations often make individuals feel good and also benefit other people. Fortunately, philanthropists do not have to stop giving even as their lives come to an end as estate planning can help the contributions continue.

When it comes to charitable giving, one of the first steps is to decide what organization or organizations to contribute to. People can review their past contributions to determine where they might want to continue giving. Even if individuals have not made charitable donations in the past, they can explore new avenues. In the latter case, considering causes and desires to improve the future may help determine choices.

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