Camden Delaware Real Estate Law Blog

Delaware residents may enter the role of being a landlord in many ways. Some may feel the desire to invest in real estate and purchase rental properties in efforts to earn extra income, and others may have inherited a home and decide to rent it for similar reasons. However it comes about, it is important to remember that real estate transactions, even rental agreements, are serious matters.

First of all, becoming a landlord is not a step to be taken lightly. A considerable amount of work goes into maintaining the property and ensuring that issues that arise are handled as necessary. In some cases, this could mean problems that cause hardships for the tenants or problems that the tenants themselves create. Individuals who decide to take on this role may find it useful to look at it like the job it is and handle all aspects from a business perspective.

Though getting end-of-life affairs in order well before that time comes is important, many Delaware residents may not look forward to taking the time to actually plan ahead. Certainly, going through estate planning can take time and effort in order to make a comprehensive plan, but it is often worth it in the end. Some people may consider taking a DIY or online approach to creating their plans, but is that really the best option?

Like many scenarios, cutting corners in efforts to save a bit of time or money is not typically wise when estate planning. Though online options do exist for interested individuals to create their end-of-life documents, the DIY approach leaves room for significant errors. Unfortunately, when mistakes are made with an estate plan, the person who created the plan has commonly already passed away before the errors are discovered, which means that surviving loved ones are left in a difficult predicament.

Many Delaware residents may find themselves in need of financial assistance for various reasons. One reason in particular is that they may need help paying for long-term care later in life. By planning ahead, individuals may be able to arrange assets in a way that better their chances of qualifying for programs like Medicaid.

Medicaid can provide financial benefits for long-term care needs, but parties need to meet certain qualifications, which can vary from state to state. However, in general, income and asset values play a significant part in eligibility. This means that if an applicant's monthly income or asset value exceeds a certain amount, that person may not qualify. Fortunately, by anticipating this factor, people can work to reduce their income and asset values.

No one wants to get taken advantage of when it comes to buying a home. Unfortunately, without the right information and assistance, a residential real estate transaction could go sideways quickly. As a result, it is wise for Delaware residents, especially first-time homebuyers, to consider a number of aspects before moving forward with a purchase.

First, individuals may want to remember that staging plays a big part in many sales. Homeowners, real estate agents or both may stage the homes to look appealing and so that prospective buyers can visualize how the house could look as their home. However, some staging may set up rooms in ways that are not actually feasible. For instance, lamps could be set in visually-appealing areas, but in reality, there may not be outlets to actually plug in lamps in that area.