First-time homebuyers encounter many new and unfamiliar elements. Countless documents are placed in front of them, and people hand them pens and tell them where to sign. Blindly signing documents for such a monumental purchase can leave a Delaware homebuyer in a tough situation, having agreed to items that he or she doesn't realize are in the documents. With a general understanding of the documents included in most real estate transactions and by taking the time to carefully review each page, a buyer may avoid making a terrible mistake.
When you purchase a piece of property here in Delaware, you want to know that you own it without any defects to the title. It does not matter whether real estate transactions are for residential or commercial property, if there is something wrong with the title, you could end up with problems down the road. For this reason, a careful examination of the title needs to be done, and if any issues are found, they require correction right away.
No one looks forward to paying taxes, and Delaware residents are no exception. Some people face the possibility of paying taxes even after they die through the assessment of federal estate taxes, which they may consider worse than paying them while alive. Fortunately, the appropriate estate planning may reduce -- if not eliminate -- the need to pay those taxes.
Buying and selling property happens every day here in Delaware. The fact that it happens so often might imply that real estate transactions go off without a hitch, but that is not always the case. If certain mistakes are made during the process, the buyer and/or the seller could end up with a complex and frustrating problem.
Many Delaware residents struggle to find the piece of property that will be perfect for their needs. Even so, that could be the easiest part of the process. Several issues need attention from both the buyer and seller in real estate transactions.
The majority of Americans who are of retirement age, or are approaching retirement age own a home - but that doesn't necessarily mean the house is paid for. While some people may own a home that is paid off in full, many others can expect to have a mortgage into their 70s and beyond. The Social Security Administration reports that 80% of those near retirement have $150,000 in debt with $100,000 plus being their housing costs.
Whether you are buying a commercial property, vacation home or your first home here in Delaware, the process can be intimidating. Real estate transactions typically have several moving parts, and keeping on top of everything that needs to be done can be frustrating. If one step is missed, the entire transaction could fall apart or cause you additional frustration, time and money in the future.
Delaware is a retirement hot-spot. Our sandy beaches, proximity to urban cities and generally low property tax rates make it an ideal spot to retire. If you are planning to purchase a retirement home in Delaware, consider the following tips:
In our last post, we spoke briefly about the importance of zoning in the residential real estate context. As we noted, this is a particularly important issue for those who are looking to do things on their property that may violate or push the limits of local zoning rules, such as raising animals or running an in-home business. Zoning can also be an important issue in the context of commercial real estate.
Delaware residents have likely heard the saying that the three most important things in real estate are location, location and location. While most people that have bought or sold a home are aware of the truth of this statement, they may be surprised to learn just how much location can impact the value of a property. Homes in the nation's most affordable markets can often be found for $100,000 or less, but similar properties would be priced at $1 million or more in some of America's most affluent neighborhoods.