Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
At some point while weighing the pros and cons of buying a new home in town, you begin to mentally fix on a price range. If you are able to depend on a family income that’s fairly predictable, the issue is simplified. If not (small business owners, entrepreneurs, and many sales professionals frequently find themselves in this category), finding an appropriate price range takes careful deliberation.
Sometimes the issue can be decided for you. In most cases, buying a home will involve a mortgage, so lenders get to weigh in. Since it’s a good idea to seek preapproval from a Rehoboth Beach mortgage lender early on, you can let their professional opinion help with the price range.
Let’s say the Martins have been preapproved for a $260,000 home loan. They have $20,000 set aside for a down payment, and are certain to clear another $20,000 once they sell their current home and retire its mortgage (it’s in very good shape in a nice neighborhood, but just too small for their growing family). So it’s good news: they can buy a $300,000 home!
It’s at this point in buying a home that the Martins can also decide to make a decidedly atypical decision. That decision would be to pick a number below their peak eligibility as the top figure in “their” price range, and to shop accordingly. Most folks don’t wind up doing that.
Maxing out your budget and purchasing the most expensive home you can afford is undeniably appealing. The math might tell you that you can afford the monthly mortgage payment, even if buying your new Rehoboth Beach home puts you at the top of your price range. It can mean you get the space and features you've always dreamed of. However, there are some sound reasons why buying a home at the top of your price range might not be your best choice—
1. Additional Expenses
That mortgage amount alone does not take into account the other expenses and financial obligations that come with being a homeowner. Homeowners' insurance and neighborhood association fees can add to your regular monthly expense, as will property taxes—a considerable figure. If you are moving to a larger property, any maintenance and utility expenses that you’ve grown accustomed to might be greater. If you plan on buying the most expensive home you can, those extra bills might be budget-busters.
2. Room to Renovate
Even if you're buying your dream home, chances are very good that you'll want to make a few changes to the new place. From fresh coats of paint to changes of carpets, appliances, or countertops, changes are a normal phenomenon after buying a home. Even if you're pleased with the existing aesthetics, you might need additional furniture if the move is into a bigger space. Purchasing at the top of your price range can limit your ability to make needed changes.
3. Emergency Fund Savings
An emergency fund is a stress-relieving must for homeowners. When the refrigerator fails, the furnace needs to be replaced, or a busted pipe floods the bathroom, you’ll be relieved to have the extra cash. Even true do-it-yourselfers need to call for professional help occasionally. When you purchase a more affordable home, you'll have extra cash to set aside for emergencies.
One of the greatest benefits of buying a home in Rehoboth Beach is the sense of stability and security it brings. Working with a group of experienced professionals is the surest way to achieve your home buying goals…as well as a sound reason to give me a Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestate.com
A property search in Delaware just ain’t what it used to be.
Young adults grew up with computers, so to them the advent of the connected world—the Internet—brought fewer startling lifestyle changes than it did for their parents and grandparents. But for anyone who thought the emergence of the Web would be the most lifestyle-changing technical innovation to happen in our lifetimes: SURPRISE! Now the whole circus has gone mobile—migrated into phones and tablets and who-knows-what other kinds of devices—all bluetoothed and wirelessed everywhere!
The Wired World brought information into our offices and homes (to the dismay of encyclopedia and dictionary salesmen everywhere); now the Wireless World brings information to wherever we are at any moment (to the dismay of mapmakers and newspaper publishers everywhere).
Yikes! One of the most head-spinning results is the transformation of Delaware property searches. Astoundingly, the NAR tells us that 62% percent of those who buy homes today view them first online! No wonder—the Internet has sped up our already busy lives, so our overloaded schedules make it all but mandatory to look for properties online first—before creating the list of properties we want to view in person.
One of the things you’ll notice immediately when you begin an Delaware property search is the sheer number of results that can come up. That makes it all too easy to find yourself spending more search time than you’d like—sometimes even becoming overwhelmed. To make sure that doesn’t happen, there are a few shortcuts you can take to get the most out of every Delaware online property search.
A good first step is offline: before you click anywhere, make a list of all of the things that are absolute “must-haves” for your Delaware home. This list will provide the basis for all your searches, and weed out time-wasters. Next, create a list of “nice to haves.” If your first list yields too many candidates, use this second one to narrow the field (if your in-person tours don’t pay off, you can always return to List One).
Narrow the Area
If you already know the general neighborhood you’d like to live in, use that to limit the search results. You don’t need to know the area intimately since many sites allow you to search by map or by radius from a specific location (like a school or workplace).
Use Several Sites
There are literally hundreds of real estate search sites, so make it a point to look at those using SCAOR’s MLS (multiple listing service). They have the broadest assemblage of properties regardless of the listing agent. Online sites like Zillow.com and Trulia.com can also be useful in widening your Delaware property search, frequently including homes that are for sale by owner—often not listed by the MLS service (though if you want a buyer agent’s help, you should make sure the owner is willing to work with your agent).
Ready to start your property search here in Delaware? Give me a call—I can send you new listings that meet your criteria the instant they come online!