Listing Courtesy of ReMax Coastal
When it comes to making legal distinctions, the ones connected with buying and selling Frankford houses have lasting consequences—so it’s important that they be the intentional kind. Although Three Dog Night might have sincerely believed that One is the Loneliest Number—that’s not necessarily the case when it comes to the title of an Frankford home.
The majority of Frankford houses are purchased by married couples. Families that remain intact can make property title issues relatively straightforward. But as the second half of the 20th century progressed, the culture became more accepting of people living together prior to marriage. Because of its impact on how people—especially couples—apply for home loans and refinances, the matter of legal title more often came into play.
I don’t offer legal advice, so will simply point out that there are key differences when you hear terms like Tenants in Common, Tenants by the Entirety, or Joint Tenants with Right of Survivorship. Being aware of those distinctions will allow future homeowners to choose which form will serve them best. Couples—especially those expecting to be married down the road—need to consider how things might change should they decide to refinance. It can make a difference if, for instance, a co-signer should later be required. When a Frankford homeowner refinances and adds a spouse who was not named on the original mortgage, the spouse may be added to the title or deed. Those and other changes to a property’s title then has tax implications. Married couples may acquire title automatically through Tenancy by Entirety, as well as through rights of survivorship.
The key is to understand the implication of single and joint ownership. In the event of divorce, as with any material change, other rules may apply, too—which is another reason to recommend a consultation with counsel to clarify all related issues.
It’s always an exciting moment when you are about to take on the ownership of a home—certainly cause for celebration. Yet it’s also important to have an honest discussion with your spouse in order to put any existing issues on the table. It's amazing how many couples embark on home ownership (or refinancing) while dealing with significant relational issues. Some meet the issue by drafting a legal agreement that lays out what will happen with the property depending upon specified contingencies. Such agreements won’t carry weight with a mortgage company to effect removal of a person's name from a mortgage in the case of divorce—in most cases, a home would have to be refinanced again to remove a spouse's name from a mortgage.
Understanding the fine print can’t help but reduce the risk of unforeseen consequences down the line. Titles and title insurance may seem to be dull details that automatically confirm intended outcomes, but those outcomes have to be thought through and specified. The good news is they do get properly addressed every day in the course of acquiring a home. Pointing out the important details are just one element of my service: which is to help you every step of the way! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.
One strategy for selling your Sussex County home is to recognize the segment of the general public most likely to appreciate its inherent features, then be sure your sales approach will appeal to them. That doesn’t mean you will turn your back on all the other groups of buyers, of course—but it does mean you will make a deliberate effort to be especially sensitive to that group’s preferences, and highlight the features that are most likely to top their wish lists.
When the Target Audience is Empty-Nesters…
The majority of current Sussex County empty-nesters belong to the baby boomer generation. They are somewhere between 50 and 68 years of age, and there are about 75 million of them in the U.S.—nearly a quarter of the population. Empty-nesters are parents who currently don’t have any of their kids living with at home. Most empty-nest buyers are looking for a permanent address to settle down in as they hit their later years. The question is, what features make a home most desirable to empty nesters?
What can be slightly tricky about general rules for selling a home to this population is that although most are set on downsizing, they don’t want to feel shoehorned into their space, either. Empty-nesters are often moving out of a home that has become demonstrably too large after the kids moved out. But that can also mean that they are used to a lot of space—probably don’t want to be crammed into a tiny house that can’t accommodate children and grandchildren when they do come to visit.
It’s going to be a compromise. “Moderate space” would most likely be no more than 3 bedrooms and no fewer than 2—with two bathrooms the norm. This description offers nesters the possibility of catering to hobbies on a day-to-day basis, while still allowing some accommodations for guests. More significant properties—those with 4 or more bedrooms— are more likely to find success by marketing messaging that points toward growing families.
Easy to Maintain
As always, it’s a selling ‘must’ to ensure that your Sussex County home is shipshape! When prospects are able to see how much care you’ve put into your property, they are that much easier to interest than when it’s clear they will be required to come up with their own extra sweat and budget dollars. When you know that part of your preparation will include replacements, it’s a good idea to emphasize ease of maintenance in your choices. Examples are gutters that are shielded, windows that tilt up for easy cleaning inside and out, etc.
Whether or not your home is likely to attract Sussex County empty-nesters, knowing what part of the market will have the most likely prospects—and how to shape the sales messaging accordingly—is part of the no-obligation consultation I offer everyone who is deciding how they will go about selling their home. Give me a call to schedule one this week! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestate.com