Listing Courtesy of LINDA VISTA REAL ESTATE
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 firstname.lastname@example.org, visit more listings at www.beachrealestate.com
As summer approaches, Delaware homeowners may also recall the challenge of retaining a reasonably comfortable home environment during the inevitable spells of hot weather. Everyone has a different relationship to heat and its evil twin, humidity, which dictates how much attention and budget needs to be dedicated to house cooling.
One old-fashioned solution is out there that many Delawareites may not have considered.
For most heat-sensitive Delaware residents, house cooling is synonymous with some form of air conditioning—if not central, then some assemblage of window A/C units. Evaporative coolers have economic and environmental advantages, but are really most effective in dry conditions: in other words, when the air gets soupy, their effectiveness fades. These were the “swamp coolers” of yesteryear—and they do have plusses that keep them around today. They allow open windows, so unlike air conditioners, fresh air is part of the house cooling action. They also use relatively little energy.
Swamp coolers used to be more popular in pre-air conditioner days—but there’s another cooling solution that is sometimes overlooked today. It’s the “Whole House Fan” system.
The basic idea is to fight the buildup of heat inside the home by pulling air up and out of the structure, expelling heat and allowing cooler breezes to enter. The house cooling is forced by a powerful fan in the attic combined with appropriately installed ventilation ports. It’s the fan that was the culprit behind the unpopularity of yesteryear’s versions. They were called “attic fans,” and they earned an unfortunate reputation for being extremely noisy. Sounded like a helicopter was taking off on the roof. Not okay.
Today’s whole house fans are the exact opposite: engineering advances make them whisper quiet, yet powerful and effective. Because they are quiet, homeowners don’t mind leaving them on for extended periods, which maximizes their effectiveness in ridding homes of summer heat buildup. It is true that on really hot days—when the outside air, even in shaded areas, can become oppressive—air conditioning is simply more effective. But for Delaware residents who don’t mind an occasional heat spell, the savings in electricity consumption can make whole house fans a modern strategy worth considering.
Summer is also the second half of Delaware’s busiest home shopping season. Kids are out of school, and summer vacations give more families a chance to do some serious house hunting. If you have been considering a real estate move of your own, it’s not too late to join in: give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.