Listing Courtesy of LONG AND FOSTER-REHOBOTH
This is actually a situation that’s very common, but not much remarked upon: you know you are going to be selling your Lewes home—only not for a while…and perhaps not for a very long while! Is there anything you should be doing now, long before actual preparations are called for?
There sure is! Let’s call these low-intensity preparations. They may be low-intensity in the immediacy department, but when the distant day arrives when you are selling your home, they can be very fortuitous. Here are some of the elements you can benefit from putting into action long before you expect to need them—
Number One (the most obvious and perhaps most important) is landscaping. Trees and bushes are part of the backdrop of our everyday living, and something many people—even gardeners—may tend to accept without envisioning large-scale changes. That’s because they grow so slowly it doesn’t seem realistic to worry about what might be possible. But when you think long-range, landscaping should be at the forefront. When the time comes for selling your home, a vision first initiated five or 10 years earlier can become a colorful and shady reality, worth a very great deal in terms of the overall impression your Lewes property makes.
It’s human nature to just put up with heating, plumbing, air conditioning and other systems that could operate much more conveniently and economically, but which are expensive to overhaul. But think realistically: if you know that later on you will be selling your Lewes home—and realistically will certainly have to upgrade those vexing mechanicals when that happens—give serious thought to taking action earlier…even NOW! Not only will you be able to enjoy the improvement, it’s entirely possible that savings realized from the gains in efficiency will materially offset your initial outlay. Why let the future owners get all the benefit?
When you are selling a home, photography is one of the most impactful marketing tools you’ll have at your disposal. A couple of years before you plan to join the Lewes listings, keep a camera ready to snap those fleeting moments when the season and light combine to make some detail of garden or home magically illuminated. Even a professional photographer can’t ‘make’ such moments happen. As Ansel Adams’ outdoor masterpieces confirmed: the perfect light at the perfect season is worth more than money can buy.
It doesn’t hurt to keep abreast of happenings in the national and Lewes real estate market, so that you’re informed about what to expect when you ultimately join the fray. One of the best ways to do that (other than to keep reading my blog) is to check out the neighborhood listings from time to time: they’re here on my site. And one of the best ways to proceed when the moment does arrive when you will be selling your home in Lewes is (of course) to give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestate.com.
When it comes to figuring out how to begin up the path to homeownership, Lewes, DE renters are left pretty much to their own devices. For the majority of first-time buyers who will use home loan financing to get there, getting started is simple enough: you begin by knowing two basic numbers.
The first is the amount of money you will be comfortable spending for housing each month. This is a figure that will cover your mortgage payment, upkeep, insurance, and property taxes—everything your Lewes, DE house will cost on a month-to-month basis. But you don’t have to worry about calculating those elements in advance; to start, you only need to know that single total.
Estimating it is easier than you might think. Renters already know what they pay in rent each month. That’s usually their total housing budget—so they can simply expand on that already-known number. It’s a question of being realistic about how much more could be devoted to the category without causing undue stress and strain. There are two wrinkles that can boost the figure:
a) Savings. For all but interest-only home loans, monthly mortgage payments include a pay-down of the principal—the remainder owed. Owning your Lewes, DE home means building equity in it. If you are already a regular saver, it’s realistic to consider that a portion of what you regularly put aside can now be considered a home equity-building form of saving. You can realistically add that amount to your housing budget.
b) The tax bonus. Income tax rules govern how much of the interest portion of monthly mortgage payments is deductible at tax time. For mortgage amounts up to $750,000, it’s 100%! The reduction in tax dollars spent can be added to your housing budget figure.
The second number is the amount of cash you can make available for a down payment. For most first-time buyers, even thinking about this figure can halt the whole project—particularly for those who have been led to believe that home loan down payments require a minimum of 15% to 20%. The amount available may go further than you’d think—especially considering that last year’s average down payment for the majority of first-time homebuyers was zero to 6%! In that department, I can help point clients to resources and special programs available for many of today’s home buyers.
Give me a call once you have calculated your two basic figures—we’ll see how far they will carry you in today’s Lewes, DE market! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.