Wilmington Delaware DE Real Estate, Newark DE Real Estate, Katina Geralis, exp Realty, Kat Geralis Home Team

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November 2017 Newsletter

5 Reasons Buying a Delaware or Pennsylvania Home Is Better Than Renting

Before you renew your lease or consider signing a new one, you might like to consider buying a home in Delaware or Pennsylvania. There are dozens of reasons why homeownership is the better option over renting and as your local real estate experts, we've included a few of them for you below!

It's less expensive
While you may be intimidated by homeownership, you will be glad to know it is much less expensive than renting! According to a new report, it is now 37 percent less expensive to buy a home than it is to rent nationwide. If you're ready to take that next step toward buying your own home, your first step is to meet with a lender to get pre-approved and find out how much you can afford!

You can lock in your housing cost
The costs of renting are always rising, but with homeownership, you are able to lock in your housing costs for the next 5, 10, 15, even 30 years, depending on the mortgage you choose! Locking in one of the current interest rates, which are currently hovering around historic lows, allows you to watch your home value rise, but your housing costs stay the same! 

There are tax advantages
When you own your own Delaware or Pennsylvania home, there are certain tax benefits that come along with it. For instance, did you know you can deduct the cost of property taxes and mortgage interest from your annual taxes? It's always best to check with your account to see which advantages apply to you, but owning a home is certainly a way to earn tax savings!

Homeownership is forced savings
Think of owning a home in Southeastern PA or Greater Wilmington DE as a means of "forced savings." What that means is that by simply paying your mortgage each month, you are building equity that you can use at a later date toward renovations, paying down debt, or whatever you choose. When you rent a home, that savings is all funneled to your landlord.

It's the best investment
Homeownership has long been hailed as one of the best investments you can make— better than stocks or gold! What's more, no other investment allows you to live in it! When you purchase a home, not only are you helping to build your wealth with the investment, but this one also allows you a place to live! You can't say the same for gold.

Ready to find a place of your own in the Greater Wilmington DE or Southeastern PA area? Do not hesitate to contact the Kat Geralis Home Team with any questions about buying a home in Delaware or Pennsylvania this year or for a list of available properties! We even offer FREE First-Time Home Buyer Seminars

How to Know How Much Your Delaware or Pennsylvania House Is Worth

When you decide to sell your home in Delaware or Southeastern Pennsylvania, you begin to dream about how much profit you can make and moving to your next location. However, there is one figure you'll need to determine before you can make those dreams a reality— your home value.

It is not uncommon for homeowners to over-estimate how much their property might be worth, so as your local real estate experts, the Kat Geralis Home Team has put together a few tips that can help you determine just that.

Comparable properties
One of the first places to look to help find your home value is a list of comparable properties in the area. Look at homes that have a similar square footage to yours or those with the same types of features. Even if you think your home is better than the one down the street, you'll need to consider if it has a larger footprint, updates that yours doesn't have, or more bathrooms as these can add significant value. 

Home improvements
Have you made any recent improvements to your Chester County or Delaware County home? They could make a big impact on your home value— or not add as much as you thought. Know that there are some updates that don't add as much value as others at resale so it is always wise to consider ROI (return on investment) prior to completing projects. If you are unsure if a certain update will boost your value, you are welcome to consult your real estate agent!

Location
There is a reason "location, location, location" is a real estate mantra. Factors in your area like the schools, proximity to entertainment, parks, commute times, neighbors, and of course, a sense of community can all either help or hinder your home value. 

Age of the home
Your home's condition and the age of the property can also influence how much it may be worth. Oftentimes, homes deemed "historic" and newer properties tend to be worth more than others. The aforementioned factors do play a big role in finding your home's worth, but typically as homes age, their value lessens.

There are many ways for you to determine the value of your Greater Wilmington or Southeastern Pennsylvania home and it is helpful to have an idea of what you might be working with prior to listing the property. Remember, it's best to put on your home seller hat and set aside your emotional ties to the property to find a realistic price.

Curious about your Delaware or Southeastern Pennsylvania home value? Contact the Kat Geralis Home Team today to find out!

Kat Geralis Home Team Real Estate