What are Delaware’s Extensive Disclosures?

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When you sell property in Delaware, you must disclose certain things to the buyer. Delaware’s disclosure form is seven pages long and includes many things that you do not have to disclose in other states. If you do not disclose something you know or should have known about, the buyer could hold you liable for repairs after the sale. Also, Delaware requires you to make the disclosures to buyers before they make an offer. The disclosure report becomes part of the purchase contract if the buyer and seller agree on a price.

Basic Property Information

The first section is for basic information about the property, including whether you currently live in the property, and if not how long since you lived in the property, whether the property is a rental, vacation home or for other use, whether the property is encumbered by a lease or other type of contract and whether the property is new construction.

Deed Restrictions

Section II asks about any deed restrictions, violations of deed restrictions, affordable and/or workforce housing agreements, whether the property is part of a condominium association or common ownership and whether it is in a neighborhood with a homeowner’s association.

This section also requires you to disclose assessments, special assessments, proposed increased fees, capital contributions and other conditions that might require the buyer to pay fees. You also add the property manager’s contact information in this section.

Title and Zoning

Section III asks you about the title to the property and zoning, including whether you owe more on the house than what you are selling it for. If you are not sure how you hold title, you should get a copy of the title to show whether you own it in fee simple, leasehold or cooperative.

Section III also asks about easements and right-of-ways that affect the property and to describe the easements and/or right-of-ways. Disclose shared maintenance agreements, setbacks and other zoning violations and notices from government agencies regarding repairs and alterations.

You will also have to disclose any legal actions, whether existing or threatened, violations of state, local or federal laws and other regulations.

Additional Disclosures

Additional sections include:

  • Environmental hazards.

  • Soils, drainage and boundaries.

  • Structural items.

  • Termite, dry rot and other pests.

  • Basement and crawlspace information.

  • Plumbing-related disclosures, including the drinking water source.

  • Heating and air conditioning.

  • The electrical system.

  • Fireplace or other types of heating stove installation or issues.

  • Issues with major appliances.

  • Issues with ceilings, floors, exterior and interior walls, porches, decks, windows, walkways and driveways.

When You Are Not Able to Disclose

You have to disclose everything on the form if you know about it or if you should have known about it. The law assumes that if you lived in the house, you should have known of a problem unless you can otherwise show that you might not have known. For example, if you have an electrical problem and do not disclose it, you should have known about it. However, if the problem is with a circuit you never use because it is behind a bookshelf and no other outlets are on that circuit, you probably did not know about the problem.

If you are not sure about something, it’s safer to answer “Do not know,” rather than write in a ‘yes’ or ‘no’ answer.

Tool & equipment rentals: Show off your DIY skills without keeping the mess

Having a set of tools and equipment to call your own is great, especially if you’re an avid DIYer with ample space. However, there are times when equipment and tool rentals may be a more suitable option for you and your home projects.

Maybe your home isn’t large enough for a workshop. Perhaps you don’t use large equipment enough to outright own it. You might only need a few general construction equipment rentals for a new contracted addition, as outlined in your contract from your contractor. Regardless of the reason, there are a few basic things to remember when it comes to tool rentals.

When to rent equipment & tools

Renting smaller tools such as screwdrivers, hammers or even saws might seem a little over the top. And in many cases, it is. But when you have an entire patio that needs to be resurfaced, you may want to invest in renting a few concrete tools instead of just buying them.

Tool and equipment rentals are great when your projects are large one-offs, require the same commercial grade tools of the pros or slide easier into your budget. Consider how often you’ll be using the tools, what types of projects you’ll use the equipment for, the cost of ownership versus renting and the amount of room you have available for storage.

Rental equipment depends on your projects

Not all rental equipment and tool rentals are necessary for every project. If you’re working with a large amount of wood and want to cut it while in the thick of your project, you may want to consider renting items such as circular saws, saw horses and a sander.

If you find yourself closer to the facelift and aesthetic section of the DIY home improvement chart, try renting power washers and pressurized paint sprayers.

No matter the project, take time to scope out what you may need for it. Think about setup, safety – such as goggles, gloves and face masks – and clean up when, as well as the actual act of the project itself when creating your tool rental list.

How to rent tools and equipment

Most hardware and home improvement stores will have tool and equipment rentals ready. They’ll often post their rental rates and the rental period, so you can budget your time and money. If you need further assistance, try some light internet research, especially by checking sites that specialize in home improvement services.

Once you know what you’re searching for, you can either bring the list to a customer service desk or simply make the rental reservation online.

Regardless of your home workshop setup, it’s always worth exploring equipment rentals. If you’re still in the planning phases of your home projects, dig deep into the details of that particular activity and create a list of things you may need and their alternatives if what you need isn’t available.

And, as always, when in doubt, consult a professional. Even if they’re giving you simple tips, it’s always a good idea to have their experience in your ear when making home improvement decisions.

Home electronics: Energy usage considerations

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Home electronics can make our personal lives simpler and more efficient. However, it’s essential to be mindful of their energy usage to have a better understanding of how they may affect energy consumption within the home. 

Thinking about power modes

Before purchasing smart home gadgets, consider the type of power modes they utilize to get an idea of the power usage you can expect from them. This way, you can find great systems, without hiking up your electricity bill. 

In general, electronics operate in 1 to 4 modes and can continue to draw power after being turned off. These modes include: 

  • Active: The system is in use. For example, a TV playing a movie.
  • Active standby: Electronic isn’t being used for primary function but is turned on and ready to go. For example, your cell phone charging. 
  • Passive standby: System appears to be turned off but can be turned on with a click of a button or remote. For example, a microwave. 
  • Off: The whole system is shut down without any sort of functionality. 

Cozy comforts for entertainment & relaxation

Home entertainment systems are great for enhancing fun at home and often consist of smart TVs for quick access to your favorite streaming services and speakers with quality audio. 

Depending on your system many home entertainment gadgets can sync up to your smart phone for remote control. Some of the latest gadgets include power saving modes that when enabled, consume less energy saving you money over the long run. 

Computers and home office equipment

If you would like to enhance your home office, the latest laptops and computers can be a great aid to your workload. However, it’s good to be mindful of the amount of energy they consume to have more control over your energy bill. 

For example, on average, desktop computers consume around 239 watts of power annually versus laptops, which consume about 75 watts of power per year. 

A new laptop or home entertainment system is always super exciting and can help with tasks around the house. However, before purchasing these systems paying attention to their energy usage can help in saving money on your energy bill.

Steps to Close on a Home

After you buy a house, it may be only a few weeks before your closing date arrives. At this point, you and the home seller will finalize your transaction. And if everything goes according to plan, you’ll own a new home.

Getting to closing day, however, sometimes can be difficult. Lucky for you, we’re here to help ensure you can enjoy a quick, seamless home closing.

Now, let’s take a look at three steps to close on a home.

1. Complete Your Mortgage Application

A mortgage is a must-have for a homebuyer to close on a residence. Fortunately, it often can be simple to obtain a mortgage that matches or exceeds your expectations.

Consult with several local banks and credit unions. By doing so, you can learn about all of your mortgage options and select a mortgage that corresponds to your finances.

After you complete a mortgage application, a bank or credit union can provide you with mortgage options. Then, you can make an informed decision about which mortgage suits you perfectly.

2. Perform a Home Inspection and Appraisal

A home inspection is paramount, as this assessment will enable you to identify any underlying home problems and address them before closing day arrives.

During a home inspection, a property expert will assess your residence both inside and out. This expert also will provide an inspection report that details his or her findings.

Review the results of a home inspection report closely – you’ll be glad you did. If you assess a home inspection report, you can review a home inspector’s findings and determine whether you still want to purchase a house.

If you accept the inspection results and decide to move forward with a home purchase, an appraisal may follow.

Like a home inspection, an appraisal requires a property expert to visit your home. This expert will evaluate your home’s interior and exterior, as well as comparable houses in your city or town. Following a home appraisal, you will receive a property valuation.

Oftentimes, a property valuation may match or exceed the price that you intend to pay for a house. If it does not, there may be instances in which you can still walk away from a home sale or ask the seller to lower a house’s asking price.

3. Buy Home Insurance

Home insurance safeguards your residence and personal belongings against loss, damage or destruction. As such, it is essential to purchase home insurance before you close on a house. Because with home insurance in place, you’ll be good to go to protect your house and personal belongings against myriad disasters.

The closing process can be long and complicated. But if you work with a real estate agent, you can receive plenty of support leading up to closing day. In fact, this housing market professional is happy to provide tips to ensure you can streamline the closing process.

Get ready for closing day – follow the aforementioned steps, and you can speed up the process of acquiring your dream house.

Why It’s Worth Your Time to Upgrade Your Residence’s Curb Appeal

Bolstering your house’s curb appeal is paramount if you want to achieve the best-possible results during the property selling journey. In fact, there are many reasons why you may want to dedicate time and energy to enhance your home’s curb appeal, and these include:

1. You can differentiate your home from the competition.

Your home only gets one chance to make a great first impression on potential buyers. If your home stands out to buyers, it may lead to many property showings. Meanwhile, these showings ultimately may result in one or several offers to purchase your residence in the near future.

If you are searching for ways to promote your residence to buyers, it often is beneficial to upgrade your house’s curb appeal. Because if your home has a pristine front lawn and other amazing home exterior features, it may stand out to many buyers. And as a result, you may be able to distinguish your residence from comparable properties in your area.

2. You can speed up the house selling process.

The home selling process may prove to be long and difficult, particularly for a seller who is unsure about how to showcase his or her residence to the right groups of buyers. Fortunately, a home that has outstanding curb appeal may make it easy for a seller to speed up the house selling cycle.

Remember, a home’s curb appeal enables a seller to make his or her residence an attractive option for potential buyers. And if a buyer falls in love with a home as soon as he or she sees it, this individual soon may be ready to purchase this residence.

3. You can maximize your home sale earnings.

The goal of a home seller is to generate lots of interest in his or her residence. That way, a seller can boost the likelihood of receiving multiple offers to purchase that are at or above his or her initial home asking price.

If you spend some time enhancing your house’s curb appeal, you could make your residence an appealing option for buyers. Therefore, as buyers compete for your home, you may be able to reap the benefits of a profitable house selling experience.

As you prepare to sell your home and explore ways to upgrade your house’s curb appeal, you may want to hire a real estate agent. This housing market professional can help you list your home and promote it to prospective buyers. Plus, he or she will help you establish an aggressive initial asking price for your residence, set up home showings and open house events and much more.

Devote time and energy to upgrade your home’s curb appeal – you will be glad you did. It generally won’t take long to improve a residence’s curb appeal. And if you focus on your home’s curb appeal, you likely won’t need to wait long to generate interest in your house and receive a competitive offer to purchase your residence.

How Does Selling Through an Agent Compare with FSBO?

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If you’ve never sold a home, you might not understand the complexities of what your agent provides for you. You could be tempted to sell your home on your own. After all, with the availability of the Internet, how hard could it be?

According to most research, FSBO (For Sale by Owner) nets a lower selling price than selling through a professional marketing agent. Even accounting for the commission paid to the agent, the profit to the homeowner is higher.

Marketing

Some sellers believe that all an agent does it show the home a few times a week. Anyone can do that, right? But a great agent provides much more. Top agents offer a marketing strategy, professional staging, excellent photography, listing on the MLS and access to their network of buyer’s agents.

When you interview your agent, ask them what their plan is. How do they specifically intend to market your property? Who will they invite to the open house? Will they offer a unique open house just for their network of seller’s agents?

Pricing

The greatest challenge to FSBO is how to price your home effectively. Yes, you can see what’s out there on Zillow and Trulia, but your agent has been in dozens of homes. They’ve spoken to hundreds of buyers. The single most damage you can do to a home sale is to price it wrong for the market and then have it languishing, unsold, for months.

Paperwork

Unless you’ve sold a home recently, you may not know all the paperwork involved in making the sale. You have the offer, counteroffers and the acceptance letter. Then there’s the negotiation over items that come up in the inspection. If the buyer wants a warranty, do you know where to go for that? What if the buyer wants a contingency? Do you know how to write that up so that you’re not left holding the bag? Do you have a relationship with a title office or escrow officer? Your agents’ broker does.

When you add up all the work they do, and the expertise they offer, you’ll see that your agent is worth the commission. If you follow their advice, you can be off on your next venture, and they’ll take care of the sale for you.

Make the Home Selling Process Quick and Simple

Let’s face it – selling a home may prove to be a long, arduous process, particularly for those who are listing a residence for the first time. Fortunately, we’re here to help you simplify the home selling journey and ensure you can enjoy a pleasant home selling experience.

Now, let’s take a look at three tips to make the home selling process quick and easy.

1. Evaluate Housing Market Data

The housing market frequently changes, and a seller’s market today may transform into a buyer’s market tomorrow. However, if you analyze housing market data, you can understand real estate segment trends and map out your home selling journey accordingly.

Take a look at the prices of recently sold houses in your city or town. This information can help you differentiate between a buyer’s and seller’s market.

Also, evaluate the prices of local houses that are similar to your own. This data will show you how your residence stacks up against the competition.

2. Hire a Home Appraiser

Although you might have received a great price for your house a few years ago, the value of your home likely has changed. As such, you should conduct a home appraisal to receive an accurate property valuation.

A home appraiser will look at your house’s exterior and interior, along with assorted housing market data. Then, this appraiser can provide you with a valuation of your property. And once you have a property valuation in hand, you can determine how to price your house.

In addition, it often helps to complete a home inspection prior to listing your residence. Because if you perform a home inspection today, you can identify and correct any home problems that otherwise may slow down the home selling process.

3. Collaborate with a Real Estate Agent

If you’re unsure about where to find housing market data or how to hire a home appraiser, there’s no need to worry. Real estate agents are available in cities and towns nationwide, and these housing market professionals will do whatever it takes to help you sell your house.

A real estate agent is a housing market expert who is available to assist you in any way possible. For instance, if you need help pricing your house, a real estate agent can make it easy to establish a competitive initial asking price. Or, if you are debating whether to accept or reject a buyer’s proposal, a real estate agent can help you make an informed decision.

Let’s not forget about the comprehensive support that a real estate agent provides in the days and weeks after you accept an offer, either. This housing market professional will keep you up to date about a home purchase agreement as closing day approaches. And if you ever have home selling concerns or questions, a real estate agent is happy to respond to them.

Ready to list your residence? Take advantage of the aforementioned tips, and you can increase the likelihood of a fast, simple home selling journey.

How to Make the Most Profit when Selling Your Home

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You’ve finally decided to sell your home and now you want the REALTOR® to show you the money! While that sounds like it can happen at the snap of a finger, there are a few things to consider. Are you selling for a profit or is your goal to make the biggest profit you can? If it’s the latter, here are a few things you can do:

  • Step onto the Stage

Staging your home can bring in big bucks. According to the National Association of REALTORS®, 77% of REALTORS® agree that buyers who can visualize a staged property as their future home makes a difference.

  • Research Your Ideal Client

Who are you selling to? Are your buyers people who have children and want a nice neighborhood? Are they wanting a move-in ready home? Unless they are buying solely for the neighborhood, the condition of the home has a lot to do with their decision.

  • Create a Digital Showing

Let’s face it – social media and digital marketing are one of the best ways to connect with potential buyers. Adding a 3D element where they can “walk through” will not only create additional interest, but widens the number of people that may add your property to their list. An additional plus would be if you could upload the floor plans, any warranty and maintenance records to show how well you took care of the home.

  • Appeal to the Curb

If you think buyers aren’t looking at the exterior of the home, think again. They want to see the home in its best light – that means pressure cleaning or painting the exterior, washing the windows, repairing any cracks in the driveway and investing in landscaping.

  • Invest in Upgrades

Upgrades to the kitchen and bathrooms truly make your home stand out. New appliances, eat-in arrangements and lighting have a lasting effect. Have some water or something to drink in the refrigerator and make sure it’s clean. Buyers do peek. If you can afford new, inexpensive flooring that speaks to the environment, that will be a positive in your favor.

  • Have a Neutral Palette

Painting the walls in a neutral color lightens up the space and allows potential buyers to consider what their furniture would look like in the space

  • Stay Clutter-Free

The more you can get rid of so buyers can see an actual representation of how much space they will have the better. Your staging should demonstrate different ways the spaces can be utilized, giving them a wealth of ideas.

  • Other This & That

Installing ceiling fans, smart home tech and other simple touches can instantly put your home at the top of the list.

These are just a few ways your home can help you get top dollar for your home to move forward with a smile on your face. For more tips on getting your home ready to sell for top dollar, work with your REALTOR® for awesome results.

The Top 5 Homemade Housewarming Gifts

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When someone you love moves into a new home, you often want to celebrate this milestone and help them feel more comfortable in their new surroundings. It is common to purchase a housewarming gift for a friend or relative after they move but the next time you are in need of this type of present, you might want to consider making it yourself. A homemade housewarming gift is a gift from the heart and something that the recipient will treasure for years.

Here are 5 housewarming gifts that you can craft yourself:

Mason Jar Houseplant

A houseplant can bring new life into any home, but when you create a homemade display for the houseplant it will feel even more connected to the new home. This craft is very simple and only requires you to get a mason jar, some soil and a small houseplant. You can plant it right inside the glass mason jar and use whatever you have on hand to decorate the jar. You may be able to use vinyl to add a saying to the jar such as “Home Sweet Home” or “Planted With Love.” Or you could simply tie a piece of ribbon around the jar for a decorative accent.

A Set of Painted Wooden Spoons

Most new homeowners are looking for practical items that can make daily life easier. Wooden spoons are a staple item in any home since they are used for both cooking and baking on a regular basis. Instead of gifting your friend a set of basic wooden spoons, you can add a touch of love by painting them yourself. You can paint them any color or design that you think your friend would enjoy, or you could consider a neutral paint with simple words on the spoons such as “stir,” “fold” or “spoon.”

Homemade Address Sign

When someone relocates to a new home they often feel like they are living in someone else’s house until they make their mark on their new property. By gifting someone a homemade address sign, you can help them immediately feel like the house is more theirs than the previous owners. A small wood plank, some address numbers and colorful paint will help you get this craft done.

A Set of Crafted Coasters

For simple, fun and useful homemade gift, you may want to consider a set of coasters. You can create your own coasters with extra scrapbook paper, white ceramic tiles and plenty of spray sealer. Simply adhere the paper to the tiles and spray the sealer over it and let it dry.

Handmade Wreath

Another loving and thoughtful gift to create for a family member who has moved into a new home is a handmade wreath. You can create a floral wreath, a traditional green wreath with festive accents or a ribbon wreath that is bursting with personality.

A handcrafted gift is sure to mean more than something that you quickly picked up at the store before heading to your friend’s new house. These housewarming gifts are fun to make, but even more enjoyable to give away. Not only are they beautiful and thoughtful, but they also are practical and useful.

Cost Considerations for Foreclosed Property

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An active housing market has reduced the number of foreclosed homes in inventory, but there will always be foreclosed homes available to purchase. Many buyers are not aware of what to expect when purchasing a foreclosure. Here are some home truths about buying a distressed home.

You’re not always getting a deal.

Many buyers believe foreclosed homes sell at rock-bottom prices. They expect massive and unrealistic discounts. While the bank may be willing to sell for well below the fair market value, their goal is to recover the loss they incurred when providing the original mortgage. Additionally, foreclosed properties may have long-standing maintenance issues that require a substantial investment to remedy.

The bank may not have the only lien.

A foreclosure removes the primary mortgage debt, but a distressed property may have other claims for money owed in back taxes, for mechanical work and contractors’ fees. A complete title search should tell you if there are liens that need satisfaction when you purchase a property. Your real estate agent can guide you in how to discover unsatisfied liens or judgments against the property

You may find maintenance problems.

Most owners do not simply move out of the property when they can no longer afford to make payments. When an original owner loses income, maintenance often becomes a low priority. And, if they have a medical disaster, a decline in health often means a decline in care for the property. Storm damage, pests, and other hidden issues mean damage to a home that gets overlooked when the owner has different priorities.

You may find vandal activity.

Although there are some stories of angry owners vandalizing the foreclosed property that they invested their life savings into, more often are issues with opportunistic thieves. They remove plumbing and light fixtures, paver stones, and other readily accessible objects from an abandoned property.

Schedule a thorough inspection before you purchase if possible so that you know what you’re getting. Your real estate professional specializing in distressed properties can connect you with an unbiased inspector. They will report on your potential new home and help you uncover any hidden costs lurking there.