The Terranova Team

  The traditional method of selling your home directly to a buyer can be sidestepped slightly by renting it to them now with a rent-to-own contract for them to purchase it later. To get a better feeling for if this is the right move for you, let’s examine the pros and cons of using a rent-to-own agreement to sell a house in Delaware.Pro: Set Your TermsFrom the very beginning of offering a rent-to-own agreement, you’re the one who gets to determine the parameters for how everything operates. During typical home sale negotiations, both parties work to meet in the middle and close on the property. In the case of a rent-to-own agreement, you can dictate a more solid starting point from which negotiations can start. This gives you the opportunity to create the basis for a contract that you feel meets your needs while still being fair to the renter/buyer. Con: Avoid the Pitfalls Having the ability to get the ball rolling for your rent-to-own contract can feel liberatin...

  Comprehending the totality of your financial obligations as a home buyer is a large part of the closing process on any home, and it’s easy to leave questions unanswered when faced with the excitement of moving onto your new property. To make sure you’re an informed home buyer with their head on straight, let’s see what Delaware home buyers need to know about mortgage points: What Are Mortgage Points? Mortgage points – often referred to simply as “points” – are a way of putting additional money down on your new home at closing in an attempt to receive better terms for the life of your mortgage.  A single point is equal to one percent of the total cost of the home. So, if your new home is going to cost $100,000, each point you decide to purchase at closing will cost you an additional $1,000.  This may sound like a pretty hefty supplemental upfront investment, but there are ways spending a bit more now can pay off down the road. What Can Mortg...

  If you’re thinking about buying a house in Delaware, and if you’re going to buy one with the help of an agent, make sure you get the service you need. Read this blog post for information about buying a house? Demand these 3 things from your agent in Delaware… If you’re planning to buy a house, you might want to think about getting help from an agent. An agent provides many different benefits and services and they should be focused on serving you and help you.So, buying a house?Demand these 3 things from your agent in Delaware. (And if you don’t get them, find another agent who can help you). #1. Ask for their track record Find out how good your agent will be in representing you. See if they can provide you with testimonials and success stories, or some other kind of indicator of how well they represent you. Remember, they should be able to find you plenty of houses to look at and then negotiate well on your behalf. #2. Ask to look at lots of houses, mult...

  Did you know that, on average, Americans pay $1,300 to $1,500 annually for electricity and $800 to$1,000 for water? Americans, then, are paying out a sizable chunk of their income on utility bills alone. And that’s a pretty big financial burden for new homeowners who are likely still reeling from having to make a big down payment and pay closing costs. What can you do about this? Plenty, actually, and it doesn’t have to take a lot of effort or cost much. Let’s take a look at 5 ways new homeowners can cut utility costs in Delaware. 1. Replace the HVAC Filter Heating and cooling make up the bulk of utility costs for most homeowners. So one easy and inexpensive way for new homeowners to cut utility costs in Delaware is by simply replacing the filter(s) on their HVAC system.A dirty filter results in inefficient – and costlier – heating and cooling. New homeowners, then, should replace the filter when they first move in and then, according to experts, every 30 days...

  The last thing you need when purchasing your home is an additional fee tacked on to your mortgage for Private Mortgage Insurance, or PMI. Let’s go over how to avoid paying PMI when buying a house in Delaware to do everything to keep your monthly mortgage payments as low as possible: What Is Private Mortgage Insurance? It’s common for buyers to become caught up in the excitement of closing on their new home and sign on the dotted line before truly understanding the important details of their mortgage.  PMI is an insurance policy taken out by the lender with premiums paid by the homeowner. The monthly payment for the premiums is simply added to the owner’s monthly mortgage payments – so it can be easily overlooked by an inexperienced owner.  The sole intent of this insurance policy is to cover any losses the lender may incur if the new homeowner defaults on their mortgage. PMI does not exist to assist the homeowner and is entirely in place as a ...

  Buying or selling a house is a big financial step, and you want to get it right. The problem, though, is that even experienced buyers and sellers don’t always know all the tricks that make for success. But you don’t have to go through this months-long process only to have an outcome that doesn’t fully satisfy if you know what to do – if you know some crucial insider secrets. So check out these 6 agent secrets to help you buy or sell your house in Delaware. 1. Take Your Time If you don’t want to  sell your house in Delaware , but rather want to buy one, perhaps one of the most important things you can do is simply take your time. Haste makes waste, they say, and it often does when it comes to home buying. “Once you’ve decided to buy, it’s important not to rush the house-hunting process.” According to one agent, “When I’ve had clients make real estate deals they’ve regretted, they’ve almost always coincided with time pressure . . . You almost always overpa...

  There’s plenty of advice that can be given when it comes to selling your home, but it’s extremely easy to get some bad guidance that makes selling your home more difficult than it needs to be. In order to reduce the possibility that you go down that bad advice rabbithole, let’s look at 4 common myths about selling your house in Delaware. Renovations Are Key A large misconception is that totally overhauling a room with a massive renovation is going to lead to crazy high offers.  What it comes down to is that, in most cases, a renovation is unlikely to pay for itself. This is commonly referred to as return on investment, or ROI.  If you’re looking to renovate your home strictly for ROI, you’re best off doing smaller projects, such as repairing your walls and repainting, replacing old lighting fixtures, or switching out worn kitchen and bathroom cabinet hardware.  Worst of all, installing a deck or porch is probably not going to give your...

  Selling a house takes a lot of work, and owners need to be prepared to put in the time and effort necessary to get the most they can for their home. To make sure you don’t step into any amateur home seller pitfalls, let’s go over 4 maintenance mistakes homeowners make when selling their homes in Delaware. Slack on Cleaning This may seem pretty straightforward, but you would be surprised how many sellers don’t walk through their home with a buyer’s critical eye to discover anything that could be lacking in the cleaning department. Do everything you can to not only clean but also declutter all living areas and storage spaces. Sorting out your storage and closets can make a big difference when a buyer comes through and tries to estimate if the available storage will suit their needs. The last thing you want is for that buyer to take a quick look and instantly make the determination that your home won’t fit the bill. You also want to take the...