If you need assistance, please call 302-575-1086

How to Transition from Renter to Homeowner in Delaware and Pennsylvania

Thursday, August 25, 2022   /   by April O'Brien

How to Transition from Renter to Homeowner in Delaware and Pennsylvania

spacejoy-uGWNcejbf2E-unsplash.jpgFall is a great time to become a homeowner in Delaware and Pennsylvania! Not only is a new season just beginning, but you have the opportunity to secure a low interest rate and settle into a home before the cold weather arrives.

But what if you’re currently a renter in Delaware or Pennsylvania? Don’t worry! The Kat Geralis Home Team has provided a few ways below that you can prepare to take advantage of this exciting time in the local real estate market.

Research all of the costs
There are more costs involved with owning a home than just your monthly mortgage payment. For first time buyers, this may come as a surprise, but with the proper amount of research, you will be able to determine exactly how much you can afford in a home. Costs like property taxes, homeowners insurance, private mortgage insurance (PMI), homeowners association fees and yearly upkeep should all be considered while you begin to search for homes in Delaware and Pennsylvania.

The costs of renting vs. buying
You’ve likely asked yourself this question many times before deciding to buy a home— Is buying really better than renting? You will need to look at the cost of homeownership after the tax benefit to compare it with the cost of renting. For instance, a $300,000 home may cost you around $1,200 per month after taxes. Compare this with a home that rents for $1,200 and look at factors like location and size. Also, remember that this scenario includes a 20 percent down payment.

Research the tax benefit
Did you know mortgage interest and property taxes are deductible on your annual tax return? This will reduce your taxable income and bring down the overall cost of homeownership.

Prepare your credit score
Lenders will use your credit score to determine your eligibility for a mortgage and certain mortgage loan types. Start well in advance to groom your credit score— correcting any errors you find and boosting your score by paying down debts and reducing spending on credit cards.

Start to shop for a mortgage
If you haven’t already started looking into mortgage programs, now is the time. There are many different types of mortgages available, depending on your eligibility. For instance, certain loans allow for lower down payments, although come with a higher interest rate, while others require a higher down payment while granting a lower interest rate. Before you are ready to buy, know which type of loan you think may suit you best.

The Kat Geralis Home Team can provide you with a list of available properties in Delaware and Pennsylvania, as well as answer all of your home buying questions! We have helped many first-time buyers find their dream homes, so give us a call today!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

  delaware real estate, delaware area homes, delaware real estate market, pennsylvania real estate, homebuyer tips, homebuyers, homebuying tips

eXp Realty - Kat Geralis Home Team
Kat Geralis
3411 Silverside Road Suite 104
Wilmington, DE 19810
302-575-1086

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which eXp Realty - Kat Geralis Home Team participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. © 2022 BRIGHT, All Rights Reserved Information Deemed Reliable But Not Guaranteed. Data last updated: December 10, 2022 2 AM.
This site powered by CINC: www.cincpro.com