Delaware offers lower Real estate taxes as well (see Tax comparison table below). It is a tax friendly state, and provides all the essential services and features needed by today's families. Lower Delaware offers outlet shopping galore, some 10 miles of Atlantic ocean beaches, and many more miles on the Delaware Bay. It has a variety of recreation activities through an extensive parks system, including several ocean beaches. Delaware has housing and real estate to suit most everyone's needs.
Additionally, it offers much technology, banking, and corporate finance, industries in the northern areas. It provides excellent medical facilities throughout the state, and above all, a comfortable and relaxed lifestyle, suitable for all families and situations.
Finally, real estate prices are generally lower in Delaware, due to lower land costs and healthy competition. When you combine all these benefits its easy to see why so many are giving Delaware a second look.
Real Estate tax comparison
A standard 3 bedroom 2 bath home in central Delaware will have real estate taxes that range from $800 to $1,200 per year, depending upon locality. If you live in New Jersey, Pennsylvania, or New York, you typically pay much higher property taxes. The table below shows how much additional buying power you will have by living in Delaware. When you combine that extra buying power with lower real estate prices, the total savings to you is dramatic.
Benefit Greater Buying power or lower total interest!
Table showing additional buying power with lower taxes
|
Tax savings per year |
Tax savings per month |
Additional home potential |
Additional home potential |
Additional home potential |
|
|
|
6% |
6.5% |
7% |
|
$ 500.00 |
$ 41.67 |
$ 6,944.44 |
$ 6,592.83 |
$ 6,265.66 |
|
1,000.00 |
83.33 |
13,888.89 |
13,185.65 |
12,531.33 |
|
1,500.00 |
125.00 |
20,833.33 |
19,778.48 |
18,796.99 |
|
2,000.00 |
166.67 |
27,777.78 |
26,371.31 |
25,062.66 |
|
2,500.00 |
208.33 |
34,722.22 |
32,964.14 |
31,328.00 |
|
3,000.00 |
250.00 |
41,666.67 |
39,556.96 |
37,593.98 |
|
3,500.00 |
291.67 |
48,611.11 |
46,149.79 |
43,859.65 |
|
4,000.00 |
333.33 |
55,555.56 |
52,742.62 |
50,125.31 |
|
|
|
|
|
|
|
|
|
|
|
|
Here is how to read the table:
Notes:
- Assumes a typical 3 bedroom 2 bath home in central Delaware which has taxes in the $1,200
per year range
- Additional mortgage potential calculation is based on a 30 year mortgage at 6,
6.5, & 7% interest rates.
The highlighted for example says; that for the same monthly payment you could have a home $42,000 higher in price in Delaware. If, you apply the Tax savings per month (shown in table above) toward the principal as additional payments, for a 30 year 6% $100,000.00 mortgage as example, you would pay that mortgage off in 15 years instead of 30 years at a overall savings of over $62,000.00 in total interest.
For more information call the County under consideration at the numbers below:
Property Tax - New Castle County (302) 323-2600
Property Tax - Kent County (302) 736-2077
Property Tax - Sussex County (302) 855-7760
First Home Buyers
No-cost Pre-Qualifying offers the buyer several advantages
It tells the buyer how much they can reasonably qualify for
It assists the realtor (and buyer) in selecting properties to tour
It strengthens any offer the buyer makes to sellers
How to Pre-Qualify
Pre-qualification involves contacting a lender/loan officer by phone, etc. and only takes a few minutes. We have in-house loan officers who will gladly perform this service at no cost or obligation. Or if you prefer email me don@dbullis.com for more information or a prequalification worksheet which can be completed and returned by mail.
Seven important items to consider before touring homes:
1. Know what you can afford:.
By pre-qualifying you know what price range of homes to look at.
2. Stick to the core criteria:.
Use a checklist of must-haves, and use it to determine which properties to view
and how to rate each home..
4. Don’t look at too many houses:.
You can be overwhelmed with their options. View no more than four or five
properties in one day, and jot down notes or take photos to remember each home.
5. Remember that every house is a compromise:
Its tempting to envision more house than you need. Develop a list of pros and
cons for each home you view.
6. See the possibilities:.
Visualize ways that a less-than-perfect house could be changed to meet your
needs.
7. Allow enough time to really explore a house:.
Don’t hurry unless you really need to move on. A home is a major
investment. Consider each home carefully.
SELLERS: Let me market your property by
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show you why my marketing plan will get you more return in the shortest
time.
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Toll Free: (800) 5643-7752 Cell: (302) 670-5896.
How does Delaware compare to Florida??
The links below provide additional Seniors information and services.
Sussex County Senior info Delaware Senior Olympics Dover Modern Maturity Center Newark Senior Center
Rail (Wilmington to Philadelphia)
System Map
Schedule
With condo prices starting at about $300,000 and reaching $700,000, the newer complexes feature nature trails, fitness centers and restaurants. Real estate agents and community managers also say the older complexes were hit hard by special assessments to cover repairs after Hurricane Wilma in 2005. Add that to a glut of units, plus age restrictions that dramatically limit the pool of buyers, and the units can be a tough sell.
Soaring costs have led to special assessments as high as $50,000 in oceanfront communities, said Gary Poliakoff, whose Fort Lauderdale law firm represents 4,000 associations in Florida. "The bottom line is this is creating an enormous compression on the senior retirees," especially those on fixed incomes, Poliakoff said. He said many are trying to sell their units in a stalled market. He expects some older communities eventually will drop their adult-only designations.
"I think by normal evolution more and more of these older senior communities will become ideal opportunities for affordable housing for younger families," Poliakoff said. Real estate experts say there are other factors that could benefit the older retirement communities.