New Castle is a great place to raise a family. The city features plenty of amenities, such as top-notch schools and parks that make it an attractive destination for families. The city also offers an abundance of homes for sale. The New Castle real estate market is always changing, with new construction, sales and value all having their peaks in varying degrees throughout the year.
What To Know Before Buying A Home In New Castle, DE?
New Castle is a beautiful small city nestled in the Delmarva Peninsula. The most obvious thing to know about living in New Castle is that it is not your typical American city. The climate is moderate, with mild winters and warm summers, and there are no major cities or towns nearby to compete for your attention. There are very few things to do in the surrounding area.
While there are a few tourist attractions and areas of interest, most people gravitate toward the milder weather of the nearby areas major cities of Wilmington and Bethesda to spend their time.
How To Buy A Home In New Castle, DE?
The best way to buy a home in New Castle is to buy a foreclosure or a short sale. Foreclosures are often onerous to sell, and short sales are often not accepted by banks as a final property value. If you are looking for a long-term investment, you may be better served by purchasing a foreclosure.
However, regardless of your purchase strategy, you will have an easier time buying a home in New Castle if you have an idea of what you are looking for.
Estimate Your Mortgage In New Castle, DE
The process of calculating your mortgage in New Castle, DE is generally straightforward. Begin by calculating your mortgage rate and fees, and then use that number to calculate your desired mortgage amount. Be sure to include any closing costs, like home inspection fees, in your total.
Next, determine the home’s expected value (HVE) by subtracting the property’s deferred value (DV) from the home’s listed value (VL). Be sure to include any closing costs, like home inspection fees, in your total. You can then use your HVE to estimate the home’s expected sale price or SPS.
What To Know About Real Estate Taxes In New Castle, DE
Real estate taxes in New Castle, DE are relatively low compared to many other areas of the country. However, they do exist and can affect the pricing of your home if they are not considered. The main tax is permission to build. If you are granted permission to build, you will have to pay a portion of the cost.
This can vary from as little as 2% of the total to as much as 8%. If you do not pay, your land title will be voided, which means nobody will be able to use the land.
Should You Buy A Home In New Castle, DE?
The answer to this question is quite simple. If you are serious about owning real estate, the New Castle area is the place to be. There are very few areas of the country with more potential for growth in real estate than New Castle. With a growing population and the need to expand your housing stock, New Castle is the place to be.
While you should consider any real estate options, including Foreclosures, short sales, and REOs, the New Castle area is tailor-made for the investor.