Delaware Home Buyers FAQS

Buying a Delaware home is an exciting life event, especially if you’re a first-time home buyer. Of course, there’s also a little complexity to the home buying process, whether you’re an experienced homeowner or if your Delaware home will be your first. We’ve compiled a list of home buyer FAQs to help you prepare for the Delaware real estate journey ahead. These FAQs will help you navigate the industry, whether you’re looking for a 55+ community or don’t mind sharing your neighborhood with younger homeowners.

Q: I've never purchased a home before. Where should I begin?

A: Technically, you’ve already started the process! Every home purchase should start with a little fact-finding and research. Being a smart consumer means asking questions. Before you set out to find your new Delaware home or even search for areas or neighborhoods, you’ll want to:

  • Know your finances inside and out
  • Get rid of as much debt as possible
  • Preemptively secure your down payment and earnest money*
  • Understand trends of the Delaware real estate market

*How much you put down can depend on your lender. A 20% down payment is common. Speak to a mortgage lender for advice on loans and pre-qualifying.

Once you have these four items in order, contact us. Our goal is to protect your interest and guide you through the real estate process. Even if this is your tenth home purchase and you know the steps, you’ll still want a knowledgeable Delaware real estate team protecting your interests.

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Q: The market is always changing, how do I choose the right type of loan?

A: The moment your finances are taken care of, it’s time to find a lender. Securing the right lender can affect your interest rates, which can ultimately raise or lower your monthly payment on your Delaware home. When shopping for a loan, consider:

  • What do you have available for a down payment?
  • How long will you live in the home?
  • Do you qualify for a FHA or VA loan?

FHA or VA loans are specialized loans that offer a smaller down payment and a greater chance of approval for lower credit scores. We are happy to refer you to our preferred lenders, just ask.

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Q: What does ‘Under Contract’ mean?

A: When shopping for your new Delaware home, you may see some status updates under the listing. “Under Contract” is very common and often means the buyer and the seller have agreed to the terms of the contract, including:

  • Price
  • Closing date
  • Earnest money
  • Contingencies

Just because you see “Under Contract” doesn’t mean you can’t submit a backup offer. In fact, if you absolutely love the home in question, you should still submit an offer. If anything happens to the current deal and it falls through, any submitted offers would be next in line for review and potential acceptance.

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Q: What Are HOA Fees?

A: When you buy a home in a Delaware 55+ community, chances are you’ll be paying into an HOA or homeowners association. The association is responsible for the community, from its general cleanliness to finer details like deciding on a landscaper to manage the grounds. The HOA fees, typically paid monthly, cover the costs of these services as well as maintaining any amenities that are in the community.

Since you’re paying into decisions being made in a Delaware 55+ community, you definitely want to be involved. Bring up concerns and ask questions at community meetings.

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Start the Home Buyer’s Process

Ready to move forward with buying a home? Even if you’re not a first-time home buyer, start with our free Delaware Home Buyers Guide and get a comprehensive look at every step of the process. If you have questions while reading through the guide, don’t hesitate to contact us for more information on shopping for your Delaware home.

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