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Facts About Del Mar Homes Values / Buyer – Seller Tips
Del Mar Lot
Financially that may be a good strategy but take heed and purchase your Del Mar lot with care. Why? Because it can happen that the lot you buy today is not suited at all for the Del Mar home you want to build in the future. Here are some things to watch out for.
Del Mar Real Estate Title Insurance
A Del Mar mortgage policy that insures the lender remains in effect until the loan is paid off. An owner’s policy insures the buyer and remains in effect as long as the owner or the owner’s heirs own the property. An owner policy may cost a little more than a lender policy. For example, an owner policy may run somewhere around $3.50 per $1000.00 of home value while a policy for lender protection may run in the neighborhood of $2.50 per $1000.00 of home value.
The Del Mar real estate Title Company searches and examines public records to determine if any problems with the title exist. Your real estate agents works very closely with the Title Company to help clear up any past clouds that may affect the transfer of title to the new owner.
Building Del Mar Home Equity
A popular question from prospective Del Mar homebuyers relates to building home equity. Buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00, especially in Del Mar.
With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build Del Mar home equity faster by choosing a 15-year loan instead of a 30-year loan.
Buying a Del Mar Fixer-Upper
This, of course, depends on the condition of the Del Mar home and the estimated cost of the repairs you must make. Del Mar real estate in a good neighborhood that is priced about 25% lower than others that are in good shape may be a good deal if it simply needs cosmetic or minor structural repairs. If the house is a gut job, that is the entire inside will be torn out and rebuilt the 25% rule may work and may not so estimate your costs as closely as possible.
Shopping by neighborhood makes good sense when considering the purchase of a fixer upper. As a buyer, the more you know about the Del Mar homes in a particular area the better able you are when it comes time to judge whether or not a home your are considering meets the financial parameters you are looking for.
Buying a Del Mar Fixer-Upper
Finding the right Del Mar fixer upper often involves finding a seller who is in financial difficulty and wants to sell in order to protect their credit or to avoid foreclosure. Various government agencies such as VA, HUD, IRS and others offer homes in foreclosure for sale and these homes can make excellent fixer-uppers. Bank owned properties known as REOs, real estate owned, offer good opportunities since financial institutions want to eliminate their real estate holdings by selling foreclosures quickly.
Join my network of Del Mar buyers looking for specific types of properties. Call or Email me today.
Green Remodeling Your Del Mar
Reduced material waste and resource conservation. When remodeling your Del Mar, there is often a large amount of construction waste: 136 million tons of waste annually, or about 20% of the waste in landfills, according to the EPA.
If you are planning to remodel your Del Mar anyway, going green offers money-saving advantages. In addition to increasing the value of your home, you will cut monthly operating costs, reduce waste and improve overall health.
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