Wilmington, Newark, and Delaware Real Estate

Introduction to Buying Property 215 | We Buy Houses

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Are you a homeowner in a city in Delaware such as Wilmington, New Castle, Dover, Newark? If so, you must know that you own a home in a great area. Delaware is such a great state to hold the property for many different reasons. As any homeowner in America, you should know that real estate is the best asset to own. There are plenty of various investments that one could acknowledge that could make them tons of money. {We buy & sell houses in Wilmington & Newark, Delaware; Buying Property 215 leader in Delaware real estate}

Thinking of Investing in Wilmington?

Wilmington
Wilmington

We wanted to start with Wilmington, Delaware, mainly because this is the largest populated city in the state. We also appreciate the proximity to Philadelphia. This city is an ancient city, just like most towns on the east coast. Located right off interstate 95, this is in a great location if you travel in any direction out of the city. There are just over seventy thousand people that live in this beautiful city. Many central banks form this skyline. With a nice little downtown area but nothing too large or overwhelming. Experts say that the average home price in this city is in the mid-two hundred thousand range, which is pretty high for a large city. Most of the towns in America, especially the smaller populated ones, do not have this large of a medium average price range. There are plenty of parts of Wilmington that are better to have a rental than others. Did you know that there is an average price range for rent in Wilmington of thirteen hundred dollars a month? Which is rather decent for an inner-city and makes Wilmington more desirable for investors & landlords.

Newark Investment

Newark
Newark

Newark, Delaware is another city in Delaware that we found to be a decent area to hold rental properties. This city has a smaller population of just about thirty thousand people. This city is also home to the University of Delaware. In most of our research of certain areas, we found that when you are located by a college, it becomes a decent area for a rental property. Now Newark is not that large of an area like Wilmington, but we still found this a desirable place to purchase property. It is considering it another area with cheaper taxes than you would imagine for the type of home. We found a property located in North Newark just above interstate 273. This home was purchased back in 2019 for just over $180,000. Now, this is a higher amount than the last property we mentioned. But they are currently looking to get it rented out for $1695 a month. The taxes on this home are just at $2000. Let’s break this one down for you. It is an older home in not so great of shape. We will factor in a higher maintenance cost for this one. A mortgage on single-family houses similar to this home will most likely be $1,000 – $1,200. Let us go with $1,100 as the mortgage price. Now, if they get their asking each month for $1,695, they will profit a total of $595 a month (1,695 – 1,100 = 595). Now that you have got your profit each month, let’s see what it looks like for the year. (595 x 12 = 7,140) After taxes, this means looking at $5,140 profit on the year. Let’s use $500 for home maintenance costs. This will bring you to a Net profit of $4,640 for the year. Now, if you spend those exact figures in maintenance, it could be less or more some years. These numbers are not too bad; you can turn profits in this area if you decide to buy and rent out a home here in Newark.

The Wonderful State of Delaware

If you are thinking about buying rental property in Newark, Wilmington, or any other part of this great state, then we highly recommend you do so. The figures we gave here in our examples can be better or worse depending on purchase prices. We also counted the taxes separately, which in some cases, most mortgage companies can tie your taxes into your mortgage payments. This could help you manage and see your profits a little more clear. Rental income is one of the best types of income out there. Even if the market crashes and your property loses value. It will always go back up after things settle down. Plus, there is always a rental market out there even if people are not buying.

Selling Property As-Is

It’s many benefits when choosing to sell property as-is directly to real estate investors; it’s a method established within the last couple of decades but has gained popularity recently. It’s becoming a desired route because it provides a quick sale, typically within three weeks. Selling property directly to an investor allows homeowners to make no costly repairs and updates to their home! The ability to sell property fast in its current condition has saved sellers time and money. The traditional on-the-market sale with a licensed realtor consists of the seller paying six percent of the total sales for agent commissions. Most investors cover closing costs which provide an excellent way to avoid agent commissions. Buying Property 215 conducts no inspections along with no financial contingencies; we purchase property regardless of the overall condition & circumstances. We have multiple years of experience buying homes facing obstacles such as foreclosure, tax liens, utility liens, or any other issue. When completing a real estate transaction, we utilize a licensed title company to execute the title search; the title search process clears any existing mortgages, liens, and other required documents. Most of the time, a local title company can complete the title search within three weeks. We believe in being direct with homeowners; before agreeing upon a sales price, our company will present cash comps for homes similar to the subjected property to give the homeowner the exact value of their home. If necessary, we help sellers relocate, part of our approach in making the home selling process as simple as possible!

  • We purchase property in any condition regardless of the circumstances
  • Sell property quickly – seller chooses the closing date
  • No repairs or renovations required
  • Avoid closing costs and realtor commissions
  • No inspections or financial contingencies
  • Highest offer guaranteed

Step 1

Contact Us

We research the details of your home and start crafting an excellent offer for you.

Step 2

Get Your Offer

We present you with a fair cash offer without obligation and no fees.

Step 3

Get Paid

Get the cash you need now. You do NOT have to wait 6 – 12 months to get your house sold.

Buying Property 215

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