If you’re trying to decide whether to keep renting or buy a home, consider the following questions:

1.  Where will you be in the next 5 years?  If you buy a home, you need to live in it long enough for it to appreciate in value.  If you end up moving, changing jobs, or anything else unexpected comes up, selling a home quickly can result in loss of money.

2.  How’s my credit?  Look into your credit and the credit of your partner if you are buying together and take steps to fix any discrepancies before applying for a mortgage.

3.  What’s the expense?  In addition to the down payment and cost of the mortgage, consider the expense of insurance and taxes, monthly upkeep and maintenance as well as any necessary repairs.

4.  What’s the market like?  Don’t just look at the current market, take into account over the past few years too.  Resist the urge to pay more than you should for a home and keep in mind that the more quickly you have equity in your home, the less of a burden it is.

5.  Plan your exit.  Decide what you will do if and when the time comes for you to move.  Keep in mind that you will not be able to sell for a profit until home values rise in your market or until you’ve lived there long enough to have equity in your home.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-856-6434.

The idea of flipping a home is less popular now than it was a decade ago, but it’s still out there.  If flipping a home is something you’ve ever thought of, here are three tips for you:

1.  Remember the 70% rule.  In order to profit from your purchase, take the price that the home will sell for after renovations and factor 70% of it.  Subtract your renovations from the 70% and that leaves you with the maximum price you should pay for the home.

2.  Remember the rules.  If you’re considering a short sale or REO because of a great deal, be sure to research the Fannie Mae and Freddie Mac guidelines that restrict resale of such properties within a set amount of time from the original sale.

3.  Remember the inspection.  Even though you intend to flip the home you buy, you should not forgo the home inspection.  You will want to know if there are hidden problems that are more of commitment than you are financially prepared for.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-629-6693.

If you’re looking for something fun to do this weekend, check out these area events:

Friday, May 24^th: Lightship Overfalls Opening Party & Auction
This year celebrates the 75^th birthday for “Big Red,” the historic lightship in Lewes.  This fabulous annual party will take place from 6pm-9pm at the Virden Center on the University of Delaware Marine Campus.  Tickets are $40 in advance or $45 at the door until they are sold out.  This event is a great kick-off to the summer season and includes food and drink, games, raffles, silent and live auctions and more.  For more information or to purchase tickets, check out the Overfalls website.

Saturday, May 25^th: Horseshoe Crab & Shorebird Festival
This annual event is hosted by the Milton Chamber of Commerce and will run from 10am-4pm at Milton Memorial Park.  This will be the tenth year for the festival, which boast over 1500 visitors yearly.  The day includes arts and crafts, boat rides on the Broadkill River, canoe trips on Prime Hook Creek, games, food, music, trail walks, kids’ train rides, a scavenger hunt, and more!  A shuttle bus is available to transport guests to and from the Refuge.  For more information contact 302-684-1101.

Saturday, May 25^th: Historic Lewes Farmer’s Market
Don’t forget that the Historic Lewes Farmer’s Market is now open for the season.  See more details in this post.

Saturday, May 25^th-Monday, May 27^th: Maritime Weekend
Celebrate maritime weekend all weekend long at the Zwaanendael Museum in Historic Lewes.  For more information call 302-645-1148.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you — 302-644-2266.

When you are buying a home, the industry standard is a 30-year mortgage.  However, if you can swing it there are definite advantages to a 15 year mortgage instead.  The biggest benefit of a fifteen-year mortgage is, of course, that you pay your home off in half the time and wind up saving a lot of money in interest.  In addition you will also accumulate equity in your home faster as you pay off the principal, which could free you up to take out a home equity loan if needed.  Of course, you shouldn’t bury yourself to be able to afford a fifteen-year mortgage.  Remember that you don’t want to spread yourself too thin… your home should not be your only source of savings.  You also want to make sure you can save for retirement and emergencies each month.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

The Historic Lewes Farmers Market opened for the season last week and will be open every Saturday until the end of September.  Most Saturdays the farmer’s market is at the Historical Society (110 Shipcarpenter Street), but on June 22^nd, July 13^th, and August 3^rd the market will move to the Shields Elementary School parking lot (910 Shields Ave.).  Vendors sell everything, including fresh beef & pork, homemade jellies and jams, fruits, veggies, organic baked goods, gourmet cheese, and more.  For a full list of vendors, check out this list.  It is definitely worth checking out, although you should leave your pets at home because they are not allowed.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

I’ve been talking a lot about remodeling this week, and today’s post is no different.  If you’re considering a remodel here are five steps to help you succeed:

1.  Do your research.  See yesterday’s post for several questions you should ask and do your own research before you even begin.

2.  Get your money straight.  Remodeling can be a big task with a seemingly endless cost attached to it.  Before you begin any work be sure that you have a reasonable budget for the kind of work you want and that your financing is completely in order.  Going back to number one, this is something you should research to determine what your best options are.

3.  Get estimates.  Ask for recommendations from friends, family, and others that you know and then get in-person estimates from multiple designers, contractors, and anyone else you might employ.  Ask for references and examples of work.

4.  Consider the details.  Make as many decisions as possible before you project begins.  Even the smallest details will cost you time and money once your remodel is under way.

5.  Plan for the unforeseen.  There is no such thing as a perfect renovation and the unexpected can throw a wrench in even the best plans and even the most generous budget in the trash.  Plan to cushion your budget by at least twenty percent from the beginning so that you are prepared if (often more likely, when) these things happen to you.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

If you are thinking of remodeling your kitchen or any other part of your home here are three questions you should ask yourself before you start anything:

1.  What is the purpose of this remodel?  Do you want a fresh look, completely new function, or a serious overhaul?

2.  What is most important?  Create a list of your priorities in the order of their importance to you before you begin and you will have a much easier time making budget choices in the long run.

3.  What investment can I afford?  Regardless of your personal budget, consider the value of the other homes nearby and the current value of your own home.  Over spending may give you the results you want immediately, but it might not be the best long term investment, so be sure to consider your options.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-856-6434.

If you’re looking for something to do this weekend, check out this list of local events:

All Weekend:  30^th Annual Rehoboth-Dewey Sidewalk Sale
The Rehoboth Beach-Dewey Beach Chamber of Commerce & Visitors Center will run from 9am-9pm from Friday through Sunday.  Individual stores may operate at different times though.  For more information call the Chamber at 302-227-2233.

Friday, May 17^th – Remember Lewes
As part of the Lewes Historical Society’s “Remembering Lewes” series Churck Fithian will bring his extensive knowledge to the Lewes Historical Society when he presents a program about Delaware’s role in the War of 1812.  The program runs from 7:30pm-9pm and will be held at the Lewes Presbyterian Church Fellowship Hall on Kings Highway.  Everyone is invited to attned this free educational event.

Saturday, May 18^th – Youth Finish Tournament
The Friends of Cape Henlopen State Park will host their annual youth fishing tournament on Saturday from 8am-11am, with a rain date of Sunday, 5/19.  This tournament is open to all kids ages 16 and younger.  The entrance fee is $10 and the first 50 registrants receive a free t-shirt!  Prizes are awarded.

Saturday, May 18^th – Maritime Day 2013
Congress first declared Maritime Day in 1933, and the Cape May-Lewes ferry will honor that celebration on Saturday at the Lewes Ferry Terminal with a ceremony at 1pm.  Admission is free and includes engine room and bridge tours, maritime displays and more.  Food and drink will be available and the event will take place rain or shine.

Saturday, May 18^th – Pooches in the Park
If your four-legged friends are more like family, consider this event which will take place from 1pm-3pm on Saturday at Canalfront Park in Lewes.  The event features specialized and pet-friendly vendors, a doggie spa, agility and obedience demos, and more.  Admission is $5 per pup, but free for their two-legged friends and owners.  One dog per handler and all dogs must be on a non-retractable leash with a maximum length of six feet.

Sunday, May 19^th – Fitness ‘n Fun
Quest Fitness and Kayak is hosting its 2^nd annual “Fitness ‘n Fun from 8am-12pm in Canalfront Park in Lewes on Sunday morning.  This event is completely free and open to anyone.  Activities include yoga, book camp, pilates, zumba, kick boxing, spinning, Kids FIT, and more.  For a schedule of events and more information, check out this link.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

Yesterday I talked about kitchen makeovers, but the thing about totally redoing a kitchen is that it can be very pricy.  If you’re wanting to give your kitchen a face lift in a more budget-friendly way, consider some of the following suggestions.

Stick to the Ws.  Window and walls that is.  There are basically endless options for wall coverings that can be easily cleaned.  A fresh coat of paint can do wonders for a room!  Changing up the window treatments can also give the room a whole different feel.

Keep what you have.  Installing new cabinets can be expensive, but your whole kitchen can feel like new if you refinish your existing cabinets.  Just make sure you do your research and use high-quality prep products.

Repurpose other pieces.  Consider using an armoire as a pantry or a unique table as an island.  Repurposing individual pieces of furniture can save you money and add interest to an otherwise neutral room.

Appliances only.  If you have some money to work with, but not enough for a full makeover, consider replacing only your appliances.  Especially if they are showing signs of wear and tear.  And remember that appliances can be expensive if you get all the fancy gadgets, but basic appliances that will fit your requirements can be just as nice if you are on a budget.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-629-6693.

It is no secret that kitchens and bathrooms sell homes, but they are also the centerpieces of family life too.  A kitchen makeover can give your home a whole different feel.  Whether you want a kitchen update to help sell your home faster or just to enjoy yourself, here are some helpful tips for design planning.

Plan for space.  Kitchen design pros recommend walkways of at least 36 inches in all kitchen areas with 42 inch pathways in cooking areas and more if there is more than one cook.

Plan for traffic.  Place the refrigerator accessible to anyone wandering in looking for a drink, but still convenient to cooking and cleanup areas.

Plan your corners.  Keep all cabinets and appliances fully functional by planning space for the doors clearance and swing.  Keep appliances away from corners and make sure doors won’t bang into each other if they are open at the same time.

Plan your landings.  Landing space is work space for cooking.  There should be a minimum of 15 inches of counter space on each side of the refrigerator and stove top as well as 15 inches near the microwave.

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.