Condos Delaware

How to Buy a Condo: A Step-by-Step Guide

There are numerous benefits of condo living, including affordability, less maintenance, appreciation of the value of your home, and proximity to schools, shopping and easy access to major thoroughfares. Living in a condo building also provides a sense of community with one’s neighbors, particularly if you choose a property within a beautifully designed, master-planned community like Darley Green. If you’re thinking about buying a condo in Delaware, here’s what you need to know about the process.

Secure home financing

You may wish to get preapproved for a home loan before you start your search in earnest. It’s also worth asking the builder if they partner with any home lenders for special financing arrangements. Montchanin Builders, for example, partners with Cardinal Financial to offer personalized financing terms with stellar rates and excellent service.

Schedule an appointment

Once you’ve been pre-approved with a lender, its time to review the floorplans and features available in new construction condominiums. The homes available at Darley Green are one-of-a-kind. Schedule a time to review the available homesites, pricing and design features with one of our dedicated sales professionals! We’ll walk you through the floorplans, design center options, purchase agreement and more!

Find a homeowner’s insurance policy

Prior to settling on your new home, each home buyer needs to obtain a homeowner’s insurance policy. A typical homeowner’s insurance policy will cover the interior and exterior of the home. If a natural disaster damages your home, its possessions, and the exterior property, the homeowner’s insurance policy will cover it. Condo insurance is a little different. Generally a home owners association will cover the cost of repairs to the exterior areas with their own Master Insurance Policy. So all you have to obtain is a condo insurance policy that will cover the cost to repair the interior of your home. Shop around and compare rates – most home buyers will bundle with their car insurance company to obtain additional savings.

Close the deal!

The closing is the most exciting part of buying a condo. You will sign all of the legal paperwork. Then, the deed is recorded and the keys will be handed over to you. Congratulations! You’ll be the official owner of your very own condo! Now the real fun begins – moving and decorating your new home!

Check out these Delaware condos for sale

If you’re looking for beautiful, move-in ready condos for sale in Wilmington, Delaware, look no further than Montchanin Builders. Our condos and townhomes are masterpieces that offer flexible living arrangements and luxurious features at an affordable price point. Situated within our master-planned communities, our condo buyers can look forward to wide open green spaces, community gathering areas, and close proximity to local amenities, including world-class dining and entertainment venues.

For information about the condo-buying process, and to inquire about special financing offers, call Montchanin Builders today. You can also take a virtual home tour of our properties on our YouTube channel.

Additional resources for home buyers:

Why Buying a Condo May Be Your Smartest Investment Yet

Whether you’re buying your first home or your fifth, you’ll love the flexibility, freedom, and affordability of condo ownership. Here are some of the top reasons why buying a condo is a great long-term financial investment.

Condos are an affordable option for home buyers

Luxury condos are often more affordable than you might think. This is because they share land and exterior walls with their neighbors, which keeps costs low while still giving residents exceptional space, privacy, freedom, and amenities.

Condo owners save on maintenance costs

Yet another reason why it’s a smart investment to buy a condo is that they do not require the extensive, ongoing maintenance that a single-family home demands. With a single-family home, the homeowner is responsible for maintaining the exterior appearance of the home site. The homeowner must either spend hours each weekend mowing the lawn, weeding the flower beds, and irrigating both, or hire a landscaping company to take care of these tasks. It can not only be a hassle, but also expensive, and can take the fun out of homeownership.

On the other hand, owners of condos don’t have to worry about exterior maintenance. This is because condos are typically covered by a homeowner’s association (HOA) agreement. The HOA usually takes care of all of the exterior maintenance on the property.

Condo ownership is an investment in real estate

Buying a condo is not only an affordable entry point into homeownership, but it can also be much more financially advantageous in the long run as compared to renting. Over time, the value of your property will likely increase. As a condo owner, you are building wealth by investing in real estate. With each monthly mortgage payment you make, you are growing equity and value while reducing the principal. Renters, by contrast, make monthly rent payments that help their landlord build equity, not themselves.

Beyond the financial benefits

If you have been renting in an apartment building for a long time, you already know the substantial drawbacks to this living arrangement. One of them is that apartment tenants lack the freedom to make aesthetic changes to their homes. Since they don’t technically own the home, these tenants are typically prohibited from changing the wall colors, replacing the carpet with wood floors or vice versa, and changing other features of the home’s appearance.

On the other hand, condo owners have a great deal of freedom with the appearance of their homes. Once you buy your own condo, you can change its design to reflect your own unique style and tastes.

Find beautiful condos for sale in New Castle, Delaware

If you’re interested in buying a condo in New Castle County, Delaware, Montchanin Builders is here to make things easy. Our beautiful, luxury condos in the heart of Wilmington, Delaware are available at affordable prices.

Our much-coveted condos feature two stories of architecturally exquisite space nestled within the carefully manicured landscaping of Darley Green—one of our master-planned communities. Plus, they are just a short walk or drive away from a wide range of local amenities, like fine dining, arts and cultural attractions, and nightlife. To discover more about our available homes for sale in Wilmington, Delaware, call Montchanin Builders today.

Additional resources for home buyers:

What Is the Difference Between an Apartment and a Condo?

If you’re tired of apartment living and thinking about buying your own place, you might be wondering why you’d look at condominiums. After all, isn’t “condo” just a fancy word for “apartment?” Actually, no. Apartments and condos have little in common. Here’s a quick primer on the differences between apartments and condos.

Who owns the property

The most significant difference between apartments and condos is who owns the property. If you live in an apartment, you pay rent to a landlord—you hold no ownership interest in the property. While it’s also possible to rent condos, most of them are owned by their residents. It’s just like owning a house, except that the condo is in a larger building.

How payments are managed

Since condos are typically owned, not leased, the payments are managed differently from apartments. A rental apartment typically requires a security deposit and the first and last month’s rent upon moving in. The renter then sends out monthly rent checks.

A condo can be purchased with a mortgage, just like a house. You’ll make your monthly payments to the mortgage lender. Each time you make a monthly payment, your equity in your home grows.

Who maintains the property

There are a lot of disadvantages to renting an apartment. One of the few advantages is that maintenance is included in the rent. Of course, some landlords choose to inadequately maintain their properties, causing headaches for the tenants.

If you buy a condo, you will be responsible for the maintenance of everything inside your home. However, in many cases, condos are included in a homeowners’ association (HOA). You’ll pay the HOA fees and the HOA is responsible for the maintenance of all common areas.

How you can personalize your space

Another main difference between apartments and condos is the personalization options. Tenants who rent their apartments have little to say about how their homes look. It’s typical of a landlord to prohibit tenants from putting up shelves, creating built-ins, or even changing the color of the wall paint without prior authorization. Some landlords won’t even allow tenants to use thumbtacks in the walls. In short, tenants have little control over what their home looks like.

In contrast, people who live in condos own their own property. If they wish, they can install new built-in bookshelves, upgrade the kitchen cabinets, retile the kitchen floor, and paint the walls to their heart’s content. There is a great deal more freedom involved with owning a condo versus renting an apartment.

Shopping for a new condo in northern Delaware?

Montchanin Builders is pleased to offer luxury condominiums for sale in our highly sought-after community of Darley Green. If you’re looking at new construction homes in New Castle County, Delaware, you need to check out our beautiful townhomes and condos. They’re nestled within a neighborly, walkable community close to schools, shops, restaurants, and other convenient amenities. Our new homes in northern Delaware offer everything home buyers need!

You can schedule a viewing or inquire about our special financing offers by contacting our knowledgeable associates today. Be sure to ask us about our special $15,000 incentive program for new home buyers!

Additional resources for home buyers:

Top 3 Trends in Condo Living

For decades, the single-family home was the number one preference for Delaware homebuyers. Market trends have shifted, however, as people began to appreciate the simplified lifestyle offered by condo ownership. Gone are the days when new construction condos attracted a specific kind of buyer: empty nesters looking to scale back, or the young professional willing to trade in square footage for convenience and city location.

Today’s condominium communities attract a wide variety of buyers, from retiring Boomers and young families, to singles and couples who are transitioning from an entry-level apartment to a spacious, two-story condo. The community of Darley Green in Claymont, Delaware is the perfect example of where this is happening.

Why are increasing numbers of buyers opting for condo living?

For many, it all boils down to quality of life. They want to spend their time doing what they love, not worrying about yard work or property maintenance. They want to be close to shopping, dining and some of the region’s best schools, and still cut down on their commute. Darley Green checks all the right boxes:

  • Thoughtful floor plans with options to personalize
  • Gourmet kitchens
  • Attractive financing options
  • A prime address close to downtown Wilmington and historical attractions

With all of this in mind, let’s explore some of the biggest trends in condo living for 2018.

Expanding space

While some have embraced the notion of “tiny house living,” residential developers have also seen a growing demand for more square footage in the modern condo. Young couples in particular are looking for 3-bedroom units that can accommodate the needs of a growing family. Buyers are finding more spacious dwelling options close to the city; instead of cramming into 1,200 square feet, they can choose from open floor plans boasting up to 2,500 square feet of living space.

Focus on community

Developers are also realizing that buyers are not only looking for carefree living close to urban amenities. Walking trails, playgrounds, parks and shared green areas have become the extension of the home, as people yearn for a sense of community and neighborhood camaraderie. In that vein, master-panned developments are creating more than just condos, but a backdrop that encourages communication and a real sense of community.

More family-friendly amenities

Condo living definitely appeals to individuals who want a relaxed “live, work and play” lifestyle. But it also attracts buyers who are planning to have kids and want the amenities and conveniences in place to raise a happy and healthy family. They want homes that are close to reputable schools, public transport and have more features that cater to families. Even empty nesters are looking for communities where their grandkids can visit and have parks, playgrounds and outdoor areas to play.

Learn more about Darley Green

Tired of renting but don’t treasure the idea of yard work or property maintenance? Montchanin Builders has created beautiful Delaware condos in the master-planned community of Darley Green.  We invite you to call our sales center for more information, or to schedule a personal tour at 302.655.2600.

Resources:

  1. Condo.com, Condo Market Trends: What to Watch for in 2018 http://www.condo.com/blog/condo-market-trends-what-to-watch-for-in-2018/
  2. Canadian Home Trends, Top Trends in Modern Condo Living http://canadianhometrends.com/top-trends-in-modern-condo-living/

How to Give Your Condo Color and Personality

Do you love your, but feel that it’s time to upgrade and refresh its look? Every home needs a design re-start from time to time. Depending on your style and budget, there are plenty of ways to add color and personality to your condo.

Enhance with lighting

Lighting can – and should – be more than strictly utilitarian; it sets the mood of the space. Abundant low lighting on dimmer switches allows multiple options for creating atmosphere. Chandeliers and sconces can be a bigger commitment, but also make for a more drastic style revamp.

Try a decorative wall treatment

Beige, in theory, goes with every style. But it may not exactly be your style. There are several options for big style changes in a range of budgets when you opt for decorative finishes for the walls. Here are just a few ideas:

  • Wood paneling has come a long way from 1970s pine paneling. Consider a rough finish around the fireplace for a rustic look, or a smooth finish in the den for some polish.
  • Textured wallpapers are available in timeless or trendy designs. They can be painted to match your decor and removed with relatively little trouble.

Upgrade hardware

Whether your doors and cabinets are decorative or plain, new hardware adds an instant personalized touch. Decorative hardware comes in a range of price points, but even the highest end options offer a big bang for the buck. Best of all, they are easy to change if you decide on a different look down the line.

Add trim and molding

Decorative trims, including baseboards and ceiling moldings, add a refined touch to plain walls. The style and color of trims can lend either a classic or a modern look. Well-chosen ceiling trims will make the room feel larger or smaller depending on execution.

Accessorize with style

Adding carefully chosen accessories is the most versatile way to add some personal flair. Lamps, vases, rugs, furniture – each element adds to the overall atmosphere of a home. When choosing these items, take the opportunity to make a statement while putting your own stamp on your condo.

Find Delaware condos

Busy home owners in DE love the carefree ease of condominium living. The beautiful communities from Montchanin Builders feature condo homes with plenty of personality and sought-after amenities. To find out about condos for sale in Delaware, call Montchanin Builders today.

More on how to add personality to your condo:

  1. Chatelaine, 7 ways  to add personality to a cookie cutter condo, http://www.chatelaine.com/home-decor/condo-design-decor-ideas/image/7/
  2. Forbes, 10 Easy Ways To Decorate Your Home With Lighting, https://www.forbes.com/sites/marcellefischler/2013/01/18/10-easy-ways-to-decorate-your-home-with-lighting/#5e37bcf81497

5 Reasons to Buy Your New Condo in Delaware Now

Are you in the market for new condos in Delaware? Real estate trends in Wilmington show a steady climb in home prices, so if you’ve been waiting for the right moment to snag a great deal, this could be it! According to Trulia, median sales prices for Wilmington homes have jumped 14.5% over the last year. On top of that, economists agree that rates for fixed mortgages are unlikely to increase much above 4 percent this year. With house prices slowly going up and low interest rates, this may be your golden opportunity to purchase one of Darley Green’s move-in ready townhomes and condos.

New homes in Delaware: Wilmington market trends

It’s not likely that home prices will come down any time soon, as market trends in Delaware real estate reflect a slight but stable surge in costs. With today’s comparatively low mortgage rates, home ownership is now incredibly affordable, and is often less expensive than renting. Here are five compelling reasons to consider purchasing your new home in Wilmington sooner rather than later:

  1. Home prices are increasing. Wilmington home sale prices between December 2012 and February 2013 were 14.5% higher compared to the previous year, according to Trulia. Economists predict these house prices will continue to appreciate.
  2. Mortgage rates may rise next year. Mortgage interest rates are hovering at 4% or less, but these rates may trend higher later in the year and into 2014.
  3. Rent prices are climbing. In 2012, rent prices across the nation went up 4%. Rental rates are expected to increase as the economy continues to recover and strengthen.
  4. Mortgage rules may become stricter. With new rules like the Qualified Residential Mortgage, homebuyers may face new conditions for down payments and minimum credit scores.
  5. Better incentives are on offer. New construction homes are offering excellent terms for homebuyers with flexible financing options and low down payments.

Darley Green homes in Wilmington: luxury living you can afford

Jed Kolko, chief economist for Trulia, says that those who act now are in a better position to put down a down payment and qualify for a mortgage. So what’s the take home message? For the best financial deal on new homes in Delaware, 2013 may be your time to purchase. Your dream home could be on the market right now at Darley Green, so why not swing by and check out our latest Spring arrivals. If you’re concerned about location, our address in Delaware’s famed Claymont Renaissance district is centrally situated just 5 minutes from downtown Wilmington, and 20 minutes from all the action in Philadelphia.

Our two and three-story townhomes and condos offer a variety of floor plans, classic exterior styling, 2-car garages, high ceilings and gourmet kitchens. The Montchanin Builders have carefully designed each home to suit the preferences and needs of the modern homebuyer, from young couples to families and retirees. Discover the many joys of living in a master-planned community, where ample green spaces, onsite jogging trails, a community library and local shops are just steps from your door.

Come visit us anytime between 11AM and 6PM to view one of our model homes. To find out more about our specials for first-time homebuyers, or to schedule an appointment, please contact Amy Maluski, Community Sales Manager, at 302.655.2600.