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What Is a Forced Savings Plan and Why Do Homeowners Rave About It?

If you’ve been looking for ways to build up your savings or work toward being able to retire someday, buying a move-in ready home in Delaware may not be the first move that springs to mind. After all, a mortgage will take up a large portion of your earnings. However, taking out a mortgage is actually one of the smartest financial decisions you can make. Here’s why financially savvy Americans are raving about this “forced savings plan.”

The problem with renting

Long-term renters may experience the frustration of paying hundreds, if not thousands each month to a landlord, and yet still being unable to call their home truly “theirs.” Each time you write a rent check, you’re enriching your landlord, but not yourself. You do not own any part of your rental apartment or house. When you move out, you’ll have nothing to show for your efforts except perhaps a lightened bank account. In other words, renting your home builds equity for your landlord, but not for you.

The benefits of a forced savings plan

On the other hand, taking out a mortgage is like paying yourself back over time. You will gradually build equity in your own home with each mortgage payment you make. The more equity you have, the more of your home you’ll own free and clear. In other words, by the time you pay back $100,000 of your mortgage, you’ll have that much in equity that you could draw from, similar to a savings account. Although equity isn’t liquid, it could actually figure into your retirement savings plan. Many retirees decide to downsize at this stage in life by selling their houses and moving into a smaller house or a retirement community. If you own all the equity in your home free and clear, you’ll get a nice fat check when you’re ready to downsize.

Another crucial benefit of taking out a mortgage instead of renting is payment stabilization. Your rent is subject to being increased at the end of every lease term—and quite a few landlords raise the rent regularly. On the other hand, if you take out a fixed-term mortgage, your interest rate will stay the same and so will your monthly payment. It’s an extra form of financial security in an uncertain world.

Find your dream home in Delaware today and begin saving!

If you’re ready to take on a mortgage in order to build up equity and improve your financial health, it’s time to take a look at the gorgeous homes for sale by Montchanin Builders. Our architects and expert craftsmen take pride in building beautiful new construction homes in New Castle County, Delaware. With generous floor plans and luxurious features, our homes are in high demand—so schedule your visit today!

Take a tour of our walkable neighborhoods of Darley Green and The Overlook at Rockford Falls. Fall in love with the nearby amenities, like pristine state land, well-maintained parks, restaurants, and so much more! Get in touch today and be sure to ask us about our special financing offers!

Additional resources for home buyers:

How Do I Know When I Am Ready to Buy a House?

Buying a home is a major decision. Homeownership offers many advantages, like the chance to build equity in your investment over time. Plus, you’ll be able to personalize your home however you wish—something that you can’t do while you’re renting. But is now the right time, and are you ready? First-time homebuyers in the Wilmington, Delaware area can consider the following factors to determine if they are ready to buy a move-in ready home.

You have a down payment.

If you have a down payment saved, you could be ready to buy a house. It’s always a good idea to save as much as you can before making a major purchase, but you might not need as large of a down payment as you might think. Montchanin Builders has a great relationship with one of the nation’s premier lenders, Supreme Lending, so contact us today to earn about the great financing deals that are available.

You’ve been working on improving your credit.

Financial experts generally recommend improving your credit as much as possible before buying a home. This involves making all payments on time and paying down your debt to improve your credit-debt ratio. Keep in mind, however, that your credit might not need to be as high as you might think.

You’re ready to settle down in the same place for a while.

First-time homebuyers in the Wilmington, Delaware area are often motivated by the desire to settle down in the same place for a while. Ready to put down some permanent roots? You’ll love the amenities of the Montchanin Builders neighborhoods, like close access to nature paths, state parkland and shops and businesses.

You can’t wait to enjoy all the benefits of homeownership.

There are so many perks of owning your own home compared to renting! If you’ve been renting for a while, you may be tired of having to obtain your landlord’s permission for every little modification you make. It’s common for renters to be unable to paint their walls in their preferred colors or even install new shelves. When you own your own home, you can personalize it to suit your lifestyle and your unique design preferences.

Other perks of owning your own home include having plenty of space—both for storage and for entertaining guests. Plus, you’ll be able to enjoy your property’s outdoor spaces – and your pets will love them too! You’ll also enjoy the feeling of long-term stability that comes with homeownership.

Check out these gorgeous new homes in northern Delaware!

When you’re ready to buy a move-in ready home in Delaware, check out the gorgeous home sites and floor plans available from Montchanin Builders! Our masterfully planned communities of Darley Green and The Overlook at Rockford Falls offer the best of both worlds—you’ll be close to all the amenities of town, but be able to enjoy wide-open spaces and gorgeous views.

Give us a call today to discuss special financing offers and schedule a viewing. Call 302-472-7212 or use the contact form on our website to get in touch.

Additional resources for homebuyers in Delaware:

5 Easy Home Staging Tips

If you have outgrown your starter home, or you’re just ready for an upgrade or a new location, you’ll undoubtedly want to get the highest possible price when selling your home. It’s always a good idea to do a thorough evaluation of your home and to perform any recommended repairs. Once your home is in tip-top shape, you can use the following home staging tips to make your house more appealing to buyers.

Know where to focus your efforts

It can be expensive and time-consuming to completely stage all of the rooms in your home. Fortunately, you don’t have to. Put the most amount of effort into staging the living room, kitchen, and master bedroom, as these rooms are most important for buyers. If you have time to spare, go back and stage the other rooms afterward.

De-personalize the house

Every room in the house should be de-personalized as much as possible. In other words, the items you use for staging the house should be stylish or charming, but they shouldn’t seem like personal items. This allows potential buyers to envision themselves in the space. Use the following tips for de-personalizing the space:

  • Take family photos off the wall, mantel, and shelves.
  • Remove pictures, magnets, and other items from the surface of the fridge.
  • Clear the bathroom counters of all personal items.
  • Remove artwork that doesn’t have widespread appeal.

You should also remove as much clutter from your home as possible. Consider renting a portable storage unit and stowing your belongings in there until the home is sold. This is a better solution than simply storing belongings out of sight, as buyers will be opening closets and cupboards to check out the storage space.

Select neutral colors

Choosing your own paint colors is one of the many perks of owning your own home, rather than renting. However, if you’ve indulged in bright, vibrant wall colors, you’ll likely need to repaint before you put your home on the market. Paint over brightly colored walls with neutral shades of white, taupe, or light gray.

Add fresh touches

Ahead of your open house weekend, it’s a good idea to add some fresh touches to the rooms. Place a bowl of fresh citrus fruits in the kitchen. Add a couple of potted plants to the living room and place a vase of flowers in the foyer.

Brighten the rooms

Another last-minute touch before your open house event is to let in as much light as possible. Open all the blinds and curtains. Turn on all the lights, even if your showing is during the day. If the closets have lights, turn those on too. You don’t want prospective buyers fumbling around to find the right switch.

Looking for new homes in northern Delaware?

After investing time and energy into fixing up and staging your old home, the last thing you’ll want to do is buy a fixer-upper that needs lots of work. Instead, check out the collection of move-in ready homes available from Montchanin Builders. Our new construction homes in New Castle County, Delaware are built with exquisite attention to detail. Give us a call today at 302.472.7212 to schedule a viewing in our walkable neighborhoods of Darley Green or The Overlook at Rockford Falls.

Additional resources for home buyers and sellers:

5 Ways to Know You Found the Right House

Young family with a child moves to a new homeWhen it comes to choosing a new home for you and your family, searching for “The One” is often an emotionally-charged experience. Montchanin Builders strives to take the guesswork and stress out of the process, offering master-planned communities in Delaware that provide luxurious, all-amenity living at affordable prices.

While the externals and price point are very important in your final decision, it also pays to look deep inside yourself and assess how the property makes you feel. Here’s five helpful things to consider when touring a home for the first time.

1. You Can’t Wait to See the Inside.

They call it “curb appeal” because you get excited about seeing the home right when you pull up in front. Like in any relationship, first impressions count when selecting a home. If the exterior strikes your fancy and you are compelled to go inside, that’s curb appeal. If it’s attractive to you, it’s probably attractive to others as well – which helps with resale years down the road.

2. You Feel Like You’ve Come Home.

When you walk in the front door, stop and assess how you feel. Are you comfortable there? Do you want to explore the other rooms? Do the kids stake out their claim on who gets what bedroom? Go with your gut – if it feels like home, then chances are, it is.

3. You Pass the Bathroom Test.

It sounds silly, but it really is a good indication of your interest. Many buyers don’t even enter the bathroom; they just poke their heads in the door from the threshold. If you feel compelled to walk in and check out the tub or the space under the vanity, this very well may be your new home.

4. You Are Passionate About YOUR Home.

If you start becoming possessive about a home, defending even the tiniest flaw (“all that needs is a little spackle,”) then you are surely smitten. A word of caution here: love is blind, so make sure those flaws are truly minor. A sinking foundation may not seem important now, but can add up to big headaches and repair bills in the future. One of the great advantages of working with the new home builders in Delaware at Montchanin Builders is  that you never have to worry about unknowns when choosing your new construction home.

5. You’re Moving Furniture and Envisioning Paint Swatches.

Say you walk into the smallest of the bedrooms and you can visualize the perfect nursery, or maybe conjure up cozy holiday scenes in front of the stone fireplace. If you start creating such scenarios in your mind, this very well may be your new home.

Schedule a Tour

Montchanin Builders is a full-service residential construction and construction management company headquartered in Wilmington, Delaware. With more than 70 years of combined experience in land acquisition, development and construction, we bring the value of in-depth knowledge to every phase of the building process.

We invite you to take a tour of our homes at one or more of our beautiful Delaware communities. Contact us today to schedule an appointment by calling 302-472-7212 and let Montchanin Builders help write your own happy-ever-after story.

Additional resources:

  1. PopSugar, 6 Signs You’ve Found the House You Should Buy, https://www.popsugar.com/home/How-Know-Youve-Found-House-You-Should-Buy-42493996
  2. Save Outside the Box, 7 STEPS TO MAKE SURE IT’S THE RIGHT HOUSE TO BUY, http://www.saveoutsidethebox.com/make-sure-its-the-right-house-to-buy/