The real estate market in many areas has taken a beating in the last couple months. Some Delaware investors might have realized that people who are sequestered in condos and apartments get tired of looking at four walls. With that in mind, single-family purchases as investments are becoming among the most popular real estate transactions. More people are appreciating having a yard and a garden to putter around in when staying at home, and more renters are looking at leasing single-family homes.
The unemployment rate around the country hit 15% in May, and the demand for rentals is increasing. Renters are realizing how nice it is to have a yard with neighbors who aren’t in their faces, and so many are searching for homes, rather than apartments, to rent. Millennials are aging, with the eldest being in their 40s, and they are transitioning from singles living the urban lifestyle to marrying, having families and looking to rent single-family homes in the burbs.
Statistics show that single-family rentals make wise investments. If tenants are unable to pay the rent, it may be easier for the owner of a single-family home to borrow to keep his or her head above water until the tenant situation can be rectified. In fact, a report from a few years back shows individual landlords owning more than 70% of all single-family rental homes in the U.S.
A purchaser may be buying a single-family home in which to live or as an investment. In any case, all real estate transactions need to have an experienced attorney involved. A Delaware lawyer may be able to assist by providing advice on contracts, doing title searches and making sure all the i’s are dotted and the t’s are crossed prior to a deal closing.