Why Buy or Manage Property in Newark, Delaware?
Newark is a bustling college town in New Castle County, Delaware. With a population of over 33,000, it is the third-largest city in Delaware. Although many college students stay in Newark for the school year, the majority of residents own their homes. A vibrant, award-winning downtown provides many opportunities for exciting events and festivals throughout the year, as well as delicious food and unique shopping experiences on a daily basis. With over 60 restaurants, Newark’s downtown has everything you could ever want, from chains you know and love to authentic eateries that you can only try in Newark. If you’re considering property management in Newark, Delaware, there are a lot of great features to attract renters and make it a great place to live.
Newark’s most popular events include seeing a show put on by the Chapel Street Players, getting creative at the Art Alliance, indulging in one’s competitive side at Main Event Entertainment, and exploring one of many antique shops or farmers’ markets in town. Across Newark, there are over 17 miles of trails and 33 parks, giving its residents and visitors plenty of space for outdoor activities as well.
Newark is a vibrant town with a rich history, enjoyed by everyone from seniors to young families and college students. It also hosts a thriving community of business owners and nonprofits, as well as The Newark Partnership, which is a resource for all things live, work, and play in Newark. If you’re considering living in Newark or even just buying property, here are a few things that are worth considering before taking the leap:
Newark Location
Newark is less than a mile away from the tripoint where Delaware, Maryland, and Pennsylvania meet, making it a mere 20-minute car ride from Wilmington, and less than an hour drive from Philadelphia. The city is surrounded by state parks and is home to the University of Delaware.
Education in Newark
Newark is home to the University of Delaware, which is known for its business and biochemistry programs. A number of other colleges can be found in and around Newark, including Lincoln University, Franklin University, and community colleges like Cecil College. Three public school districts enroll children in the city, totaling 17 elementary schools and 7 high schools. There are also 115 private schools in the area, so parents have a great deal of choice when deciding where to send their children.
Finding the Perfect Newark Property
Searching for property can be a very intimidating experience. However, there are things that you can do to make the process a little bit easier.
- Use authentic and reliable websites to search for available property listings.
- Chat with your local real estate agents so that you can be notified of available properties before anyone else.
- Research what price other houses were sold for to get an idea of the “sold price” for the kind of property you’re looking for.
- Thoroughly check the neighborhood prior to making any offer.
- Do research on the risk of flooding in your chosen area before making any commitments.
Taking the time to do adequate research will help you prepare for making such a big life decision so that you can be confident that you are making the right choice.
Property Management in Newark, Delaware
Newark’s residents primarily live in single-family homes, though many apartment complexes have been built in the past decade. Fairfield Crest is a popular neighborhood for families, with its colonial-style homes and proximity to the White Clay Creek State Park, the University of Delaware, downtown, as well as the Fairfield Shopping Center. Most students live in College Park, a neighborhood near the University of Delaware that is right in the heart of town. Newark is mostly home to a mix of college students, families, and young couples, but the majority of residents do own their homes.
Prospective buyers should be aware that Newark currently has a property tax rate of $0.9120 per $100 of assessed value, in addition to Delaware’s relatively low tax rate of .56%. This could be partially due to the city’s “Green Newark” initiative that includes a Renewable Energy Program, extremely convenient recycling, and public transportation, and ongoing solar panel installations on public property.
Interested in owning property in the beautiful county of New Castle County, Delaware? Consider checking online listings for available properties in Newark. Whether you’re looking for your next rental property or need assistance managing your current property, you can connect with us for all your property management needs.
Your partner in property management in Newark, Delaware!
