Part 2: What First Time Central New Jersey Homebuyers Aren’t Told

April 16, 2013 By Leave a Comment
 

cbOf all the things first time homebuyers in Central New Jersey are told, some that turn out to be pretty important are too often overlooked. Here are four items first time homebuyers will find useful to know:

4.       Remodeling costs more than you think

You’ve found a fixer: your energy is to be applauded. But before you write that offer, if you are one of our Central New Jersey first-time homebuyers, be certain to have penciled out the bottom line cost of bringing the home up to the standard you require to be move-in ready. You may well be able to live with some items that you will fix over time, but in all areas, budget 20% more than your estimate.

5.       What matters is what the bank’s appraiser thinks the house is worth

Getting a loan approved isn’t as simple as having great credit and a down payment. Your offer also has to pass the bank’s approval process before they will okay the loan.

6.       Getting inspected doesn’t mean there won’t be problems

Should you skip the inspection process? Absolutely not. You need to know if the home is structurally sound. But owning a home involves continuing expenses — and problems can pop up even on Day One of ownership. Make sure you have funds set aside.

7.       Buying your first house can be stressful…really stressful!

One of the absolute best pieces of advice we can give is to relax — expect the unexpected! Buying your first house is scary only if you allow it to be. Since it is all but certain that there will be ups and downs, allow the possibility that may not get any particular house. Veteran homebuyers come to understand the cost of overly emotional involvement — when you do, too, you will be better able to roll with the punches…and to make financially sound decisions.

If you missed the first three items in our list, check back to Part 1 – or just call us! We’ll fill you in on everything Central New Jersey first time homebuyers need to know.

The DoorPath Team is the most comprehensive online source for Central New Jersey real estate information and services. Whether you are looking for the latest sales, trends or homes for sale in Somerset, Middlesex, Union or Hunterdon Counties in New Jersey, The DoorPath Team at Coldwell Banker Residential Brokerage has it all at your fingertips. Browse information regarding short sales, foreclosures, new construction, investment property, land sales or commercial locations throughout Central New Jersey plus much more at  www.DoorPath.com or call Elizabeth “Liz” Brain at 848-448-3132 or Michael “Mike” Downer  at 732-302-1771.

 

 
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Home Inspection Reports Must Be Read With Caution

October 20, 2012 By 2 Comments
 

Almost every home purchase in Central New Jersey requires a home inspection.  The goal is to reveal any major costs, repairs or maintenance that the home requires.  A competent inspector will provide an estimated cost of repairs for any issues that he or she finds.  Once the report comes back, many buyers use it as a tool to renegotiate the purchase price of the home or to receive a credit at closing for the repairs.

In my experience, even with the most well-qualified and respected companies it seems that inspectors tend to over-estimate the cost of repairs on these reports as part of a CYA approach to the inspection.  Usually they are concerned that the report may be missing something that will come back to bite them.  If the repair item is a big ticket item I always make sure they get a second opinion of the actual cost of the repair.  Especially if I have the seller side I caution the seller that the costs are often a way to get the price down to the area the buyer originally wanted to pay.

Reports often have similar findings.  The grading is bad, the bushes are too close to the house and bugs may enter the home from the shrubs, the roof is discolored indicating the home needs a new roof, etc.  In most cases it is a result of too much caution and can kill a deal that both sides actually want to complete.

As a buyer and seller, it is always best to procure the help of an experienced, local Realtor who will be able to advise you on the many hurdles that will arise during the transaction.

The DoorPath Team is the most comprehensive online source for Central New Jersey real estate information. Whether you are looking for the latest sales, trends or homes for sale in Somerset, Middlesex Union or Hunterdon Counties in New Jersey, The DoorPath Team at Coldwell Banker Residential Brokerage has it all at your fingertips. Browse information regarding short sales, foreclosures, new construction, investment property, land sales or commercial locations throughout Central New Jersey plus much more at  www.DoorPath.com or call us at 908-658-9000 x 159 or cell at 732-302-1771.

 

 
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Money Pit Issues and How to Avoid Them With A Home Inspection

June 23, 2012 By Leave a Comment
 

As a home buyer in the Central New Jersey Real Estate Market, one of the smartest things you can do is get a home inspection. When it comes to buying a home it is probably the single most important thing you can do to protect your investment.  When a home does not go through the inspection process it has a tendency to become a money pit with the little things that would only appear to a licensed home inspection professional.

Most people can see the big things when it comes to looking at a new home.  If the roof has a hole in it the size of a basketball you will probably see it.  If it has a hole the size of a golf ball you might miss it.  A home inspector knows what to look for and where to look.  A leak in the roof may appear as a repainted section of a closet ceiling for instance.  The inspector can see things such as structural issues, (termite damage), mechanical problems (heating and air conditioning) or construction defects.

They will create a report listing any areas of concern and describe potential remedies such as repair or replacement.  The ones that we at the Doorpath Team work with will also give you some idea of what the costs are to remediate the issues so we can help you negotiate a fair price on your home purchase.  The inspectors can also give you an idea of the remaining life expectancy of the major systems such as AC, Furnace, and appliances so you have an idea of upcoming costs.

When you go to buy a home there is a tendency to think the seller should repair everything in the home prior to your purchasing it.  While there are no hard and fast rules here, remember that you are buying a pre-owned home not a new one.  You have already made some adjustments in your offer price for condition.  You are just trying to determine any hidden issues with the home prior to purchase.

Generally if you would have to hire a professional to work on the repair the seller should be paying for the repair either prior to purchase or through a price reduction.

Getting a professional to inspect your home is never a guarantee that there is nothing wrong with the home but in most cases it will allow you to avoid the surprises that can turn your home into a money pit.  If you would like a list of the professional home inspectors we use in the Central New Jersey area just send us an email at mike@mikedowner.com with the word INSPECTOR in the subject line and we will get it right out to you.

 
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Closing Costs When Buying a Home In Central New Jersey

June 21, 2012 By Leave a Comment
 

Closing costs are a list of charges you will have to pay on the closing date that is set for your home. Many people are surprised at the additional costs over and above the price of the home.

Closing costs will vary from area to area, but a good rule of thumb is to plan for at least 1.5% of the purchase price for closing costs in addition to the down payment. It’s not a bad idea to allow 2.5% for closing costs, just to be on the safe side.

Closing Costs Broken Down

Here are some of the closing costs you may encounter depending on your specific situation. Use this as a guideline then talk with your lawyer or closing agent, who can provide a more realistic estimate for your situation.

Land Survey Fee or Title Insurance Fee

A recent survey of the property is usually required by lenders. If one is not available the cost can range between $600 – $900 for a new survey. In lieu of the survey most lenders today will accept title insurance which can cost considerably less.

Appraisal Fee

An appraisal provides the lender with a professional opinion of the market value of your home. This cost is normally the responsibility of the homeowner and it can cost between $200 and $500.

Home Inspection

A professional inspection of the home, top to bottom is for the benefit of the buyer. A home inspection can cost anywhere from $250 – $400 and is well worth the investment. When hiring a home inspector make sure the inspector has liability insurance just in case they overlook something.

Homeowner Insurance

Mortgage lenders require a certificate of insurance to be in place from the time you take possession of the home. The amount required is generally the amount of the mortgage or the replacement cost of the home. This cost can vary on the property size, amount of coverage, the insurance company and the municipality.

Mortgage Insurance

If your mortgage is insured, you will be required to pay the applicable taxes on the insurance premium at closing. While the insurance premium can be added to the mortgage amount, the tax must be paid at closing, where applicable.

Land Transfer Tax

Most states charge a land transfer tax payable by the purchaser. In NewJersey we call it a Realty Transfer Fee. Land transfer tax is based on the purchase price. First time home buyers purchasing a new or re-sale home may be entitled to a refund.

Legal Costs and Disbursements

Lawyers and notaries charge fees for their services involved in preparing the deed, preparing the mortgage, and conducting the various searches. Disbursements are out-of-pocket expenses incurred during the process such as registrations, searches, and supplies.

Closing Adjustments

An estimate should be made for closing adjustments for bills the seller has prepaid such as property taxes, utility bills, and other charges. Any bills after the closing date are the responsibility of the purchaser. A lawyer will let you know what they are once research has been completed. You will be given what is known as a “Good Faith Estimate” of closing costs prior to your closing so you will know exactly how much money you’ll need to bring to closing.

If you have any questions about closing costs on your home, just drop us a line at mike@mikedowner.com or leave a comment in the box below.

 
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Should I Buy an Investment Property in Central New Jersey?

May 31, 2012 By Leave a Comment
 

Historically, real estate has been a great investment. Those with enough money to purchase an investment property and hold on to it for a number of years were able to expect appreciation in the value of the home and a steady stream of renters to foot the month-by-month bills. Are those days long gone?

Maybe not. Sure, the market has been on a real roller coaster ride for the last few years, but that doesn’t mean that you’ve missed your chance to purchase an investment property. In fact, today may be a great time, and here’s why:

  • Interest rates are historically low.
  • Home prices have dropped significantly in the last few years.
  • A large inventory of homes on the market means sellers are willing to negotiate on price.
  • Tax benefits continue to apply to owners of investment properties.

According to the National Association of Realtors, sales of investment homes soared 64.5% in 2011. If you’re thinking about getting your hands on a piece of the investment market pie, consider these tips:

  1. Assemble your team. As with any home purchase, it’s important to have a group of advisors you trust. This obviously includes your real estate agent and mortgage broker, but it also includes a home inspector, contractor, accountant, and property manager. Start asking around for recommendations from friends and relatives.
  2. Have a healthy down payment. Buying an investment property is different than buying an owner-occupied home, when it comes to the lending process. Many banks want to see a down payment of at least 25%, if not 50%.
  3. Calculate your out-of-pocket expenses. If you’re going to be using the home as a rental property, consider costs like improvements to the home in order to make it tenant-ready, ongoing maintenance, property management fees, and the mortgage payments you’ll be responsible for in between tenants. If your plan is to renovate a home and resell it, consider not only the renovation costs, but also carrying costs if you can’t sell it as quickly as you’d like. You can find great investment property cost calculators online.
  4. Find the right location. Experts agree that you should buy the worst house in a nicer neighborhood, instead of the nicest house in a bad neighborhood. If you’re going to be renting, think of what kind of renter you’re hoping for (families, students, adult roommates) and think of what they’ll be looking for in a house: multiple bedrooms, parking, a fenced yard, proximity to public transportation, or a good school district, for example. Also, research comparable sales and rental rates in the neighborhood you choose.
  5. Make your offer contingent upon an inspection. If anything, an inspection is even more important on an investment property than your primary home. Your profits can quickly go down the drain if there are significant structural, plumbing, or electrical problems in the home you purchase.
  6. Don’t go overboard with renovations. Yes, it’s important to upgrade your investment property in order to make it livable and have it appeal to potential rentals or buyers. But, that doesn’t mean you have to put in hardwood floors, granite countertops, and stainless steel appliances. Consider the wear-and-tear that renters put on a home. If you’re planning on selling the home, you don’t want to out-price the neighborhood.

With a combination of preparation, research, analysis, and a little hard work, an investment property can be a great investment in today’s market, both in terms of short-term cash flow, and long-term real estate appreciation.  If you would like a list of value properties in Bridgewater or anywhere else in Central New Jersey, drop us an email with the word VALUE in the subject line to mike@mikedowner.com.

 
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What are the Different Types of Home Inspections?

April 27, 2012 By 1 Comment
 

Many first time home buyers are confused when their real estate agent tells them they need to have a home inspection when they buy a new home.  Here is a quick list of the types of inspections you may choose to have when buying your next home.

Primary Home Inspection

This is the most basic of inspections and yet the one many people decide they should save some money on by not have it done. This type of inspection allows you to find out what repairs if any should be done to protect your interests as well as any repairs that may be too expensive to have done so you should walk away from the deal.  In order to avoid buyer’s remorse get this one done at all times.

Engineer’s Reports

Some buyers retain an engineer to do a detailed inspection of a property.  This would be a thorough inspection of the electrical, plumbing, air conditioning, and or heating systems.  Many primary inspections include this as part of their service.  It is especially important where the home is older or the systems are older.

Termite Inspection

As the name implies, the purpose of the inspection is to check for termites or other wood-destroying insects in a house. Many banks require this as part of the mortgage process.

Well Water Inspections

If you do not have public water to the property you most likely will have a well.  Potable water as well as the availability is key to your being able to live in the home.

Appraisal / Appraiser’s Inspection

If you are going to get a mortgage on your property, the bank will require an appraisal.  The bank wants to be sure there are no problems with the property in case you stop making payments.  They want to make certain they have a marketable asset if something goes wrong later.

Walk-Through Inspection

The final walk-through normally takes place a day or two before closing or on the morning of the closing depending on when the previous owner moves out.  Your real estate agent should accompany you on this inspection to look at any possible issues.  It is the final inspection and your chance to make sure that any previously agreed upon issues have been resolved.

 For a list of inspectors licensed by the State of New Jersey who serve the Somerset and Middlesex County areas just drop us an email with the subject line INSPECTORS to mike@mikedowner.com and we will get that right out to you.

 
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Finding Faults Can Be A Good Thing

April 20, 2012 By 2 Comments
 

Every buyer I take on a home search is looking for the perfect home.  Before we even leave the office we have a conversation about what makes a place perfect.   When we get to the part about the structure I have to let them know that EVERY home has issues that make them less than perfect. Even newly constructed homes have defects. That’s why it’s important to have any home inspected by a licensed professional home inspector even the brand new ones.

In my entire real estate career I have never seen a home inspection come back without a list of items being uncovered.  Believe it or not you should hope for a comprehensive list of items that may need to be addressed.  Most contracts have an out clause that allows you to get out of the contract if anything significant is found and cannot be properly addressed.  It’s much worse to be surprised after you have purchased the home by unanticipated repair bills.

After the inspection report is delivered a buyer has three options: purchase the property as is without any repairs, renegotiate the terms of the contract with the seller or if the issues are incurable, withdraw from the contract altogether.

The contract spells out how inspection issues are to be handled. For example, the seller may have had a termite inspection done before putting the property up for sale. In that case, the contract might specify which party (buyer or seller) would pay for the required corrective measures.

Inspection contingencies are different in almost every contract. Many give the buyer the right (but not the obligation) to cancel the contract if agreement cannot be reached on the resolving the inspections issues.

The right but not the obligation means the buyer have a choice as to whether or not to cancel the contract.  The buyer should keep in mind that they may have already spent money on things (such as the inspection itself for instance) that they would not get back if the deal falls through.  The buyer also has in many cases spent a lot of time looking for a great home so if the issues can be resolved it is usually worth trying to come to an agreement rather than start the process from the beginning on a new potential home.

In some cases the home inspection contingency allows the sellers the opportunity to address the issues in the report, rather than allowing the buyer to simply walk away from the contract. This usually leads to a resolution after some further negotiation.

In the Central New Jersey real estate market, sellers should consider any reasonable proposal from a preapproved/well qualified buyer. In New Jersey we have a disclosure law which means that items found by a qualified home inspector must be disclosed to any future potential buyer if they are deemed significant.  Basically if there is an issue the seller will need to address it at some point no matter which buyer is considering the property.

If time or cash on hand for repairs is an issue, there are a few ways a seller can still get the deal closed.

They can have the work done by closing, if time permits.

  • Some contractors will allow payment to be made at closing from the closing funds.
  • Sellers can credit repair funds to the buyer as long as the credit is called a credit for buyers’ non-recurring closing costs. (Mortgage Lenders usually limit the amount to 3 percent of the purchase price or equal to the actual amount of the non-recurring closing costs, whichever is less)

In the Somerset and Middlesex County areas we work with several well qualified home inspectors.  If you have questions about home inspections or would like to get a list of the people we work with in the area just drop us a line at mike@mikedowner.com or give us a call at 732-302-1771.

 
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Get Your Home In Shape Before You List It

April 5, 2012 By 1 Comment
 

Getting a house to work out may seem like a tough task.  How do you get it to the gym in the first place?

Tough as it sounds you can get your house in shape with just a few simple things.  As a REALTOR in the Central New Jersey Market we are starting to see houses that are fit for selling going very quickly.  After all getting in shape is about moving right?

Ok enough of the jokes.  What can you do to make certain that your home is the next one sold?  Get things in order.  I was out showing homes yesterday in Bridgewater and the first thing we came across when we opened the door was a bunch of kids toys strung out all over the foyer.  I wish I had a picture of the buyer’s faces when they walked in.  We spent all of 7 minutes in the house.

Clean up the clutter and do some in depth cleaning.  Have a neighbor take a look at your home or ask your REALTOR to give you their professional opinion.  Do you have so many things sitting around the kitchen that people cannot see the kitchen counters?  I know you have to live their while the house is on the market but after you use something put it in the cabinets out of sight.

Look around the house for signs of small cracks, peeling paint, or threadbare carpet.  Does the doorbell work?  Is the bathroom faucet leaking just a little bit?  In this current real estate environment buyers can be very picky about what they want in a house.  There are 92 homes in Bridgewater right now that have 4 bedrooms or more.  Think my buyers have a few choices?

A home inspection from a professional home inspector can be a wise investment before you try to sell.  The home inspector will make sure that your home will pass the buyer’s inspection when they want to look at your home.  Many buyers will not even ask for a roof credit.  They will just go to the next house.  Doesn’t it make sense to get things repaired before the buyer sees your home so they do not ask for a big credit or worse does not even make an offer?

As a real estate agent, I have a list of people who do various handyman repairs, roofing, pest control, home inspections and painting jobs.  If you would like to get an idea of what types of things may keep your home from selling for top dollar I would be happy to come by your home and help you get your home in shape before the spring selling season.  If you would like a list of people I work with to get a home fit for the market.  Just email me at mike@mikedowner.com or call me at 732-302-1771.

 

 
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Top ten ways to bury a potential house sale.

March 25, 2012 By 16 Comments
 

Over the past few years of selling real estate here in Central New Jersey I have seen many people who think they want to get top dollar for their home; they just seem to go out of their way to make sure potential buyers hate their the place as soon as possible.  Often this happens before the  potential buyer even gets in the car to look at homes.

Most of the time it is not a matter of dollars but just listening to the listing agent and applying some common sense.

Take a look at these top ten things that can bury a potential home sale:

  1. Photoshopping – These days 93% of buyers look online first for a home they want to see and possibly buy.  Nothing disappoints a buyer more than pictures that are doctored, taken with a wide angle lens, or look nothing like the actual rooms.  I am not talking about just showing highlights, I am talking about actual distortion.  Buyers get to the home and immediately comment about why this seems to be deceptive and ask me, “What else are they hiding?”  Make certain you have your agent show you the pictures they plan to use for the listing.
  2. Not enough pictures – Most MLS will allow at least 25 pictures.  I am amazed at how often I see 11 or 12 pictures in a listing.  No matter how small the home there is always a way to get more photos for the buyer to see.
  3. Happy Pets – When a buyer pulls up in the driveway and Rover greets them before they even stop the car, not all buyers are thrilled.  Often Rover is so happy to see them that he jumps all over them to show how happy he is that these people are going to be the new homeowners.  Unfortunately the buyer cannot wait to get out of there and cannot concentrate on the features of the home so they spend less time looking at the features of the home.   Put Rover out of the way.  Take him for a walk before the buyer arrives, put him in his pen, or chain him out of the way.
  4. Staying in the home for showings – Nothing intimidates a potential buyer more than having the seller there while they are in the home.  They feel rushed and they will not make comments on the home for fear of upsetting the seller.  Go for a walk and ask the selling agent to give you a call when the showing is over.
  5. Filthy bathrooms – Nothing sells houses like kitchens and bathrooms.  Conversely, nothing turns people off more than gunk all over the bathroom.  Put in a little elbow grease and make sure that the place is spotless.  NO EXCUSES!
  6. Smells – No matter how much you like your cooking if the house smells like spices, pets, dirty clothes, cigarettes, etc. you are going to turn off the buyer very quickly.  Ask a friend to come over before showing the house and get an unbiased opinion of how the place smells.  If they tell you there is an issue a little Fabreeze can go a long way.
  7. Insects – No matter how small the spider or bug, the buyer will almost always think that the home has not been well kept.  The first shiver from the buyer means they move on to the next house.  Have a professional exterminator such as Terminix or Orkin come over and make sure there are no surprises from unwanted pests.
  8. Nondisclosure – If the roof leaks, the roof leaks.  Just about all buyers will have to get a home inspection (usually required by the bank if nothing else) before they can buy a home.  If they find something like a roof leak it will delay if not kill the deal.  Problems exist in any home so if you are honest upfront buyers will know what they are getting into and be serious about purchasing.  If you know it leaks either get it fixed before you put the house on the market or disclose that it needs to be done and price your place accordingly.
  9. Mood lighting – while it is perfect for a romantic dinner it is less than perfect for showing your home.  Open the shades and curtains, get the brightest bulbs the fixtures will handle safely and wash the windows.  The more the buyer can see the better.
  10. Clutter – I have stepped over toys, slipped on leftover food and    not been able to even see the countertops at some homes.  Clear the countertops of all non-essential things every day.  Put the kids toys away (the fifteen minute rule works here – the kids can play with all the toys they want so long as they can put them away in 15 minutes or less) and simply take a look around your home.

Keep these things in mind when you are considering selling your home and you will have a much smoother process.  Good luck in your sale.

 
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What to look for in a Relocation Package

March 22, 2012 By 1 Comment
 

As a real estate agent in Central New Jersey I often work with people who have just been told “Congratulations on your new job.  We know you are going to love moving to Bridgewater!” or “Congratulations on your new job.  We know you will love it when you get to XYZ place and we are here to help you in getting your home in Bridgewater sold as soon as possible!”

When you hear those words a wide range of emotions sets in.  A little fear.  (Can we afford to sell our home?)  A little excitement.  (We have always wanted to live in XYZ place.) A little hope. (Things will be better there than here.)  A little concern.  (Will I like the area I am move into?)  A little anticipation. (We are going to love getting to start all over.)  A little surprise.  (They want us to move when?)  A little trust.  (Will my company help me a little or a lot in my move?)

I have put together a list of some of the things people look for and ask for in a relocation package from their company and some of the ways a professional REALTOR should be able to assist with the transition.  Your company may not offer all of these things and it may offer additional services.

From your company:

  1. How quickly to I have to be living in the next place?
  2. Will there be any assistance with temporary housing in the new city?
  3. How long will that assistance last?
  4. If the cost of living in the new place is higher will the company provide any supplement to make up the difference?  (This is especially hard when moving overseas when you consider the fluctuating value of the dollar.)
  5. Will the company assist in the sale of my current home?  (Some companies will pay for the costs including the REALTOR fees, transfer taxes, advertising/marketing, appraisals, inspections, points on a mortgage, etc.)
  6. What happens if I cannot sell my current home?
  7. What is the policy for helping my spouse move?  (They have a job they like and we need their income.)
  8. Do I get to keep my company car when I move?
  9. If it takes a while for me to sell my house will the company pay for transportation back and forth between places while I get things settled?
  10. What about all the “little” costs such as car registration, driver’s license fees, temporary storage fees, school enrollment fees, connecting utilities, etc.?
  11. What happens to my career if I do not take the new position?
  12. If the new position is temporary what job is there for me when I get back to the original place?

From your REALTOR:

  1. How familiar are they with the area they service?
  2. Can they help you find a REALTOR in your next city who is a relocation specialist?
  3. Can they provide information on what homes are selling for where you are selling and or buying?
  4. Have they ever lived through a corporate move?
  5. Are the able to help finding information regarding schools?
  6. Can they give you relevant information about commuting costs and options?
  7. What are their resources in areas such as movers, mortgage services, utilities, home inspections, appraisals, crime rate statistics, painters, carpet installers, handymen, cleaning services, staging experts, plumbing, insurance, pest control, septic tank work, roofing, among others)
  8. Honesty – will they tell you if the area you are considering is not an area they know well enough to service?
  9. Time – will they take the time to make certain you are familiar with the various areas you should be considering?
  10. Time – Are they available when you need to look at properties?
  11. Support – What kind of resources does their
    company offer people relocating into or out of the area?
  12. What types of homes do they work with?  For instance some agents work with only new construction and some do not work with new construction at all.  Does the agent work with single family homes or condos?  Are they familiar with the rental market in case you decide to rent out your current home or if you need to rent while you acclimate to the new area?

Relocating can be the most exciting yet stressful time of your life.  It often involves a lot financially, emotionally and physically (yes it takes a lot out of you to look at houses after working all day or all week).  It can tough on your relationships with family and friends.  It presents a new challenge to meet and it can make your life better in so many ways as you are exposed to new parts of the world.

Whether you are moving in or out of Central New Jersey or somewhere else, good luck with your move.  If you have anything you would like to add to this list please let me know and I will include the ideas in a future post.  Drop me a line at mike@mikedowner.com.

 
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