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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Is Buying a Short Sale in Your Future?

April 25, 2012 By 2 Comments
 

Even in Bridgewater the expression “short sale” seems to be popping up more and more. You see it in economic reports, the local newspaper, on real estate web sites, and you may even have friends or relatives who have looked at or purchased a home that was a short sale. But what exactly is a short sale? Is a short sale always a good deal? What are the potential problems with buying a short sale?

If you are thinking about buying a short sale in Bridgewater or some other area of Central New Jersey here are some questions you should ask your REALTOR.

What exactly is a short sale?
A short sale happens when a homeowner is “underwater” on his or her mortgage.  (The house is worth less than they owe on the mortgage.)  They have usually missed at least three months of payments to the bank or lender and they are trying to make a deal with a bank in hopes of avoiding a foreclosure. The bank that holds the mortgage allows the owner sell the home for less than he or she owes on the mortgage.  A short sale agreement allows the bank to avoid a foreclosure process that in New Jersey can take up to two years in many cases. The short sale allows the homeowner to escape the effects that a foreclosure has on their credit score.

How is a short sale different than a foreclosure?
In a short sale, the owner is probably living in the home while it is for sale. The owner is usually significantly underwater in the home so the hope of selling for what they owe is out the window. When a home is marketed as a foreclosure, the bank has already evicted the homeowner and taken possession of the house.

When a potential buyer places a bid on a short sale property, the offer must be accepted by both the homeowner and the bank. If there are two mortgages on the home (commonly called a second mortgage or home equity loan) all banks must sign off on the offer. In a foreclosure the offer must only be accepted by one bank since they have taken possession.

What should you consider if you put an offer on a home that’s a short sale?
Patience is the key to short sales. Since there are multiple parties involved (banks, homeowners, lien holders, etc.), the negotiation process can take a lot longer than in a traditional purchase. Also, many lenders only accept “as-is” contract offers on short sale properties. Basically they will not do any repairs to the home.  (Make certain your contract offer allows for a home inspection period so you have a clear idea of what you are getting into with your new home.)

Will you save money buying a short sale property?
Especially for first time buyers, a short sale can be a great way to get into a home.  It is also a great way for move up buyers to find a place in a more desirable neighborhood at a good price.  Keep in mind that your real estate agent should be able to help you find comps in the area so you can submit a winning offer.

Is a short sale right for you?
A short sale is best suited for buyers with patience. Short sales can span many months.  The hurry up and wait aspect drives many potential buyers crazy. Often short sales attract multiple offers, including all-cash offers from investment speculators. If your timeline is flexible for moving and have found a home you love, buying a short sale can get you the home of your dreams for less money than you might think.

For a list of short sale properties in Bridgewater or Central New Jersey in general just drop us a line at mike@mikedowner.com.

 
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The Communities of Bridgewater

April 17, 2012 By 4 Comments
 

At just over 32 square miles Bridgewater has several communities which go by informal names.  Each are offers something special for the residents.  If you are thinking of buying your next home in the Bridgewater area here is a quick guide to Bridgewater:

  • Thomae Park: One of my favorite areas of Bridgewater it is often confusing to find on a map since the zip code here is 08805.  The 08805 zip code is most often associated with Bound Brook.  Located in the eastern most section of Bridgewater, Thomae Park is a great place for families since it has a park which contains a hiking trail, basketball courts and a baseball/softball field.
  • Bradley Gardens: Bradley Gardens is one of the oldest sections of Bridgewater.  It borders Raritan and Branchburg.  This section is undergoing a great renaissance and many homes are being purchased with the idea of tearing them down and      building newer larger homes.  This section offers great access to the New Jersey Transit Station in Raritan if commuting to New York City is in your future.
  • Eastern North Branch: While most of North Branch is in Branchburg, a portion of it is actually in Bridgewater.  You will      often see fishermen along the Raritan River enjoying a relaxing day along the shore.
  • Finderne: This section is located between Somerville and Bound Brook. A mix of commercial and residential areas, this is also one of the older areas of Bridgewater that is seeing a lot of new development including commercial, residential and industrial areas. The Middlebrook Crossing industrial park, the Bridgewater Promenade shopping center (Home Depot, Costco, Bed Bath and Beyond, Target, Chuck E Cheese and more)  as well as TD Bank Ballpark, home to the five time Atlantic League Champion Somerset Patriots are located here.
  • Green Knoll: Located in the central section Bridgewater, this is a residential area  includes the Bridgewater Commons Mall, The Somerset Corporate Park, the new municipal building and police station, and Bridgewater-Raritan High School.
  • Sunset Lake: This area grew up around a man-made lake which is available to the residents of Sunset Lake.  Many of the residents here have a 07920 zip code from Basking Ridge.
  • Country Club/Meadow Road Area: This section of town is by far the most residential.  It contains many homes with large lots  and is conveniently located to just about everything Bridgewater has to offer.
  • Milltown/Vanderveer Road Area: This area is across route 202 form Bradley Gardens and borders Raritan and Branchburg. My favorite since I live in this section, it contains mostly newer single family homes as well as townhome and condominium communities.
  • Martinsville: This is the hilliest section of Bridgewater.  Washington Valley Road cuts through the  heart of the area giving Martinsville a nice cross section of residential and small business areas.  It has its own zip code (08836) as well as a post office.

Whether you are a first time home buyer, a person relocating into New Jersey, or right sizing your next home, Bridgewater offers something for everyone.  If you would like more information about any area of town just give me a call at 732-302-1771 or drop me an email to mike@mikedowner.com.

 

 
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MOTHER/DAUGHTER HOMES

April 14, 2012 By 1 Comment
 

Mother/daughter homes are HOT right now. Many of my buyers here in Central New Jersey are couples selling mom and dad’s home along with theirs to save money on taxes and home maintenance by buying and sharing a home that has an in-law suite.

As an example, maybe it was a mutual decision that grandma should move in because she loves watching the young kids, saves on expenses and since she doesn’t get around as well as she used to, her support group is right down the hall.

As a REALTOR, I am often asked what is the difference between a two family home and a mother/daughter home.

  • Multi family or two family homes are legally two different residences in which you could live in one and rent out the other(s).
  • Mother / Daughter homes have a separate apartment (either with or without a private entrance) and legally cannot be leased.

These are usually larger homes with specific rooms or apartments designed for accommodating elderly parents. In-law apartments may have a separate entrance from the main entrance and could be entirely self-sufficient having a smaller kitchen and utility/laundry room. Other plans may include a privately located first floor bedroom and bath designed to accommodate other family members, or live in help.

A mother/daughter would be the same price to buy a single family home with comparable square footage. Most of these suites are approximately 500 square feet or larger. If you own one, please make sure you have the proper permits through you town’s zoning department. This makes it easier when you go to sell your home.  If you are looking to purchase a home with a full in-law suite, have your REALTOR or a Real Estate Lawyer check to make sure it has all the necessary permits before you buy, that is if you are planning to leave it as it is.

If you need assistance in finding a home with an in-law suite or have questions, feel free to contact me at dawn@dawnruete.com.

 
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When is the Best Time to Buy a Home?

April 13, 2012 By 1 Comment
 

As a REALTOR in Central New Jersey one of the most often asked questions I get is, “when is the right time to think about buying a home?

The answer is right now, if possible, but why is this the best time to purchase?

One of the chief reservations of people looking to buy a home is what might happen to house prices. Let’s face it; who wants to invest in such a large asset if it is going to be worth less in the near future? With the press reporting double digit declining values over the past couple years wouldn’t it be better to wait for the market to hit rock bottom?

Housing is not like day trading stocks.  It is a long term investment even in the best of times.  The value of a property must be examined over time that a person thinks they will live in the home.  By the time that the market actually hits “rock bottom” it is just as quickly heading back up or at least it becomes stable.  (Right now in the Bridgewater Housing Market we have hit market stability – prices are neither rising nor falling.)

Mortgage interest rates are at or near all-time lows and prices are stable.  What does that mean to you and why should you purchase now?  Spring always has the best selection of homes available.  Sellers are looking to close near the end of the school year so they can get children into the next school, the homes show better in the spring (green trees and shrubs for curb appeal for example) so they feel they can present a good impression of their home and there is more daylight so buyers can look later in the day and see a clear picture of the home.

Great selection, stable prices and low interest rates are the perfect combination for buyers.  In my opinion there is no better time to get that first or next home.

 
Filed Under: Buyers Resources, Central NJ Property Information Tagged With: , , , , , , ,

7 Rain Gutter Maintenance Ideas

April 9, 2012 By 3 Comments
 

The spring housing market means homes sellers are looking for ways to make certain they get top dollar for their home.

Even if they are not looking to sell right now, proper maintenance almost always results in higher sales prices down the road.  Early spring is actually the perfect time to take a look at your rain gutters and see if they require cleaning or work.

Here are some gutter recommendations.

1. Plan on checking your rain gutters twice a year in the spring as well as fall. If your house is underneath trees and shrubs you may have thoroughly clean them more often.

2. A small garden spade works well for gathering particles out of rain gutters.  You can make your own rain gutter scoop with a one liter plastic soda bottle. Cut off the bottom of the bottle and half of the tube to make a scoop.

3. If your rain gutters droop, the water will not pass effectively. Eliminate all particles and re-attach rain gutters.

4. Use a garden hose with pressure nozzle to clean away stopped up spouts.  For persistent blockages use a plumber’s snake to clear the area.

5. Repair leaks with exterior caulk.

6. If you are using an extension ladder, position a 2×4 in the rain gutter to help protect against it from bending under the stress of you and the ladder.
7. Eliminate rust with a wire brush and some steel wool. After thoroughly cleaning them, use paint primer as well as fresh paint to prevent long term corrosion.
Basic safety Guidelines

When working in higher areas of your home make sure you have a spotter.  A strong ladder is needed to make sure you do not fall and always use heavy gloves to prevent slivers and cuts coming from rain gutters themselves.

If the challenge seems too large for you to take on by yourself, just drop us a line and we will forward a list of people we work with in the Somerset and Middlesex County areas who can help you with many routine maintenance items around the home.

 
Filed Under: Home Maintenance, Sellers Resources Tagged With: , , , , ,

5 Things To Do This Weekend In Central New Jersey

April 7, 2012 By 2 Comments
 

April 7 – Last chance to see the Easter Bunny at Bridgewater Commons.  Get your picture taken or send your kids up to say hello to the second most famous rabbit ever from 10 a.m. to 8 p.m.

April 7 – Red Mango opens today!  Zagat rates Red Mango the number one smoothie and yogurt chain in America and they are now in Bridgewater.  Go to this link to get a coupon for a buy one get one free coupon:

http://www.bridgewatercommons.com/events/red-mango-opening

 

April 7 – Shaq All Star Comedy Jam at Prudential Hall in Newark.  8.00 p.m. Ticket information:

http://www.njpac.org/all_events.asp?viewcode=0&startDate=2012-4-7&Date=2012-4-7

 

April 7 – New Jersey Devils vs. Ottawa Senators at Prudential Center in Newark 3.00 p.m.  Last game of the regular season and fan appreciation day.  www.ticketmaster.com for tickets.

 

April 7 – Marshall Tucker Band at Starland Ballroom in Sayreville 7.00 p.m.   http://www.starlandballroom.com/tickets

 

Enjoy the weekend and have a happy holiday.

 
Filed Under: Somerset County Community Tagged With: , , , , , , , , , , , , , ,

Help I’m Tired and I Don’t Want to Cook Tonight!

April 6, 2012 By 1 Comment
 

As much as I love my job as a REALTOR, there are just some days where after showing houses, making appointments, negotiating contracts, dropping off keys, making three dozen phone calls and talking to home inspectors the last thing I want to do is make dinner for my family.  Those are the nights Carrabba’s Italian Grill is my five star restaurant.  The one I prefer is located at 200 US Hwy Route 22 West, Green Brook, NJ 08812.

Carrabba’s is a nationwide chain but to me, this place does not feel like a chain at all. Areas of the restaurant have overhanging trellises with greenery.  There are pictures of family members and the places/occasions on which the photos were taken written below. There is a bar area as well as the restaurant portion with booths and tables. There is a Pasta Bar, which is a great idea for their customers to dine and enjoy watching the chefs prepare these amazing dinners.

Our server came to the table with herbs and oil for our hot, crispy and sourdough bread. When we finished, they brought us more.They make a great Caesar. I can taste the fresh garlic, anchovies, fresh parmesan, lemon juice, and vinegar.  It is the best Caesar salad I ever had. My husband also enjoyed his salad with the Italian Parmesan dressing.

As for our entrees, I had Chicken Marsala,(mushrooms, prosciutto and Lombardo Marsala wine sauce) with the garlic mashed potatoes. My husband ordered the chicken parmesan and it was crispy and delicious. His pasta came with a Pomodoro sauce. Pomodoro sauce is a type of Italian tomato sauce, like marinara sauce, made from tomatoes, garlic, olive oil, which had a little kick to it.

Do you know what else is great? Carrabba’s has Car-side Carryout.  I love this idea, especially since I can order my food online.  Most restaurants do not offer takeout, let alone reserved parking spaces and the convenience of bringing my order to my vehicle. After a long day whether it is take out or car-side, the chance to unwind with a good meal and my family makes Carrabba’s a great choice.

To find more locations or to see the menu check out their website: http://www.carrabbas.com/index.aspx

 
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How Much Home Insurance Do You Need?

April 5, 2012 By 2 Comments
 

As a REALTOR I get asked this question a lot and not only by first time home buyers.  While I am a real estate agent and not an insurance agent, I can give you some guidelines.

You’ll appreciate the satisfaction which originates from recognizing your house and the contents are handled by your insurance plan, however it can be difficult to learn just how much coverage you will need and how much is too much.

Many people assume that when they buy a home they have the right amount of insurance since the bank requires some insurance to acquire a mortgage.  Keep in mind that the bank is only concerned about getting their money back in the event of a problem.  The amount they require will only be enough to satisfy the mortgage in most cases.  This would leave you underinsured for your household belongings as well as the cost of rebuilding.

Research conducted lately discovered that 70 percent of homes from the United States are underinsured and a lot of people are underinsured by a minimum of 30 percent. If your home falls in that category, you might be confronted with significant out-of-pocket costs if disaster ever strikes. To make certain you are protected, you need to have a conversation with your insurance carrier to go over your policy’s coverage limits.

Be acquainted with all your possibilities when upgrading your policy. Consider an insurance provider that supplies a whole home replacement policy. This process figures the price tag to completely repair and rebuild by using either replacement grade or upgraded materials.  These guidelines cover the cost of repairing your home with materials used in a normal rebuild or cover materials used for any  personalized attributes, like custom woodwork, upgraded light fixtures, upgraded window treatments, etc.  Be sure to go over a restoration-cost policy together with your agent.

To maintain ample coverage, consider inventory of one’s possessions and store up-to-date records inside a safe place deposit box or another place outside the home you consider safe.   If you choose to do any big remodeling in your home make certain your insurance company knows about the improvements.  In all probability, remodeling will increase the worth of a residence, and neglecting to improve your policy would prove costly as you would be underinsured.

Lastly, when paying for or getting additional insurance, read and ask questions. The policy will spell out in detail what is covered and if it is not in the policy it is most likely not covered!  It is important to find an insurance agent you trust to make sure you have what you need to repair or replace one of your biggest assets.

Whether you are buying a new home or just looking to make sure your current home is properly covered, if you would like to find out more about your insurance needs and live in the Somerset and Middlesex County areas of New Jersey I would be happy to give you the names and numbers of the insurance professionals I work with so you can get more information about your particular situation.  Just drop me a line at mike@mikedowner.com and I will forward the list to you.

 
Filed Under: Home Maintenance, Somerset County Community Tagged With: , , , , , ,

Bridgewater NJ School Calendar Update

April 3, 2012 By 6 Comments
 

2011-2012 Calendar Change: Giveback of Unused Snow Days

 

At the March 27th Board Meeting a motion was  passed to return 3 unused snow days to the calendar.  This situation is potentially confusing due  to the effect the October power outages had on the calendars for some schools  (Hamilton, Van Holten, and Eisenhower).  The  chart below shows how these giveback days are applied to each school.  All schools will be closed on April 9 and May  29.  Hamilton, Van Holten, and Eisenhower  will attend school on May 30, while all other schools will be off that day.

 

 

HAMILTON, VAN HOLTEN, EISENHOWER

April 9

May 29

May 30

June 20
0 snow days used/

2 returned

 School Closed School Closed School Open No School

ALL OTHER SCHOOLS

April 9

May 29

May 30

June 20
0 snow days used/

3 returned

 School Closed School Closed School Closed Not applicable
 
Filed Under: Somerset County Community, Uncategorized Tagged With: , , , ,
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