The first question many home sellers ask themselves when they begin to market their home is “How much do I need to make from this sale to buy the home I want to live in next?”  This is an unfortunate thought process that has lead to many heartbreaking price reductions and budget busting weeks of additional mortgage payments.  Though this is not one of them, there are a few questions you should ask yourself before you sell your home.

What is my current home worth?

This topic can be quite stressful for a Summit NJ real estate agent to broach.  Many sellers approach pricing with their hearts, not their heads.  This house was once their dream home.  They truly believe their home is far superior to the comparable properties or far more valuable the current market conditions will allow.  If you want to sell, you should be ready to accept an unemotional assessment of your home’s location and features in relation to recent sales.

Is my home ready to show?

Once again, this calls for an objective look at your home.  Do you need to invest in upgrades to the property to make it marketable?  Do you have enough funds available for improvements like paint or new flooring?  Are there any major repairs you have been delaying like a new roof or replacing appliances?  A home inspection can point out problem areas or code violations.  If necessary repairs prove too costly, you may need to stay in the home to make it worth your money.

Is this a good time for me to sell?

Market conditions are certainly a factor in any home sale or purchase.  Your Summit NJ real estate agent can be a very valuable source of information and advice regarding the current market climate your particular home.  But this question is much more personal than that.  Do you have an aging parent living far away?  Has your youngest child just moved into his own place?  Is this a good time for you, personally, to make a change in your living situation?  Your own answers might surprise you.

Can I afford to buy a new home?

Find out if you can get preapproved for a loan before you start shopping for your next home.  Your budget for a new home should be determined by what you can comfortably afford to pay.  You should enter into the selling process with reasonable and accurate expectations and you should have a good grip on how much you should expect to make after all your costs are subtracted.  Don’t let unrealistic dreams of a huge potential profit cloud your vision.

Once you’ve asked yourself these questions, discuss your conclusions with your Summit NJ real estate agent to see if you are ready to sell your house and find your next dream home.

In today’s economy, many home owners and buyers are looking for creative ways to make sure their mortgage payments are made each month. Many buyers have asked their Summit NJ real estate agent to show them homes with rental income potential. While buying an income property can be a great way to generate funds there are a few things you need to know before becoming a landlord. You should consult with an expert before jumping into the rental game. It may be tougher than you think.

Not every basement can become a rental apartment, no matter how large or seemingly perfect the space may be. There are a number of basic elements a basement must have before it can become a livable space. Consult your local building codes before attempting to convert a basement into an apartment to be sure it is a legal dwelling.

Zoning
Check the local zoning rules for the property. It must be legally zoned for a multi-family dwelling to have a legal apartment. Rental units are not legal in every neighborhood so be sure you will be able to convert the space before you close on a home you cannot afford without the addition of rental income.

Basement Basics
In general, a basement must have at least 7 feet of clear, floor to ceiling height in the living spaces. Bathrooms usually require about 6 feet. Some local codes may allow for elements like bulkheads and beams, but there are limits. Most will only allow these if they extend less than 6 inches from the ceiling and are spaced at least 4 feet apart.

Ingress, Egress and Glass
A basement apartment must be accessible without having to pass through any other rooms that aren’t part of the living space. For instance, you cannot ask a tenant to first pass through your laundry room to get to his apartment. The unit should ideally have its own exterior entrance.

It must also have an alternate method of egress (or exit) in the living space and in each bedroom in case of an emergency like a fire. The tenant must be able to get out through a window in case the door is blocked. If the windows are too small or too high, it is not a legal apartment and can be a serious danger to anyone living there.

A certain amount of window space is required for a basement apartment. This is for ventilation, for fire safety and for light. Requirements can get sticky so be sure to check with the city before you plan a remodel.

Fire Separation
There are also codes requiring fire separation between the units. This can mean having to buy a certain type of door or insulation or it can mean a major overhaul for the structure. The costs can be high if the apartment is not properly constructed and the worst happens.

Your local zoning office can give you more details about creating a legal income property. This is a complicated subject and you should research thoroughly before deciding to become a landlord.

In most home sales, the seller waits for the buyer to ask for a home inspection prior to closing the transaction.  The inspection is primarily of benefit to the buyer, assuring them there aren’t any hidden problems that could cost big money to repair after they’re already paid for the home.  It also gives them bargaining power should an issue be uncovered. 

There are a few homeowners who decide to hire an inspector prior to marketing their home, and it’s not a bad idea.  Home inspections can give you a leg up on the competition, provide a guide for repairs and prevent any unpleasant surprises after and offer is made.  If you have an older home or if you bought a fixer-upper, this may be a wise move on your part.

Providing a buyer with a pre-inspection report shows buyers that you have nothing to hide.  It gives them confidence in you as a seller and in your home as a sturdy structure.  An assurance that there are no major problems with the home could be just the thing to put you a step ahead of the competition.  The buyers still have the right to have their own inspection done, so don’t take it personally if they choose not to waive it. 

If there are any issues, a home inspection will give you the chance to have them fixed before a buyer can start negotiating a lower price for your home.  It will also keep you from making unnecessary repairs.  You might think that foul smell has to be a septic tank problem but it could turn out to a cracked toilet flange or an improperly installed vent.  A thorough inspection can be like a road map to the right repairs.

No one likes an ugly surprise just before closing.  Time constraints with your impending move could force you to settle for a lower price if a problem shows up after the buyer’s inspection is complete.  Having your own inspection preformed ahead of time will give you a chance to spot any red flags with plenty of time for fixing them.

Older homes are usually in more need of maintenance but even newly constructed houses can have a problem or two so don’t think you’re in the clear just because your home is newer.  A home inspection can save you precious time and money so ask your Summit NJ real estate agent about having one done before you sell.

To store or not to store: that is the question many homeowners ask when it comes time to sell their home.  Is it really so important to pack up personal belongings when showing a home?  Just about any Summit NJ real estate agent will answer with an emphatic “Yes!”

It’s Distracting.
In general, people are nosy.  If you have family photos on the walls and collections in your home, buyers will spend most of their time looking at your things.  They might remember the room full of toy trains but they’ll have no idea how big the bedroom was.  Don’t distract buyers from seeing the beauty of the home itself.  First-time buyers are especially susceptible to being distracted by the décor and clutter in a home so you need to help keep them focused by clearing out the clutter.

Clutter Seems Unclean.
Even if a home is sparkling clean, if it has a lot of clutter it feels unkempt and even a bit dirty.  That’s not the impression to give buyers.  An abundance of clutter makes them think the home has not been well-maintained and is less valuable. 

The Past Blocks the View.
Showing off too much of your past in your home will block buyers from envisioning their own future in the property.  They need to be able to clearly see themselves living in and enjoying the home.  If your things are cluttering every corner, they will hinder the buyers’ imagination from conjuring up those happy images of their life in those rooms. 

Now that you understand how important decluttering is, here are some ways to get started.

• Start packing.  Box up out of season clothes to make closets look roomy.   Clean out the garage and attic, too.
• Wrap and pack collectibles and family treasures.  You probably don’t want strangers manhandling your grandmother’s china anyway.
• Minimize your furniture.  Once you’ve cleared out some clothes, make the rooms feel spacious by putting some furnishings in storage.  Keep only what enhances the space and flow of the floor plan and what is essential to keeping your belongings organized.
• Have a yard sale or donate to a local charity.  It’s much easier to get rid of unwanted objects than to move them to a new home.  Many charities offer pick up services so you won’t even have to leave home.
• Throw some things away.  If you haven’t used it, if it’s broken or missing parts, it’s likely just junk.  It’s OK to toss a few things but recycle what you can.

A little clearing out can go a long way to getting you the price you want from your home.  Keep the corners clean and you’ll soon be putting your things away in your next home.

Green living is at the forefront of the minds of many these days, even those buying new homes. From trying to decide whether your neighborhood association might allow solar panels to carefully evaluating your carbon footprint, buying Short Hills NJ real estate may mean making a fresh start, ecologically speaking. Luckily, this area is one of the most environmentally responsible in the country.

A recent Summit NJ Recycling Advisory Board Meeting only serves to demonstrate the area’s overall commitment to the cause. Over the course of bi-monthly meetings for the last three years, a myriad of programs have been implemented to help make the area a bit greener. From extensive Earth Day programs to recycling cans sponsored by city merchants to the famed Green Fest events, the board is attempting to change the way Summit and the surrounding areas look at their impact on the earth.

Even the public library is getting in on the act. By hosting energy expert Dr. Phillip Eisner to discuss the “Science of Sustainability,” not only can the community learn more about what’s currently being done, but also what should be done to make certain both new and old residents are continually working to build a better future.

As you select the right Summit NJ real estate to meet your needs, maybe it’s time to think about your carbon footprint as well. What can you do to pitch in?

Every time the real estate market hiccups, many people automatically believe that they have to add on a pool, a guest home and a new floor to their property to sell it. The truth is that all you need to do is make the best of what you already have to improve the chances you will sell your home sooner rather than later. Here are a few easy to follow tips you can implement over the coming days and months to add extra value to your soon to be sold home.

Paint, paint, paint
Often times, the only real touch ups a home needs is a new coat of paint put on by someone who really knows what they are doing. It is important here not to cheap out on the paint you buy or the job you do. Don’t paint the outside of your home but leave the trim untouched. If you aren’t confident that you can do a professional job yourself, hire someone. Remember, this is an investment that is going to pay off nicely in the very near future and sometimes you have to spend a little to make even more.

Landscaping
You don’t need to rush out and buy another three acres to add to the plot you already have, but a new bed of grass, some flowers and an attractive layout can add significant value to your home. If you haven’t had a survey done of your property in a few decades, you may need to have your lines looked at, but once you know your exact boundaries, you can go to work. A backyard and front yard can be a real deal breaker if the spaces aren’t up to snuff. A repaved driveway can also add value to your outside areas.

Energy Efficiency
The one advantage that new homes often have over older ones is energy efficiency. Look into replacing your hot water heater with a state of the art model and think about upgrading to double pane windows. There are a hundred and one little things you can do around your home to increase your energy efficiency and they all look good to prospective buyers.

As you can see, these simple changes to your home can significantly increase your asking price and help to make your home appear ready for prime time. A little money spent now can really pay off in the end.

If you have been looking into buying a home, you probably know that the golden rule when it comes to making an offer on a home you like is to be pre approved for a mortgage. Getting pre approval for your mortgage automatically puts you at the head of the class and leapfrogs you over other offers that don’t have pre approval. Let’s take a look at a few things your pre approval says to prospective home sellers.

You’re Serious
It is not that home buyers who make offers that aren’t pre approved are simply wasting everyone’s time, it is that the pre approval process is just that, a process. You must complete several steps to acquire your pre approval status and it shows home sellers that you have sat down, thought out what you are getting yourself into and you took the logical steps needed to demonstrate how serious you are about buying a home. As silly as it may sound, getting pre approved for a mortgage immediately earns you respect in the eyes of every home seller you make an offer to. You are here, prepared and ready to make this transaction work for the both of you.

You’re A Safe Bet
The home buying (and selling) process is so fraught with pitfalls and roadblocks that it is amazing anyone can get through it successfully. When you make an offer with a pre approved mortgage by your side, you are offering a path of least resistance for the home seller. You are also providing a degree of protection in case things fall apart at the last minute. If a home seller chooses to go with a buyer that isn’t pre approved and their mortgage application ends up falling apart at the last minute, the seller is put into an incredibly tight spot. All of that drama is avoided when they choose someone that has a pre approved mortgage.

Everyone Will Want To Work With You
Not only will you save yourself time by being pre approved, you save the home seller and your realtor, as well. When a near sale falls apart, it is a huge time and money waster for everyone involved. There are still ways that your sale could fall though if you are pre approved, but you are taking a huge obstacle out of the way by getting that magical letter from your lender before you make offers.

We all want to maximize the asking price for our current home, but at what point does the effort and up front cost outweigh the benefits? Painting is something we are all told to do to help give worn sections of our home a newer look, but at what point do you put down the brush and present the house as is? Here are a few tips directly from your Summit, NJ real estate agent.

Make A List

First off, take a tour of your home and write down every area that could benefit from a new coat of paint. Make sure you look both inside and outside and don’t be afraid to crane your neck to look in places you normally pass over. Once you have a complete list of every area needing work, you can move on to step two.

Prioritize Other Projects

One problem that many Summit, NJ real estate agents see is that people get so carried away with painting that they neglect other projects that are much more important. You need to properly prioritize your list of home improvements so you aren’t painting all night and day when other things would help your sale value more. Ask for advice from your friends, family and from your Summit, NJ real estate agent.

Continue If You Like

There is one more aspect to the home painting question that many people overlook. If you enjoy painting and it is serving as a refuge during what is a hectic time for most people, then go ahead and continue for as long as you like; just don’t neglect other issues that will help your resale value more. We all need a hobby to take our minds off of the stress that comes with buying or selling a home, and if painting is helping you in that way, enjoy!

If you are new to the exciting world of New Jersey real estate, you may be interested to learn about a process known as an attorney review period that could significantly influence your home buying experience. Once you have made an offer on a home and that offer was accepted, you move into what is known as an attorney review period. This is essentially like a “cooling off” period where each side has a chance to walk away from the deal with no strings attached for a period of what is usually three days. New Jersey is unique in the United States and is one of the only states to have such a time frame built into every home transaction.

If you haven’t already hired an attorney to help represent you during this time, you want to speak to your realtor and have them recommend one. Your realtor likely already told you this review period was coming up (as is their job) so sit down and have a conversation about which attorney is best for you.

Finding the Right Professional
What should you look for in a good attorney? Hiring a lawyer is all about communication. You want someone you feel comfortable with and someone that you feel you communicate with. If you sit down with someone and you feel like they aren’t hearing you or that they are too busy, pick another lawyer. What is important here is that you have someone looking out for you, going through the contract you signed with a fine toothed comb so you understand exactly what you are buying.

The Involved Costs
You can expect to pay about a thousand dollars in attorney fees, which may sound like a lot, but if your attorney ends up uncovering an aspect of your contact you don’t like, it could save you hundreds of thousands of dollars. Many people choose to hire an attorney during this proceeding simply because the other side has one and they want to make sure that their best interests aren’t trampled. No matter what your reason it, it is important to take advantage of this somewhat unusual state law that allows both home sellers and buyers to think things over and avoid buyers remorse.

Buying a home is a big transaction and having some help on your side to figure out what to do can be a big plus. Don’t miss this opportunity to check the fine print.

There are very few times in our lives where we are caught in a more confusing and stressful whirlwind than during moving time. Even for those of us that have undergone several major moves, it always seems that new problems crop up and take us by surprise. While every move is different, you can follow these tips laid out below to significantly reduce unforeseen circumstances during your next moving experience.

Know When To Ask For Help
According to industry experts, we all move around 5-6 times in our life. Some of those moves are on the small side, such as moving out of your parents at 18 or moving from your college dorm to your first apartment, while other moves tend to be on the giant size. We all want our moves to be as inexpensive as possible and some of us are loathe to call in professionals, but if you are moving from a two bedroom home to a three bedroom home, you don’t want to handle it yourself. Sometimes, there are more important things than saving money and having a move with less stress, less physical labour and less headaches is one of those times.

Organization is Key
Ask anyone who is experienced at moving and they will tell you that organization is key. Make sure that you assign every box a number and that every box only contains items for a particular room or area, so when the movers drop off your boxes, you can play sentry and stand by the door telling each mover where to put each box. This will make unloading and putting things away incredibly easy and stress free. Remember, your movers are required to put the boxes and items where you tell them, they can’t just dump them in your foyer.

Don’t Forget the Kids and Pets
As stressful as moving is for you, it puts an incredible toll on young children and on your pets. Make sure they are far away from the move site on the day everything happens. See if a family member can babysit or, if you have to, have your pets put in a kennel for the day. Try to have the majority of things unpacked so there is at least a semblance of a home for your kids to come back to. You also may want to keep a close eye on dogs and cats once you are at your new home as they can get disoriented very quickly.