Smart Real Estate Purchasing

Smart Real Estate Purchasing

Questions Before Purchasing Real Estate – Smart Real Estate Purchasing

Smart Real Estate Purchasing! Whether you’re a first-time home buyer or a seasoned real estate investor, buying a home is a an exciting process. However, there’s also a lot to consider when you decide to buy. So before you begin your search for the perfect property, here are four questions you should ask yourself:

What do I want?

Take the time to figure out what type of property you want to buy. From single-family and multi-family homes to condos and co-ops, there are many different options on the market and it’s important to choose the type that best fits your needs. Figuring out the town or neighborhood you want to live in is equally important. While a property might have all of the amenities you’re looking for, factors like crime rate and proximity to highways can impact the overall home-owning experience. A good idea is to list out and prioritize your needs (e.g. large backyard, great school system) before you begin your search.

Smart Real Estate Purchasing, Clifton Homes and Commercial Real Estate

Smart Real Estate Purchasing, Clifton Homes and Commercial Real Estate

What can I afford?

The rule of thumb is that you should never spend more than 30% of your monthly income on a mortgage payment. An alternate rule states that you can afford to buy a property that runs about two-and-a-half times your annual salary. For a more tailored look at what you can afford, use an online mortgage calculator to see what your monthly mortgage payments would be if you bought a home today.

Am I Financially Prepared?

A few months before you start searching for a home, review your credit history and make sure it is in good standing. Get copies of your credit report, ensure that it’s accurate, and fix any issues you discover. It’s likely that you’ll also want to get pre-approved for a home loan, which will put you in a better position to make a serious offer once you find the right property. Pre-approval from a lender is based on your credit history, debt, and income.

How Do I Make The Best Bid Possible?

Do your research! and hopefully with the assistance of one of the highly competent agents in our team you can get a clear idea of where your opening bid should be based on the sales comparables and trends of similar homes in that particular area. Before making your opening bid, get online and review the selling prices of comparable properties and better yet, have your agent pull information off the local MLS (Multiple Listing Service) with pinpoint information that can help you be more successful in getting your offer accepted. If these properties sold for less than the current asking price of the home you’re looking at, you can feel comfortable make a bid that’s competitive with what the seller is asking.

“Proper Planing and Preparation Prevents Poor Performance ”

Roberto A. Sanchez-Broker-Associate

 

 

 

Thinking to Invest or sell?  Looking For Honest, Accurate and Dedicated Real Estate Professional to Assist You with Your Real Estate needs?

For a FREE, NO OBLIGATION Consultation Call (973) 216-1945 TODAY or Email Us at: Rsanchez@robsrealtor.com,

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8 Tips for Adding Curb Appeal and Value to Your Home

By: Pat Curry
Here are eight ways to help your home put its best face forward.
Improve curb appeal – sell faster, Homes with high curb appeal command higher prices and take less time to sell. We’re not talking about replacing vinyl siding with redwood siding; we’re talking about maintenance and beautifying tasks you’d like to live with anyway.
The way your house looks from the street — attractively landscaped and well-maintained — can add thousands to its value and cut the time it takes to sell. But which projects pump up curb appeal most? Some spit and polish goes a long way, and so does a dose of color.

Related: Gorgeous Landscaping for Your House Means More Than Just Looks

Tip #1: Wash Your House’s Face
Before you scrape any paint or plant more azaleas, wash the dirt, mildew, and general grunge off the outside of your house. REALTORS® say washing a house can add $10,000 to $15,000 to the sale prices of some houses.

A bucket of soapy water and a long-handled, soft-bristled brush can remove the dust and dirt that have splashed onto your wood, vinyl, metal, stucco, brick, and fiber cement siding. Power washers (rental: $75 per day) can reveal the true color of your flagstone walkways.

Wash your windows inside and out, swipe cobwebs from eaves, and hose down downspouts. Don’t forget your garage door, which was once bright white. If you can’t spray off the dirt, scrub it off with a solution of 1/2 cup trisodium phosphate — TSP, available at grocery stores, hardware stores, and home improvement centers — dissolved in 1 gallon of water.

You and a friend can make your house sparkle in a few weekends. A professional cleaning crew will cost hundreds — depending on the size of the house and number of windows — but will finish in a couple of days.
Tip #2: Freshen the Paint Job
The most commonly offered curb appeal advice from real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it, and appraisers will value it.
 
Of course, painting is an expensive and time-consuming facelift. To paint a 3,000-square-foot home, figure on spending $375 to $600 on paint; $1,500 to $3,000 on labor.

Your best bet is to match the paint you already have: Scrape off a little and ask your local paint store to match it. Resist the urge to make a statement with color. An appraiser will mark down the value of a house that’s painted a wildly different color from its competition.
Tip #3: Regard the Roof
The condition of your roof is one of the first things buyers notice and appraisers assess. Missing, curled, or faded shingles add nothing to the look or value of your house. If your neighbors have maintained or replaced their roofs, yours will look especially shabby.
You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. According to the “2015 Remodeling Impact Report” from the NATIONAL ASSOCIATION OF REALTORS®, the national median cost of a new asphalt shingle roof is about $7,600.
Some tired roofs look a lot better after you remove 25 years of dirt, moss, lichens, and algae. Don’t try cleaning your roof yourself: call a professional with the right tools and technique to clean it without damaging it. A 2,000-square-foot roof will take a day and $400 to $600 to clean professionally.
Tip #4: Neaten the Yard
A well-manicured lawn, fresh mulch, and pruned shrubs boost the curb appeal of any home.

Replace overgrown bushes with leafy plants and colorful annuals. Surround bushes and trees with dark or reddish-brown bark mulch, which gives a rich feel to the yard. Put a crisp edge on garden beds, pull weeds and invasive vines, and plant a few geraniums in pots.

Green up your grass with lawn food and water. Cover bare spots with seeds and sod, get rid of crab grass, and mow regularly.

Tip #5: Add a Color Splash
Even a little color attracts and pleases the eye of would-be buyers.
Plant a tulip border in the fall that will bloom in the spring. Dig a flowerbed by the mailbox and plant some pansies. Place a brightly colored bench or Adirondack chair on the front porch. Get a little daring, and paint the front door red or blue.
These colorful touches won’t add to the value of our house: Appraisers don’t give you extra points for a blue bench. But beautiful colors enhance curb appeal and help your house to sell faster.
Related: Colorful Plants with Curb Appeal

Tip #6: Glam Your Mailbox
An upscale mailbox, architectural house numbers, or address plaques can make your house stand out.

High-style die cast aluminum mailboxes range from $100 to $350. You can pick up a handsome, hand-painted mailbox for about $50. If you don’t buy new, at least give your old mailbox a facelift with paint and new house numbers.

These days, your local home improvement center or hardware stores has an impressive selection of decorative numbers. Architectural address plaques, which you tack to the house or plant in the yard, typically range from $80 to $200. Brass house numbers range from $3 to $11 each, depending on size and style.

Related: 11 Ways to Create a Welcoming Front Entrance for Under $100

Tip #7: Fence Yourself In
A picket fence with a garden gate to frame the yard is an asset. Not only does it add visual punch to your property, appraisers will give extra value to a fence in good condition, although it has more impact in a family-oriented neighborhood than an upscale retirement community.

Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.

If you already have a fence, make sure it’s clean and in good condition. Replace broken gates and tighten loose latches.

Tip #8: Maintenance is a Must
Nothing looks worse from the curb — and sets off subconscious alarms — like hanging gutters, missing bricks from the front steps, or peeling paint. Not only can these deferred maintenance items damage your home, but they can decrease the value of your house by 10%.
Here are some maintenance chores that will dramatically help the look of your house:
Refasten sagging gutters.
Repoint bricks that have lost their mortar.
Reseal cracked asphalt.
Straighten shutters.
Replace cracked windows.

FOR MORE INTERESTING AND USEFUL ARTICLES:

http://www.houselogic.com/

 

 

New Home Owners Title Insurance Requirements

New Home Owners Title Insurance Requirements

New Home Owners, Buyers Title Insurance Requirements

Buying a home is a very emotional  event and perhaps, the most important financial decision in one’s life.

Therefore New Home Owners, Buyers Title Insurance Requirement must make sure are properly protected and reduce the risks and liabilities to a bare minimum.

That’s Why, 

New Home Owners, Buyers Title Insurance Requirements are a must to protect the interest of home buyers  against the claims of third parties for reasons not known to the new homeowner.

For example; if a new home is purchased from a developer that failed to pay a contractor involved in the construction, then the contractor can place a lien (restriction) against the property which will need to be paid before the home is then sold. If the homeowner did not purchase title insurance then, he/she would be personally responsible for paying that debt.

 

New Home Owners, Buyers Title Insurance Requirements
The cost associated with the title on the property is normally about 0.5% of the purchase price and are part of the closing cost overall expenses associated with purchasing a home.

The protection both legally and financially allows homeowners peace of mind and sleep well at night knowing they’re covered against any existing debts or claims that might have not been discovered from the title’s research conducted by the title agency your lender and/or attorney secured for that purpose.

The cost associated with the title on the property is normally about 0.5% of the purchase price and are part of the closing cost overall expenses associated with purchasing a home.

 

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Clifton’s Botany Village

Clifton’s Botany Village

 Clifton’s Botany Village 

Clifton's Botany Village

Clifton City Hall

900 Clifton Av, Clifton NJ 07013

Clifton’s Botany Village is the first and oldest of Clifton, once a thriving area populated with a very ethnically diverse population that worked in the Silk and Wool mills factories in the turn of the century and early 1900’s, a staple of the American wool industry and employed thousands of people.

It got its named after the Botany Worsted Mills.

However, with the decay of the industrial might experienced in the late 50’s and early 60’s it saw a decline that was evident in the neglected buildings, closed shops and commercial downturn in a once very active community.

 

The City of Clifton revitalization program and progressive business owners at the time, abandoned buildings and torn down mills were converted into parking areas and new more modern shopping areas were developed to revitalized the area, as a result it thrived again. The creation of a special improvement district and formation of a non-profit Clifton’s Historic Botany District also helped renewed spirit of Botany Village.

More recently with the construction and extension of Route 21 from Dayton/Monroe Avenues to route 46 have given the area new life.

The creation of new businesses of all types, a maintenance personnel and community watch group created to maintain and address quality of life issues have made Botany Square the stage for social and cultural activities, an expression of the diverse cultures that enrich the area.

The Ideal Market is the latest big business to come into the area filling a big void left when the former PathMark supermarket closed its doors in the same location approximately 2 years ago, Ideal Market Place is a fresh produce and groceries chain to come into Botany Village to service Clifton and nearby towns; Garfield, Lodi, Passaic and others in both Bergen and Passaic counties.

Ideal Market Place in Clifton's Botany Village
Ideal Market Place in Clifton's Botany Village

Clifton’s Botany Multi-Family Homes For Sale

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Passaic City Homebuyers Grant Money

Passaic City Homebuyers Grant Money

Grant Money!?…Did You Know Up to $39,500 Could Be Available Towards Purchase of Home in the City of Passaic, New Jersey.

Passaic City Homebuyers Grant Money, Home buyers could benefit from grant money available through the City of Passaic for Passaic residents who want to purchase a single or multi-family home. Do not wait and find out you and your family could benefit from this unique opportunity to get a grant of up:

You Could Benefit from FREE Money,….Why NOT? 

New Home Buyers that currently reside in Passaic, NJ and are looking to purchase their own, first home, could qualify from a GRANT (basically FREE money) to qualified buyers.

 

 

If You’re Interested to Know More About This Program, Fill Out The Requested Info.

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Owning vs Renting Benefits

Owning vs Renting Benefits

Owning vs Renting Benefits

 

1. TAX BENEFITS. 

Owning vs Renting Benefits

Owning vs Renting Benefits

Owning vs Renting benefits you through the allowable tax code deduction of the interest you pay on your mortgage, property taxes and some of the costs when buying, for investment properties other deductions like repairs, depreciation are also allowed, Its a great idea to consult with a tax professional to get accurate information about your particular situation.

2. APPRECIATION.

Real Estate has passed the test of time and allows a stable and steady growth over time, despite the recent housing crisis, home prices have increased on average approximately 5.2 percent each year from 1072 through 2015 according to the National Association of Realtors.

3. EQUITY.

Owning vs Renting Benefits

Owning vs Renting Benefits

Money paid for rent is money that you’ll never see again, having a mortgage allows you to build equity as you pay down the principal balance and the home benefit from market appreciation over the years, in addition to:

4. SAVINGS.

Building that equity is in itself a savings plan and when you sell, you could qualify to take up to $250,000 (or $500,000 for married couples) as gain without owing any federal income taxes. (Check with your CPA for further advise on these)

5. FREEDOM.

The home is yours. You’re can do as you choose, decorate, paint, upgrade, remodel and choose to live as it fulfills your lifestyle after all that’s some of the intrinsic owning versus renting – benefits.

6. PREDICTABLE.

Unlike rent, your mortgage payments are fixed and don’t rise over the years (if your loan is a fixed rate mortgage) , taxes and insurance cost will likely increase.

7. PRIDE OF OWNERSHIP.

Owning vs Renting Benefits

Owning vs Renting Benefits

Among the many benefits of home ownership like, remaining in a neighborhood for many years and becoming part of the community, pride of ownership is one of the many traits that owning your own property affords through a sense of accomplishment and satisfaction in knowing this property is your own and you’re coming home! after all that it is the essence of the American Dream.

If Thinking to Purchase or Sell, Contact Us for a FREE – NO OBLIGATION consultation. Roberto A. Sanchez – Broker-Associate – Cell (973) 216-1945  or email me at: RSanchez@robsrealtor.com.

 

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Purchase Condo or a House?

Purchase Condo or a House?

Purchasing Condo or House?

Purchase Condo or House?

Purchasing Condo or House?

Purchasing condo or house, Is it a better alternative to buying a house?, Is it less expensive?, Is it more comfortable or perhaps offer more entertainment and amenities at a more reasonable price?
These are some of the questions home buyers usually face when deciding between purchasing a Condo or a house, some of the benefits a Condo offers might be: Less maintenance to worry about; There’s no roof to repair, yard to tend or mechanical systems to worry about which might be covered under your property maintenance benefits.
Offer a sense of community living, with normally benefits like, pool, entertainment areas, gym or sport facilities (although these benefits are normally reserved to more expensive condo projects)
It’s a hybrid type of ownership, although you own it just like a house, your walls might be your neighbors as well on the other side, so it’s more like apartment living.
On the other hand, the maintenance free options you enjoy come at a cost which might be steep in the form of maintenance fees which might be subject to change which in some cases might affect your bottom line cost and affordability; it’s an extra expense in addition to others like, taxes, insurance, etc.
Often condos are not pet friendly and do not allow pets of any sort, and might require a larger down payment to purchase (20% conventional, instead of 3 or 3.5% FHA) maintenance fees that sometimes could be steep.
It’s become a suitable alternative to business or professionally oriented purchasers that would rather enjoy the flexibility with less responsibility.
The house offers more in terms of freedom with a bit more responsibility, you can change practically anything and customize it to fit your needs, have a yard, instead of a community room to entertain and enjoy with your friends and family.
A House unless it belongs to a community association offers no restrictive bylaws on what you could or could not do in your home, however, there’s more in the way of maintenance and upkeep, landscaping is now the order of the week or pay someone to do it for you, however, many find this to be fulfilling tasks inherent to owning a home and the satisfaction and pride of owning one.


Your desire, lifestyle and current situation could determine your best option weather a condo or house it should be a great decision after careful planning towards enhancing yours and yo
ur family lifestyle.
If you’re thinking to purchase a home or a condo, feel free to sign up with your search criteria and receive automated alerts when the type of home, location and/or price come on the market. or Contact Us at (973) 216-1945 Roberto A. Sanchez – Broker Associate – Century ACV Real Estate for some advice and assistance, FREE of Charge, NO OBLIGATION.

 

 

 

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New Jersey Expensive Homes

New Jersey Expensive Homes

New Jersey Expensive Homes, Take a look at some of the most expensive and luxurious homes in the Garden State.

 

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 Roberto A. Sanchez
         
Broker-Associate
973-216-1945
rsanchez@robsrealtor.com

 

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Short Sale Instead Foreclosure?

Short Sale Instead Foreclosure?

 

Wy Short Sale Instead Foreclosure

Wy Short Sale Instead Foreclosure

Short Sale Instead Foreclosure?

Headlines today are filled with stories about homeowners in financial distress—people facing lender’s foreclosure on their home. Millions of American home owners are wondering why Short Sale Instead Foreclosure? They ask themselves if Modification, selling or what else to do. Like most crises, this one has produced its share of rumors and misinformation. One of the biggest is “just let it happen.” “Why fight back”  this is too emotionally draining, and the government’s loan modifications have helped a lot of people. Well, that’s only partly true.

While government loan modification programs have fallen short of the mark so far, there is another solid, sensible option for homeowners. It’s called a short sale—a sale to a buyer where the seller’s lender agrees to accept less than the full amount owned.

Why not be foreclosed? Why sell short? Agents who have closed hundreds of these transactions provide this list of reasons:

  • Avoid the foreclosure stigma – Homeowners will always have to disclose that they had a foreclosure on any mortgage application and (many job applications) that they submit in the future. This can have an adverse affect on their future mortgage rates. Foreclosure is asked about specifically in credit inquiries. There is no seven-year time limit on this item.

  • Protect credit score – Credit scores will be lowered by 300-plus points (per loan) by foreclosure. The impact of a short sale—about half that much.

  • Improve eligibility for a government insured loan– The homeowner will be ineligible for a government insured loan for 5-7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.

  • Avoid a deficiency judgment– Lenders can seek a deficiency judgment against the homeowner and collect any amount they do not recover at sale.

  • Protect employment prospects– Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire, or even current employment, in jeopardy. These are the top reasons, but there are more. An expert short sale specialist agent can give a full picture of the options.

One more tip. Don’t believe everything you read about how long short sales take and how few get finalized. Short sale timelines, while still longer than normal, are shrinking as lenders get their paperwork act together. Find out who the top short sale agents are in your market. These pros are closing 70 to 90 percent of the short sales they represent—more than three times the national average. They know where to find buyers, and how to negotiate the buyer’s offer effectively with lenders and get the deal closed—so the homeowner can move on with life and recover.

Find Out About Better Options and Incentives, Contact Us for a FREE consultation and hopefully we can assist you navigate to better solutions. Roberto A. Sanchez – Broker-Associate Dir. (973) 216-1945  or email me at: RSanchez@robsrealtor.com.

Home Owners Better Off Than Renters?

Home Owners Better Off Than Renters?

Are Home owners Better Off Than Renters?

 

 

The differences between buying and renting are massive.  According to the Federal Reserve, a typical homeowner’s net worth was

Home owners Better Off Than Renters?

Home owners Better Off Than Renters?

  $195,400, while that of renter’s was $5,400.  The data reflects 2013 and the next survey of household finances, which is conducted every three years, will be out in 2016.  Based on what has happened since 2013 and projecting a conservative assumption of what could happen next year to home prices if we see only 3% price growth, the wealth gap between homeowners and renters will widen even further. The Fed is likely to show a figure of $225,000 to $230,000 in median net worth for homeowners in 2016 and around $5,000 for renters. That is, a typical homeowner will be ahead of a typical renter by a multiple of 45 on a lifetime financial achievement scale.

Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth.  The simplest math shouldn’t be overlooked. A vast majority of homebuyers take out a 30-year fixed rate mortgage to make a home purchase. After 30 years, there is no mortgage payment (nor rent payment). So the home price growth over that time period would be the equity that the homebuyer would have accumulated. For example, the median home price of a single-family dwelling in the U.S. thirty years ago in 1985 was $75,500. This year, it will be at least $220,000. That figure of $220,000 is the housing component of the person’s wealth. Even had home prices not risen, the person would still have $75,500 in wealth today – on top of not paying any further monthly mortgage after 30 years.

This simple example does not play out nearly as neatly in the real world, since people do not stay in one residence over the 30 year period. Almost all homeowners trade up, change neighborhoods, or move to a better school district at some point. However, they are able to make those residential relocations due to the housing equity accumulated, even over a shorter period, and can immediately apply that equity

Home owners Better Off Than Renters?

Home owners Better Off Than Renters?

to the next home as a downpayment. Therefore the conditions of steadily building housing wealth still hold.

We also know that not everyone can or should be homeowners. The memories of easily accessible subprime mortgages and subsequent harsh foreclosure pains are still fresh, and remind us of the devastating impact on the families involved, local communities, and to the broad economy. In addition most young adults have not developed the financial standing or have found a stable, desirable career and, therefore, choose not be homeowners until later.  The homeownership rate among households under the age of 35 is 35% currently and rarely rises above 40% historically. For those under the age of 25, the current ownership rate is 23% and rarely rises above 25%. But the time will eventually come when people want to convert to ownership. By the time people are in their prime-earning years of 45-to-55, nearly three-fourths do eventually become homeowners. By retirement, nearly 80% are homeowners.

A recent survey of consumers commissioned by my organization revealed that 80% believe that purchasing a home is a good financial decision (2015 National Housing Pulse Survey). Most consumers appear to already understand the simple math and the benefits of homeownership. So don’t overthink the matter of whether now is a good time to buy, or whether stock market returns will be better. The exact timing of a home purchase will have little financial impact in the big scheme of things.

Just know that homeowners generally do come out ahead of renters in the long run.

Right Time to Sell?

Right Time to Sell?

Right Time to Sell?

Right Time to Sell?

Right Time to Sell?

Times are changing and you’re thinking about moving the family into a new home. But before you start searching for your next dream home, you’ll need to figure out when you’re going to sell your existing home. The decision is a complex one, especially considering the unpredictable economic environment you’re living in. And while there’s no magic formula for determining the best time to sell a home, there are several factors you should consider.

The wrong time to sell

This likely won’t come as a big surprise: you should avoid selling your home during the winter holiday season. Tensions run high during the holidays and budgets run low. The result? No one’s really itching to buy, and offers that do come in are often low. So as a general rule of thumb, avoid the months of December and January when selling a home, however you depending on your needs you might need to sell during these months, assess the situation with your agent and look at the current state of the market in your area. 

The best season for selling

Conventional wisdom dictates that spring is the best time to sell a home. In spring, the holidays have past, the new school year is still a while away, and gardens and other outdoor spaces tend to look their best. And while spring is the season that sees the largest amount of buyers, it’s also the season when inventories are highest. This means lots of competition, so if you’re going to sell in spring, you really need to get your property to stand out with effective marketing and staging.

The best day for selling

According to research, Thursday is the best day of the week to list your home for sale. By listing your home for sale on a Thursday, you can make it available immediately for weekend showings. Come Saturday the busiest day for real estate – your home will have only been on sale for two days, which is great for attracting full-price offers. In general, the shorter amount of time your home remains on the market, the higher the offer you’ll receive.

For this and more tips and information on how to start a successful home search that leads you to a satisfactory and rewarding home shopping experience, contact us and we’ll help you get the results you’re looking. FOR A FREE, NO OBLIGATION, NO HASSLE Market ReportEmail Us or Call Us at (973) 216-1945.