Thursday, July 11, 2013

5 Questions Every New Jersey Homebuyer Should Consider!

As your Millburn-Short Hills real estate agent, I’m here to help you buy a Millburn-Short Hills home! With rising home prices and mortgage rates, and relatively low housing inventory, it’s safe to say that it’s more of a seller’s market than a buyer’s market right now. Still, Millburn homebuyers are eager to buy before prices and rates rise more.

Because of low inventory, Millburn-Short Hills homebuyers might opt to rush into a closing in fear of losing a deal. While it is possible that another buyer will snatch up the home before you, it’s still important to make sure that the North Jersey home is right for you!

As your North Jersey real estate agent, it’s my job to inform you that there is more involved to choosing a house than the number of rooms it has, and the inspection. You have to make sure the home fits in with your lifestyle needs, it’s in your price range, and it’ll resell for a good amount.

Here are five questions that Realtor Magazine recommends every buyer consider, which I full agree with:
  1. How’s the noise? The home might look great, but is it on a flight path? Near railroad tracks or a busy road? By a hospital with ambulances or fire trucks roaring by? Loud neighbors? You might want to visit the neighborhood at different times of the day and see what the surrounding environment is like.
  2. Are there easements or encroachments on the property? An easement would allow others to use a portion of your property for a specific purpose, so as the homeowner of that property, you’d definitely want to know that before buying!
  3. Is the house up to code? If the current home sellers did some major renovation projects on the house before listing, and didn’t get a permit first, there might be fines that you’ll then be responsible for.
  4. What are the districts? If you have kids, you’ll definitely want to check the school ratings, but even if you don’t have kids, the school system could affect the value of the home. Also check to see if you’re in a library, park or police district. These could all affect fees and taxes that you pay.
  5. What are the local rules? Homeowner association rules vary, so you’ll want to find out what those are before moving in. Also, if you’re relocating, check the rules by the city and county, to see what you’re allowed and not allowed to do as homeowner in that area.
As your Millburn-Short Hills real estate agent, I can help you out with these! While you’re shopping the New Jersey real estate market for the perfect home, I can help you find answers and save you time. Just don’t go rushing into a closing without really knowing what you’re getting yourself into. You’ll be happy you took the time to find these answers in the long run!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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