Thursday, August 1, 2013

Which New Jersey Home Flaws to Address, Ignore

As your Millburn-Short Hills real estate agent, I’m here to help you through the home-buying process in Millburn, Short Hills, Summit, Livingston and surrounding areas! At this time, the Millburn-Short Hills real estate market is full of eager buyers, but low housing inventory, so you might be tempted to buy a flawed home. I’m here to caution you.
Even with bidding wars and quick home sales, it’s important that you have a home inspection and create a closing agreement that is fair to you as the North Jersey homebuyer. It’s also important that you’re aware of the flaws your potential home has, and you know when to address them and when to ignore them.

Here are housing flaws that you can ignore and still go through with the closing:
  • Old or unappealing wallpaper
  • Old, dirty or chipped paint
  • Doors
  • Closets
  • Cabinets
  • Fixtures
  • Carpeting
  • Furniture placement
These are all cosmetic flaws that you can easily change as the homebuyer. Once you move in, you can repaint the walls or hire a professional to do it. With fixtures and doors, you can easily switch these out with a trip to the hardware store. These are all quick, inexpensive changes.

On the contrary, here are home flaws that you should address:
  • Outdated furnaces
  • Air conditioners
  • Electrical outlets
  • Outdated appliances
  • Mold and mildew
  • Water damage
  • Foundation issues
These are all home flaws that are either expensive to fix or a serious concern. This is why it is so vital that you have an inspection done before closing! With these, you have the option of requesting that the home seller fix an expensive issue, or that the cost of the home be lowered to make up for it.

As a Millburn-Short Hills real estate agent, the last thing I want is for you to regret your home-buying decision down the road. That’s why it’s important to know what issues are major and need to be addressed, and what issues are minor and can easily and inexpensively be fixed by you.

Does the home-buying process seem overwhelming to you? I can tell you that it’s doable! If you qualify for a mortgage and want to buy a Millburn area home, do not let fear stop you from doing so. Home prices and mortgage rates are both expected to continue rising, but both are still low by historical standards. Now is still the ideal time to buy, before it gets more expensive!

Scared of bidding wars and competition from other North Jersey homebuyers? That’s what I’m here for. As your Millburn-Short Hills real estate agent, I’m on your side, and I’ll be there for every step of the process. Contact me with questions or to start searching for the perfect North Jersey home for you!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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