A Few Reasons Why That Extra Bedroom Might Be Worth It

Buying A home in NutleySo you are looking at buying a home in Nutley NJ, but you are wondering whether or not it is worth it to pay a little extra for a home with one more bedroom in Nutley.

It’s a tough decision to make, especially when balancing other factors such as location and the other features of the home. However, having one more bedroom than you think you need could end up being a good thing for a number of reasons.

Expanding Family in Nutley

Perhaps you only planned on having two children, but a third one might come along as an unplanned surprise… will you have enough room for everyone in your new Nutley Home?

One of your children’s friends might have a bad home situation and need a place to crash for a while. One of your elderly parents might need to live with you for a while in Nutley.

There are many situations when the family living under your roof might expand, (even if it’s just having guests over the weekend) so make sure that you have the space to accommodate.

A Home Office in Nutley

If you are working from home or have your own business in Nutley, a private space in the home to work can be worth its weight in gold. It’s really difficult to be productive when you are trying to work at the kitchen table with the rest of the family buzzing around you, so turn your extra bedroom into a home office.

Rental Income in Nutley

An extra bedroom might be a great source of income, especially if it can be turned into a basement or attic suite. As long as you don’t mind the responsibility of being a landlord, you could rent out the room to a tenant in Nutley and let their rent help you cover the mortgage payment.

Resale Value in Nutley

Buying a slightly larger house in Nutley with one more bedroom means that the home will be easier to sell in the future. This is especially true if all of the other homes in the area have similar amounts of bedrooms.

These are just a few reasons why an extra room can really come in handy. If you want to know more about home buying, you can contact me your trusted real estate professional.

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    Nutley FSBO Home Buyers Look to Agents for Safety

    Nutley For Sale By OwnersAccording to the National Association of Realtors, last year there was a 14% decline in the number of For Sale By Owner (FSBO) properties. Despite that decline, FSBO properties are still available in Nutley – and in an inventory-challenged market, you might find one of them is a pretty tempting buying opportunity.

    But here is where caution is warrented — and where you may be amply rewarded by seeking a Nutley buyer’s agent to represent you. There’s more than one reason why:

    FSBO owners may, er, hide things

    It can be tempting for FSBO sellers to cover up problems that would have been picked up if a seller’s agent had been involved. By using an experienced buyer’s agent, you stand a much better chance of identifying those common problems. A qualified inspector (your agent will recommend a good one) can help you spot the more well-hidden ones.

    FSBO properties usually cost more!

    Statistics bear it out: it’s estimated that FSBO properties can cost 10 to 20% more than those listed via real estate agents. Owners in Nutley just tend to overestimate their property’s worth and selling potential. And without the counsel and guidance of a real estate professional, sellers usually establish a stronger emotional attachment to their first listing price. The presence of your buyer’s agent (with a notebook full of comps) is sure to power up your negotiating stance!

    Legal issues

    One of the main reasons to team with an agent is the plethora of legal issues that are interwoven with residential real estate sale transactions. By using an agent, you stand to identify any contractual mishaps before they are executed — and well before costly repercussions materialize. Since many owners who take the FSBO route in town are usually short when it comes to real estate transactional expertise, there may be required disclosures and important paperwork that they have missed. You don’t want to find that out too late.

    If you wind up seriously eyeing a Nutley FSBO home this summer, save future headaches by including your buyer’s agent commission in your offer. More questions? I’m available for consults this week!

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      Nutley Mortgage Rate Hikes Pose Riddle

      This is one of those multiple-choice questions: which is true – A, B, C, D, or E?

      A) If the headline reads NUTLEY MORTGAGE RATES ON THE RISE! it means it’s time to buy (quick) before they go up further!

      B) If the headline reads NUTLEY MORTGAGE RATES FALL! it means it’s time to buy (quick) to cash in on the savings!

      C) If the headline reads NUTLEY MORTGAGE RATES UNCHANGED! it means it’s time to buy (quick) while the rates are stable!

      D) All of the above.

      E) None of the above.

      My answer is below (and it’s not even upside-down), but before anyone even looks down there, I’d like to mention that there is an equally valid second question, which would read ‘sell’ instead of ‘buy.’

      This week is a good time to be pondering both questions. It looks as if the long-lived swoon in mortgage interest rates is about over. “Looks as if” is a carefully chosen phrase, because what seems inevitable in finance has a strong track record of proving wrong. One of the dangers that our current environment presents is that everyone has been correct (about mortgage rates staying in the cellar) for such a long time that they’ve grown accustomed to rates being predictable. They aren’t.

      So the answer to the question is (drum roll, please): E).

      It’s a trick question: when it comes to buying or selling a home, doing anything “quick!” just because of a one-week dip or rise in Nutley mortgage rates is a bad idea. It’s a big decision, one that should be entered into with care and forethought. But if you were to remove the “quick!” from the question, I’d personally tend a little more toward D), but only because I don’t think local mortgage rates are likely to fall right away. And rates today are still, historically, very low.

      Good time to buy, good time to sell. Thoughtfully.

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        What Makes a Great Mortgage Broker in Nutley?

        Getting a mortgage in Nutley these days can be more involved than in years past, not least because their historically low rates make them so desirable. That loan can make or break a fantastic deal — the kind of deal you don’t want to lose when you come across it! Central to the process of getting a mortgage is your mortgage broker…but how do you know when you’ve found a great one?

        These are some of the qualities I believe most often point to the answer:

        • Truly outstanding mortgage brokers get tons of referrals from previous clients and their real estate agents…while other less well-appreciated or experienced brokers must constantly solicit new business. BUT (a very important ‘but’) that is not to say that a mortgage broker who solicits isn’t perfectly well qualified; simply, if you have selected a broker through his marketing, be sure to ask for a few recent references — and speak with them!
        • Getting a mortgage often obligates as much as a third of a household’s income, so it’s vital that it fit properly into the overall financial picture. A great mortgage broker asks the right questions to find a product that best fits your long-term goals, even when they aren’t the easiest ones to ask.
        • The rules governing mortgage transactions have changed significantly in the last few years — and they were plenty complicated to begin with. Learning much of the process on the fly is part of the challenge facing brokers who are new to the field. When you are getting a mortgage in Nutley, if you suspect yours will be anything other than a straightforward process, it may be best to look past a newly licensed broker. An easy way to learn how much experience your broker has is to inquire about his work experience over the last 10 years.

        Getting a mortgage in Nutley can be complicated, but it’s often decisive for your real estate transaction. I’ll be happy to introduce you to some of my proven local favorites. It’s one way we’ll be ready to go when we find you the perfect house!

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          I just sold this home in Wyckoff New Jersey

          Just Sold In Wyckoff NJ

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            Making a Wyckoff New Home Dream Real

            Homes for sale in Nutley NJBuilding a new home exactly the way you’ve always wanted it may not be as unattainable as it might seem. To take the first step toward making any dream home real, you have to see if it’s practical: map out how much building it today would cost.

            Start by nailing down your size requirement. Think of an existing home that feels right for your needs, and ask the owner for its square footage. Decide if you prefer a single or two-story structure, remembering that the smaller roof and foundation size makes a two-story new home less expensive to build.

            Add-ons will add up. Make a list of any special features you consider important. While the difference between a standard tub and a $3,500 Jacuzzi tub for the master bathroom may seem unimportant, if you’re dealing with a 2,000 sq ft house, that kind of detail can swell the bottom line significantly. If you want any special materials or architectural details, note them, too (e.g., a rectangular-shaped new home will be simplest to build; holding depth to 32 feet or less will save costly roofing extras).

            Now it’s time to contact several Wyckoff new home contractors to ask for ballpark estimates. They will be able to give you their recent average cost per square foot — and with the added details you’ve now gathered, they can make more a precise breakdown.

            It’s best when building surprises come as no surprise, so most people with experience know to add 10 – 20% to the initial budget. Last-minute change orders and unforeseen problems are the most common overrun culprits.

            Buying a lot and building a new home in Wyckoff can be a satisfying project for those with the patience to see it through. And for everyone else, today’s buying conditions are close to ideal- some of today’s best properties can be purchased for even less than the cost of building would be. If you are in the market, contact me to investigate the latest deals now being offered.

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