Bargain or Money Pit?

Some tips on helping you see the real deal…

I recently watched the movie "The Money Pit", - the one where the couple is renovating a house they bought at a bargain.  If you haven't seen the movie in a while, here is a clip of some of the troubles the couple encounters.  While the movie is funny, very funny at times, it is also a cautionary tale for realtors and clients looking into purchasing foreclosed and short sale properties. Is the property a deal or a hidden horror?

View the Home and Neighborhood

Take a close look at the home, as well as the surrounding neighborhood, to get an idea about insurance and repair costs. By viewing the home up close, buyers can set a more informed budget that not only includes the final cost of the home, but also how much upkeep and maintenance will cost them in the end. Try to determine how long the house has been vacant and whether possible damage or deterioration of the home may have occurred during this period. For example, homes that have been neglected during the winter months may have incurred water damage or other types of costly issues, so it's important to be prepared for these types of things.  

Most of the homes are sold strictly "AS-IS" with no information provided about the age of structural or mechanical components (ie. roof, foundation, heating & cooling, etc.)  If you are interested in buying a home in need of obvious repair and don't have experience doing major renovation yourself, consider viewing it again with a contractor who can give you an estimate on what it will cost to get the home in the shape you need and want.  

Further, it's imperative to conduct research and do a walk-through of the neighborhood. The health of a neighborhood - including crime rates, average income and the condition of surrounding homes - may have an effect on overall property values, making it crucial for potential buyers to secure all the information they can in order to make an informed decision.

Hire an Inspector
Once you've decided on a property, don't skimp on the cost of an inspection.  Inspectors seek out possible problems or damage that may not be visible to the naked eye, such as structural problems or piping issues.  Experts encourage potential buyers to enlist the services of a professional. An inspector will charge between $400 and $600 to thoroughly review the property, but long-term savings will be invaluable.  Issues you don't want to tackle may be uncovered during a home inspection thus saving you the time and expense of owning a problem. Your real estate agent has resources that can help you choose the right inspector for your needs.

Don't Go it Alone

Choosing to work with a Realtor experienced with short sales and foreclosures can provide you with information on how the process differs from a traditional property sale, keeping you informed about the various stages of the transaction. A Realtor familiar with the neighborhood can also provide valuable information about the community, typical property conditions, and comparable sales.  

Foreclosed homes & short sales can be appealing to homebuyers who are working on a budget and seeking out more affordable properties. Being educated on the process and working with professionals is the only way to stay away from trouble. It's important that you get all the information about the property, the neighborhood & purchasing process before making an offer. And above all, keep asking questions – it’s the only way to know if the “deal” is a bargain or a money pit!

Thompson Street

Fall is in the air, and there are some great Fall & Halloween area events including scary hayrides like Wailing Woods in Bordentown Township and Not So Scary Halloween in Chesterfield.  The annual Bordentown City Halloween Parade is scheduled for next weekend. And then there is Thompson Street.

Incase you aren't familiar, this is a unique neighborhood gem. Just one block long, located between 2nd and 3rd streets in Bordentown City, every year, the block decorates the homes with one amazingly creative elaborate and coordinated theme for Halloween.

This year they are decking the place out with a very timely theme of The Wizard of Oz.  There are ruby slippers and witch hats hanging from above, emerald city green "OZ" flags flying, and the legs of the wicked witch just crushed by Dorothy's house hanging out of several windows.  The scene where the Wicked Witch peers into her crystal ball is also coming to life and becomes more detailed every time I walk down the street. It feels like you're on a movie set.  The amount of effort and creativity put into the decorations year after year is commendable.  Never a horror or gore theme, it's sometimes a bit creepy but always family oriented.  The street celebrates with a block party on Halloween night making this is a the kind of place that you & your kids will remember fondly whenever they think of Halloween.

I first learned about the Thompson Street tradition from one of my son's babysitters who grew up in Bordentown. It was a great memory from her own childhood and something she wanted to pass on.  For the past six years visiting Thompson Street and showing it to others visiting the area has become part of our family tradition.  

Truly, this year's celebration reminds me that #theresnoplacelikehome.

There are two properties presently for sale on this street.  If this is the kind of neighborhood you'd like to call home, please contact me for more information. 

Keeping a vacant home safe

With the recent news about the Stephentown300 vandalism at Brian Holloway's home I wanted to write a post about keeping a vacant home safe.  No neighborhood is immune to crime, and vacant homes can be easy targets. While certainly not every act of vandalism is preventable, taking actions to protect yourself & your property is prudent.

If you are selling your home and have moved on here are some tips for keeping your investment safe while waiting for it to sell.  If you need ideas (or motivation) for getting that sale, check my previous post.

• Keep the yard & exterior maintained. Overgrown grass, unkept flower beds, and cobwebs building up around front door are welcoming and inviting to prospective vandals... not prospective buyers. 
• Make sure you have stopped the mail and all publications.  A month's worth of mail and newspapers piling up can be an open invitation to crime.
• Ask a neighbor to park in your driveway.  Nothing says, "I'm home" more than a car parked in the driveway.  
• Keep the lights on.  Programmable timers and a few lights in different rooms will give the appearance of someone being in the property.  Combine that with the previous items and you won't be giving off the impression of being vacant and vulnerable
• If you live in an area where snow is a possibility, arrange ahead of time for someone to shovel & de-ice.  Not only will this keep your home maintained for prospective showings, you'll be much less likely to have a slip and fall & potential lawsuit.
• And last but not least, check your home owners insurance policy for any requirements your insurer may have for unoccupied properties.  In the event that something tragic happens on or to your property you want to make sure you are covered.  

Want more ideas for keeping your property safe?  Check this article from buzzfeed.

When you have moved on... but your old house hasn't

You knew you were moving over the summer. So you listed your home for sale in the spring.  You planted some new colorful flowers, decluttered your closets and had some showings.  You took your family photos down cleaned out the basement and had your real estate agent hold an open house.  You lowered your price. And then, because you needed to, you packed everything up and moved.

You're enjoying your new place, because you've moved on.  But your house hasn't.  Now what?

Whether or not you are carrying mortgages on both homes, you're still stressed.  Why hasn't my home sold?  What if it doesn't sell before winter?

Have you listened to the advise your Realtor has given you?  Not only the comments you liked or agreed with, but all of it.  The part where they may have suggested doing something that involves money or effort that you didn't want to do.  Now may be the time to take action on the feedback you've received from your Real Estate professional and the buyers who came through your home and did not make an offer.

Is there a consistent theme to the comments?  Did you hear negative comments about the paint color in a particular room multiple times?  Is the kitchen outdated compared to other homes in your area that sold?  Repainting isn't about finding "the" color a buyer wants, but more about not having a color that is too personalized.  For example, my 8 year old loves the pine green ceiling painted in his room.  I think it looks great too. While I am living in my home, it's my personal taste that matters.  However, if I am selling my home you can bet the ceiling will be repainted.

If you do see a theme in the comments and feedback you have received about your home, talk to your Realtor about how to best address the not so hot features and attract a buyer.  You should also ask for an updated market analysis to ensure you are priced correctly as prices are constantly adjusting to the market.

The joy of Home

It's not a typical real estate closing when at the table, the buyers are sellers are exchanging personal information in order to keep in touch afterwards, but that is what happened today.

From the moment I met the seller, it was evident how much the home meant to her.  This was where she raised her children,  grew a family & made a house a home for over 25 years.  As she was moving onto a new season of life, it was really important to her to see her home be loved by a new family.

Well, the stars aligned for that exact thing to happen.  The buyers said that from the moment they walked in they could feel the love that was present in the home and that it was very meaningful to them.  Throughout the contract period, the seller gave the buyer's a complete "walk through" to show them how every little thing worked. Above and beyond typical expectations warranties for home systems were transferred. Extra filters & light bulbs were left. Not because the buyers asked or negotiated for it, but because the seller felt it was the right thing to do.  She was treating them the way she would want to be treated & following the golden rule.  

It was amazing to see how grateful everyone was towards one another at the closing table. Gifts and email addresses were exchanged. No one felt cheated in this transaction and everyone walked away happy and feeling good.

It was a magical moment as a Realtor when I got to see the joy of Home, for both the buyers and sellers.  This is what I love about Real Estate, and a day that I won't forget.

You've heard of a Mud Run... what about a Farm Run?

If you're a runner, or friends with someone who is chances are that you have seen pictures of tough mudder runs or color me rad runs that have become popular lately. This week, I learned about a Farm Run that promises mud and fun while benefiting the Fernbrook Farms Education Center in Chesterfield, NJ.

If you're not familiar with Fernbrook  they have education programs for local schools, a fantastic Summer Camp and an Urban Initiatives program for kids among others. Here is their Education Center's mission statement: "Our mission is to provide hands–on educational experiences for people of all ages by exploring the complex interconnectedness of our natural world.  Our purpose is to educate about agriculture, the sources of our food and the importance of nutrition for healthy lifestyles. We believe people should make meaningful connections with our natural world in order to become responsible stewards of local and global sustainability."    

I can testify that through their summer camp, my son has had a tremendous experience there this summer.  And that it has also been full of fun and mud. I believe Fernbrook is a great asset to our community. 

More info & registration for the run can be found here.  Hope to see you there September 22nd!  

Focus

It has taken about a year, but I have found my focus.  It came together in a classic "aha moment" where finally in my mind the things I love and what I want from a career perspective crystallized into an idea. Not some marketing gimmick, but a way to speak genuinely about what I want to do through what I already do.  I'm going to be refocusing my blog and launching a new website to put together the farm to table locavore lifestyle and homes for sale in Bordentown City, Bordentown Township, Chesterfield and Mansfield.  

There is an availability of locally grown and made products in Northern Burlington county that make locavore living very doable.  From the standpoint of personal and environmental health, this is an idea which I believe more people are becoming aware of and supporting.  With the growing concern over what is in the food we eat (GMOs, food chemicals, allergens) there is more awareness of one's diet.  Being able to purchase a significant amount of your food from your local farm is one way to have a direct assurance of what you are eating, where it's from while at the same time supporting agriculture and your local farmer.  So, where to live to make eating local a viable option?  Northern Burlington County.  This area offers unique homes and a great diversity of housing options.  Do you like small city living? check. Suburban developments? check. Historic properties, new construction? check and check.  55+ communities, condos, row homes, single family homes with acreage... all available.  Over the next few weeks I will be launching my website locavorelivingnj.com to provide information on all of these diverse communities while also showcasing the local farms, businesses and  lifestyle opportunities in the communities of Northern Burlington County.

To everyone who has read my blog thus far, I thank you.  As a fledgling blogger, I realize most of the readers are probably friends, or at best friends of friends. So I thank you all for your support, please stick with me through this journey and see the bounty of Burlington County.

What a Buyer DOESN'T want - Part 2 con'td.

Here's my final point of humor about what turns buyer's off.... I hope you'll laugh and gain some insight. 

5. Do you have a passion for collecting something? Is it prominently displayed in your home?  Whether it's antique dolls, Tiffany art glass, snow globes, or camel figurines - put it away.  Best case scenario - the buyer collects the same or similar items but... they get distracted and don't focus on the property.  Worst case scenario - the items have a negative impact on everything else they see in the home.  Don't let someones deep seated fear of figurines interfere with selling your home.   

4. What are they hiding?  A little bit of air freshener can be a wonderful thing.  Too much of it though makes people wonder what you are trying to cover up.  Some people are sensitive to artificial perfumes to the point that it can trigger allergic reactions. 


3. Everything in the home is true to the period and architectural style except ______.  Whether it's a kitchen, or bedroom that has been "re-muddled" and not remodeled, when a significant area sticks out as being out of place it can really turn off buyers.  Don't update something cheaply just to say "updated". Clean neat and ready for your updates is better than having to rip out a bad re-muddle. 

2. Tired, worn and dirty.  Especially today, seller's don't want to put more money into a property in order to sell it and that is totally understandable.  Neglecting to clean or touch up scuff marks isn't.  A home that is dirty and dingy is not the way to impress buyers. 

1. You. Few things make buyers feel more awkward than the feeling that they are being watched. Most times when a home owner is present for showings, buyers feel tense like they cannot move at their own pace or make honest comments amongst themselves.  As a seller, you want prospective buyers to feel welcome and invited, not like they're intruding.  Even if you're nervous about selling your home, let your agent oversee the process.  It will take the pressure off of the buyer and you. 

What a Buyer DOESN'T want - Part 2

In my previous post I talked a little about what buyer's are looking for in a property.  This week & next I have a little humor - taken from real life experience - about what turns off buyer's the most.  

10. Do you love your pets?  So do I, but when selling your home your pets, their possessions (toys, bowls litter boxes etc.) and most importantly their odors should be no where to be found.  When prospective buyers leave your property you don't want them to refer to your house as "the smelly dog house".

9. Jam packed with goodness. Buyers want a home to feel spacious and ample storage space is an important feature buyers want.  A huge turn off is closets that are jam packed with items, disorganized and cluttered.  If all your stuff doesn't fit in the home buyers will leave with the impression that their stuff won't either.

8. Did you run out the door this morning without washing the dishes, making the beds or tidying up the bathrooms? Selling your home is work, and keeping it "showing ready" cannot be over emphasized.  You don't want to leave the impression that you don't care, you're not motivated, or maintaining this home is too difficult. 

7. Home is all about family. But buyer's don't want to see the last 5 generations of yours on display in every room.  Use the number of bedrooms in a home as a guide for how many family pictures stay up.  Selling a 3 bedroom home? Leave up 3 family photos for the entire house - period.  This keeps the home from looking sterile yet let's a buyer imagine their family in the home. 

6. Did you fall in love with the pastel floral wall paper in your hallway?  Regardless of the print or condition of your wall paper, it is time to part ways. Shed a tear if you must, but it needs to go. Now.  (The one exception here is the kind of wall paper specifically intended to be painted.)

Stay tuned next week for more of the top buyer turn offs.

What a Buyer wants - Part 1

What does a buyer want to find in a home?

Presence & Character

When you walk into a home, it should feel like... well you walked into a home.  Not just a house.  A unique door, or an inviting place to hang you coat and leave your keys can create an entryway that will be memorable and evoke the feeling of home.

Space to Grow & Space to Gather

Think built in storage, laundry rooms, mud rooms and areas that will let a family grow into the home while staying organized and having a place for their belongings. Bonus rooms that can be used as play rooms, home offices, and guest rooms as the needs of a family change over the years also have huge appeal for buyers as do updated kitchens.  Kitchens continue to be the central gathering place in our homes.  Having a kitchen that opens to another living space such as a great room, den or dining area provides the space to gather and grow that most buyers want.

Want to see more about the top home upgrades in high demand, check this article here. 

 

What a Buyer wants

Over the next few weeks, I'm going to share some insights about what the average buyer is looking for in a home.  

• What are the expectations for home features?
• A little humor about what a buyer doesn't want.
• What types of homes are selling quickly.
• What no buyer ever wants... fraud & ways you can protect yourself.

Please stay tuned...

Are you ready for Summer? ....summer camp that is...

As a parent I have always found the task of determining what to do with the kids during the summer a daunting one.  It's a balancing act between child safety, activities they will enjoy, activities that keep their minds engaged, their friends, and last but not least... a location I can get to on time.  (I'm not going to throw price into the equation.)

If you find yourself in the same situation here links to camps that I have either used, or friends of mine have used and would recommend.  

Burlington Community College

Fernbrook Farms

Handiwork Studio

Lake Liberty Day Camp

Mercer Community College - Campus College & Sports Camps

YMCA - Hamilton

Enjoy your summer!

Do you have another local area camp that you love?  Let me know and I'll add it to the list.  

Improve your curb appeal for less

The first sight prospective buyers see when pulling up to a property is the yard and exterior of the home and this first impression can have a big impact on whether a property sells. Many buyers will connect what they see on the outside of the home with how attractive the inside may be. Improving curb appeal is an important part of selling a home, and it's also one of the most simple and affordable actions sellers can take.

Spruce up the exterior

Over time, natural wear and weather can take their toll on the outside of a home, making it appear older and lifeless. Improving the exterior is a quick fix and homeowners can begin by washing the outside frame of their home to remove dirt and grime.  Replace door handles, house numbers, mailboxes, locks and frames to give the house a more modern and practical feel.  Make your home stand out by painting shutters and doors a different color than the home itself, check paint companies such as Benjamin Moore or Behr for color trends.

Yard work and landscaping

Pulling up to a home covered in leaves and dead grass is not the first sight most  buyers to see. Laying down mulch and conducting some basic landscaping can go a long way in making a lawn look healthier.  Make sure trees, bushes and shrubs are properly trimmed. Pull out weeds that are hindering flower growth, and consider adding new brightly colored annuals & potted plants to increase interest.  

Need more inspiration? ....Check this list of 20 Ways to add Curb Appeal from Better Homes & Garden's magazine.  

Prep your home for sale this spring

The spring season is a prime time for home buying, and owners who plan on selling a home can start making preparations early on to make the process go more smoothly. There are several actions sellers take when getting their homes ready, and making a checklist to follow can help make sure all their bases are covered.

Make it squeaky clean

One of the most common mistakes sellers make is not adequately cleaning their homes. A clean home generally looks more modern and spacious, and dirt, dust and grime that has been missed tends to stand out more to buyers. So it's important to go above and beyond when it comes to scrubbing a home down. Not only is it imperative to clean counters, walls and bathroom tiles, but it's also crucial to pressure wash backyard decks, power wash carpeting and organize closets and drawers. Buyers may want to look at every space in the home, so it's important that every nook and cranny is immaculate.

Add neutral upgrades

Many homeowners have decorated their home to their specific tastes, but when a home goes up for sale, owners should stop thinking of the home as their own and make upgrades accordingly. For example, bright walls and shag carpeting may have been the preference of the owner, but this style may not appeal to every buyer walking through the door. Instead, experts encourage sellers to neutralize their home, according to MSN Real Estate. First, sellers should repaint the walls. Not only will a fresh coat of paint make a home appear new and fresh, but it can also make rooms appear more spacious.

In addition, cracked floorboards, stained kitchen counters and old appliances can turn off buyers, so upgrading these features can help owners sell their homes more quickly. Individuals should also follow the neutral rule when making upgrades to make sure any improvements are in keeping not only with the home's particular character, but also similar homes in the neighborhood, MSN reports. For example, if all the houses in a community have granite countertops and upgraded kitchen fixtures, it may be a good idea to make similar upgrades to stay competitive with other properties that are up for sale.  The best way to know which upgrades make sense for your neighborhood is to talk with local Real Estate expert.