New Jersey

Marlboro Homes, to Remodel or not to Remodel - Roy Giordano

Roy Giordano Home Essentials -- November 2009 -- Marlboro Homes, to Remodel or not to Remodel

Bathrooms: To Remodel or Not To Remodel


It's no secret that bathrooms are a popular room to remodel - because of outdated features, different decorating taste from the previous owners or simply normal wear and tear on a very functional room of your home. If you're thinking about remodeling a bathroom, here are a few things to consider:

TIMELY OR TIMELESS STYLE
Before you remodel, picture what it will look like in a couple years when you sell your home. Will you still enjoy that trendy sink? Make sure future buyers will, too. Otherwise they'll factor in the cost of their own remodel when making an offer.

COSTS - GOOD NEWS
Right now many contractors are eager for work, and prices are lower for their materials and labor, so now may be an ideal time to make your bathroom more livable.

RESALE VALUE IN MARLBORO
You may have heard during the housing boom that bath remodels add value to your home. These days you can recoup about 75% of the costs of a minor bathroom remodel, according to Remodeling magazine's "2008-09 Cost vs. Value Report." And if your bathroom is especially in need of updates, you may recapture more. In any case, it should make your home sell faster.

TOO MUCH? THINK SMALL
If you're not ready for a full remodel, then a fresh coat of paint, new towels and a pretty framed print can do wonders to update your bathroom-just in time for holiday guests.

Remember: you and your family are the ones using your bathroom on a daily basis, so think about whether it makes you feel good when you brush your teeth every morning. Sellers should start to look at their bathrooms the way a prospective buyer would.

If you'd like more information about how a remodel can affect the value of your home, please contact me.

THE HOMES I SELL IN MARLBORO ALWAYS SELL FASTER WITH UPDATED BATHROOMS.

By now, everyone knows that, just like the Dot Com bubble, the real estate market grew its own bubble to a degree that it finally popped. Foreclosure numbers went up, sales went down and everyone, from the government to lenders to John Q public, started looking around for someone they could point a finger at and blame.

The hard truth is that placing blame doesn't do anyone any good, especially those trying to save their South Jersey homes. The truth is that it's time to do what Americans have been doing since the country was founded - picking ourselves up off the ground, dusting off and working with what we still have. Thanks to new acts such as the "Helping Families Save Their Homes Act of 2009," it's even more possible to do that.

If you've been dealing with the possibility of foreclosure, you may have missed the news, so here are a few uplifting highlights that can make all the difference:

• If you rent your South Jersey home and the home is foreclosed upon, you have to receive a 90-day eviction notice. You can't just be preemptively kicked off the property. As well, if you have a lease you have to be allowed to live on the property until the lease is up unless:

•a) the new owner wants to move in and make it his or her residence or

•b) state law says the lease can be terminated on notice.

Although three months doesn't seem like a lot of time, that's three months you wouldn't have had in most states before the Act was passed.

• Lenders and homeowners are now receiving incentives for successful loan modifications and refinancing under the Making Homes Affordable Program. According to the White House government website, "Servicers covering more than 75 percent of loans in the country have now begun modifications and refinancing under the Administration's MHA Program."

• One of the biggest challenges to homeowners is finding out who owns the mortgages on their homes. This can make it incredibly difficult to discuss refinancing or modification with the mortgage owner. Thanks to the Act, you have to be informed whenever your loan is sold or transferred to another party. Now, you always know who has control of your mortgage and who you need to talk to.

Dealing in the current real estate market can be hard. If you're already struggling financially, it can be even harder. Try to keep abreast of the current laws that can help homeowners and families keep their South Jersey homes!

If you can't qualify for loan modification or refinancing, and are considering a short sale, I can help. I have a certification in Short Sales & Foreclosure Resources. Call me at 856-308-5989 or email me at kim@kimcanhelp.com for more information.

www.KimCanHelp.com www.NJHomesNearPhilly.com

100% Financing in Cumberland County, NJ

Did you think 100% financing and zero-down loans were a thing of the past? Think again. One of the best mortgage programs available today is the USDA mortgage program. This mortgage option is still somewhat unknown despite it's popularity in this current market.

Not only is there no required down payment, but the seller can pay all of the buyer's closing costs, which will allow a home buyer to get into a home with very little money out of pocket.

Sleep well with the safety of a 30-year fixed loan that has no monthly mortgage insurance. Interest rates for the USDA mortgage program are comparable to FHA or conventional mortgages. There are a few limitations; The location of the home you are buying will have to be in an eligible area. If you are buying a home in Cumberland County, NJ, many of the locations within the county are approved for 100% financing. (see map).

A USDA mortgage is income restricted, however it does have fairly high income limitations, and the majority of home buyers will find that they qualify.

If a USDA loan does not work for your particular situation, there are other options including first time home buyer grants and assistance programs (both state and county programs), FHA/VA loans, FHA 203K Renovation / Purchase loans and other options. For more information, to be pre-approved, or to have any questions answered, contact Steve Kappre (below).

See also:

100% Financing in Salem County, NJ

100% Mortgage Financing in Gloucester County, NJ | USDA

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Steve Kappre is a Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:

• NJ First Time Home Buyer Mortgages, grants, down payment assistance, and more
• NJ Reverse Mortgages
• All aspects of purchase and refinance mortgages up to and over 100% of the home's value
• Home renovation loans for refinance or purchase
• Conventional, FHA, USDA, VA, HMFA, PHFA, Police and Fire, Live Where You Work, and more

Contact Steve Kappre directly: 856-419-3561 | Subscribe to Steve's blog via e-mail

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