Should You Buy a Fixer Upper in Union New Jersey?
Many Union New Jersey homebuyers have motivation for buying a fixer upper. That is, a home that is not in the best of condition and so, is being sold at a low price. One of the reasons that many buyers purchase fixer uppers is because of the low price. Other buyers see fixer uppers as an investment opportunity. Since the home can be purchased at a low price, fixed up, and then resold, it presents an opportunity to make some money on the home.
If you are interested in purchasing a Union New Jersey fixer upper it is important to realize a few facts about this type of housing. First, it can take a lot more work to fix up a home, than you might first realize. Not only does fixing up a home require work, it also calls for time and money in which many people do not have a lot of. People who attempt to fix up a home for the first time often find that they have underestimated the amount of time and money that it would take to do the work. Not only that, they also overestimate the value of the home after repairs have been made.
That doesn’t mean that it’s impossible to make a profit from fixing up a home. Instead, you should have a realistic view of home much time and money it will take to fix the home and the value the home will have once the work has been complete. Lowering your expectations also lowers the likelihood that you will be disappointed when the process is complete.
Are you thinking about living in the home while you fix it up? If so, it might be an eye opener for you, especially if you have never lived in a home in such a condition. It might be difficult to live in a home and fix it up at the same time. Why? Because you have to worry about the everyday living expenses. Not only that, it can be easy to get caught up in making the home livable for yourself rather than make it saleable.
If you’ve never worked on a fixer upper before don’t start with the most dilapidated home you can find. Instead start with a home that is structurally sound, but in need of some cosmetic changes, like new carpet or paint. You can do these kinds of repairs inexpensively either by yourself or by hiring someone else.
You can often find good fixer upper opportunities through properties that have been foreclosed. Often foreclosed properties can be purchased well below their market value. A fixer upper that increases in value with some renovations can create a generous profit margin.
Before you purchase a fixer upper property you should have it professionally inspected. This will give you a good idea of what changes need to be made to the property. Once you have a better idea of the exact investment you need to make, it will be easier to make a decision about the particular piece of property. As long as you have a realistic view of the work that it takes to improve the property and the value you will receive, you can make an educated decision about a fixer upper purchase.
Types of Union New Jersey Housing
Are you familiar with the different types of housing that you can purchase in Union New Jersey? If you are on the market for a new home, it is important that you know the difference between a single family home, a townhouse, and a condominium. Familiarize yourself with the advantages and disadvantages of each so that you make a wise decision about your home purchase.
The single-family house is the most common type of housing in Union New Jersey. This type of housing dwelling designed for a single family and has its own land. The house and the land are purchased and sold together. Unlike townhouses and condominiums, single-family types of housing are not attached to other homes. Aside from regulations from your neighborhood or subdivision, you are free to do whatever you would like with your home.
With a single family home, you are responsible for the cost of maintaining and repairing the home, whether you do it yourself or pay someone else to do it. In addition, landscaping and lawn maintenance are also your responsibility. If you want to have a pool or playground in your backyard, you will have to provide such amenities.
The good thing about single-family homes is that you have the freedom to make whatever changes you with. Improvements to your home can greatly increase the resale value, which is already higher than that of other types of housing.
A townhouse is the middle-ground type of housing between a single family home and a condominium. They share characteristics with both types of housing. In most cases, a townhouse is attached to at least one other house. When you own a townhouse you own the home as well as the property on which the home sits.
Since townhouses are a part of a larger community, you can usually find many of the amenities that you might find with an apartment. This includes swimming pools, fitness centers, tennis courts, etc.
While you are responsible for some of the maintenance and repairs, it will not be to the extent of that of a single family dwelling.
Townhouses are often part of a Home Owner’s Association, to which you are required to be a member.
A condominium, condo, for short, is a type of housing that is best described as an apartment that you are able to own. When you purchase a condo, you own everything inside your walls and share ownership of common areas with your neighbors.
Often condo ownership requires you to pay a monthly fee that covers repairs and maintenance to the common area. The condo association handles exterior maintenance and repairs, but in many cases, you contribute to the cost through dues or assessments.
Condo prices are often more affordable that those of single family homes and townhouses. There are often a number of amenities available for you to use. You have a minimal responsibility for exterior maintenance and repairs.
It can be hard to resell a condo. They are known to spend a longer time on the market than other types of housing.
If you would like to know more about the advantages and disadvantages of Union New Jersey housing feel free to contact me.
Want To Sell Your Home Faster? Try Home Staging!
Home staging tells homeowners how to prepare and market their home for sales in the real estate market. Professional home stagers are professionals that help you in preparing your home for sale. They help you create a very good first impression on potential homebuyers by taking care of your house and its appeal.
Professional home stagers rearrange your homeís furniture, making it more organized. They help you redesign your house so that it appeals to potential homebuyers in the market. They can also suggest and in some cases, purchase furniture or fixtures to make your home show itís absolute best!
To put it differently, they make your house sellable with their design experience and expertise. Home staging is particularly useful where prices appreciate slowly and finding a buyer takes a lot of time.
The Home Staging Process
The first impression is the key to a good offer (read: high price) and quick sale. Most buyers make up their mind even before entering the house! That is why it becomes so vital to create a winning first impression. A real estate agent may be good at marketing your house, he/she may know what makes it sell but in all probability he may not be able to help you do it. This is where professional home stagers come in. They help you prepare your house for the best first impact.
Zeroing in on a professional home stager is not difficult. You can ask your friends and acquaintances who have recently sold a house for reference. Your real estate agent or company can also help you in this regard. In all probability they might have already utilized the services of the professional home stagers in your area.
Once you have zeroed in on a few home stagers, the next step is to find out the cost. It is always good to get an estimate from a few home stagers. Mostly it is a quick and accurate process. You should then make calculations and comparisons. It is always a good idea to discuss estimates with them before making a final decision.
It is also important to take into account others factors like the state of your home, asking price and average time the houses are on sale before a deal is clinched. Asking price is the most important factor. If the asking price is low, it may not be feasible to hire professional home stager, more so when the higher price is not in tandem with the cost involved. All these factors go a long way in helping you make an informed decision of hiring a professional home stager.
On occasion your real estate agent may also contribute to the charges of your professional home stager. This is done when your real estate agent is convinced that the charges are reasonable and the investment is worthwhile.
Doing It On Your Own
If you donít want to spend money and hire professionals you can do home staging on your own. Here are few tips on do-it-yourself home staging:
1) Clean your house, yard, kitchen bathrooms, drapes, and carpets. Wash the windows.
2) Make your home organized and less cluttered. This will make your home look neat and spacious. Remove all the unnecessary objects.
3) Get your home repainted.
4) Check the floor. It might need refinishing.
5) Change furniture and fixtures to make your house more appealing. You can buy try borrowing or renting.
6) Remove unnecessary pictures. Rearrange others.
Home staging can help your house sell faster and at a better price than you probably would be able to without any preparation. The thing to remember is that your home should appeal to a wide variety of buyers. The best way to do this is to use neutral colors and rich fabrics.
What Do New Jersey Home Buyers Really Want?
While every homebuyer is different, there are some common themes among those that are looking for a new home. Every buyer wants a quality home that they will be proud to live in and won't fall apart within months or even years. Most homebuyers are focusing not only on quantity in the way of square footage, but also quality, as that is what gives a home its worth.
Common Desires
There are some basic things that homebuyers are looking for when they look at a home. Some of the most common are centralized air conditioning, a walk in closet in the master bedroom, a bedroom on the main floor if the home is two or more stories, a patio for entertainment, as well as an oversized garage that will fit multiple cars as well as provide some storage space.
Even these common desires are not straightforward. An air conditioning unit that is 25 years old cannot provide centralized air; most buyers want an efficient central air conditioning unit. A patio needs to truly be an outdoor living space that has had some thought and planning associated with it. And the bedroom on the main floor needs to be big enough for either a master bedroom or a good-sized guest room for either guests or even an aging relative that needs care.
Rooms that Get Noticed
One room that is important to buyers in today's market is the living room. Most buyers are giving up the formal living room and family room split and simply want one, big open floor plan that will allow them to entertain company as well as lounge around and watch movies on a Saturday afternoon. Informal spaces such as this are in because they are more functional.
Another room that will get noticed is the bathroom. Not only do buyers want more than one bathroom, they want them to come fully loaded! Luxury items such as soaking tubs, garden tubs, pricey fixtures, and quality tiling always go over well in the bathroom. Pedestal sinks, claw foot tubs, and a separate shower and tub are also very popular in the bathroom right now and are what most buyers are going for.
The kitchen is also another room that will get more than a once over when a buyer comes in. Stainless steel appliances, high quality wood cabinets, marble or granite counters, kitchen islands, and quality flooring will all go a long way toward selling a home. Buyers see the kitchen as an entertainment area, so if things are in order and are updated a home will likely sell much sooner than if it is not. If the dining area also blends well with the kitchen, this is even better!
The Homes Target Audience
Age really does affect what a home buyer wants in a home. Most realtors will report that those that are less than age 44 usually want a home that is in the suburbs or a subdivision. The home will sell well if it is located near schools, parks, and playgrounds. For buyers over age 45, homes that are one story, less than 10 years old, and on a flat lot with items such as sprinkler systems will appeal to them. Location really is important to home buyers as homes in certain areas may contain features that are important to some buyers but not so important to others.
First time home buyers are also likely to overlook items like pricey fixtures, walk in closets, granite counters, or oversized garages. Typically it is the first time buy that will have a shorter list of must haves, because they are just getting into the market and may be on a stricter budget or just not have a whole lot of experience with offered features. Repeat home buyers will be more likely to have a list of must haves, so a home that is well finished and has all of the items described above will likely appeal to a repeat home buyer.
The type of upgrades one has made to their home or is willing to make to their home will decide who the home will generally appeal to. Of course, home buyers all have their own preferences about what makes a home worth buying, but studies have been done and the general consensus is that older home buyers have a longer list of must haves and items in a home that are very important to them, such as a bedroom on the main floor.
As you can see, homebuyer's want a little of everything, and the specific needs and wants vary widely from buyer to buyer. Generally, a home that is well cared for and offers some modern or updated features will attract many home buyers and if located in the right area, will sell relatively quickly.
Why Buy Union New Jersey Real Estate?
Union New Jersey Real Estate is not only a wise investment, but a great opportunity to be involved in the growth of a thriving city in northwestern New Jersey. Union has easy access to the 8 minuet direct train to Newark or Buses for those of you who commute into New York for work or play and want a good investment at the same time.
If you already have investment real estate in Union New Jersey that you are interesting in selling, the market is great for you to get top dollar. Whatever your situation, Union offers such marketable assets as:
In the 18th century, the area that is now Union was then called Connecticut Farms. As of the United States 2010 Census, the township population increased to a record high of 56,642. The average adult age is 39; with families composing approximately 77% of the population. Real estate in Union thrives with a focus on expansion and single family new home construction.
The median income in Summit, NJ is $59,173. The average value of a single family home is $360,000; nearly $120,000 higher than New Jersey's state average. Investing in real estate here is a wise financial and social decision for you and your family.
Union NJ Schools
The town is a family oriented city. Union High School prepares students to be responsible and productive citizens within our ever-changing society.
Burnet Middle School and Kawameeh Middle School offers opportunities for growth with a well-rounded education. The curriculum includes: foreign languages, art, music and various computer courses. The middle school prepares adolescents to move on to high school and become well-educated, open minded adults upon graduation.
The town prides itself on being the home to six high-ranking K-5 schools, Battle Hill School , Hannah Caldwell School , Connecticut Farms Elementary School, Franklin School, Livingston School and Washington School - Central Five-Jefferson School They offer every child an exceptional education that promotes emotional, social, physical and academic growth. These K-5 schools offer academic and creative challenges which include:
· Literature-based language strategies
· Process writing
· Manipulative math experiences
· Hands-on science education
· Hands-on computer education
The school system is a combined effort of students, parents and teachers. They work toward developing a successful, strong and well-rounded individual in each graduate.
Union is also the home to Kean University, several private nursery schools, two Roman Catholic elementary schools: St. Michael's and Holy Spirit, and The Deron School, a private school for learning disabled students..
Union's Train Line
It's no secret to residents of Union New Jersey why they are at an advantage living in a Midtown Direct city. Easy access to the Midtown Direct train line increases property values. With gas prices on the rise, commuting residents look for eco-friendly methods of getting back and forth to work.
The ability to commute by train to the eastern cities of New Jersey and New York City is a huge advantage and a money saver. The Union Station train line offers affordable commuter options and greatly increases property value in towns along its route.
The Bottom Line
Social structure affect real estate investment values along with economical development and, more recently, the amount of environmentally conscious plans in effect in any given area. Cities like Union, New Jersey attract "All American" families. This attraction causes property values to sky rocket. The growing trend to be environmentally responsible and economical makes for a winning combination in an area that offers great real estate investment and resale potential.
If you are seeking to invest in an area where property values continue to rise and resale values grow, Union New Jersey may be for you. Contact a tech savvy Realtor today to find out what wonderful investment opportunities await you in this beautiful town.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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