Its that time again...landlords in New Jersey have to make sure to cut a check to their tenants for the interest accrued in their security deposit. This must be done by January 31st or upon the lease renewal, but most will do this in January. Just a friendly reminder. Landlords...visit this link to learn more about the law concerning security deposits and your responsibilities to the tenant.
http://www.state.nj.us/dca/codes/lt/pdf/Secty_deposit_bultin.pdf
Bill Nelson
I recently had the "opportunity" to have a tenant leave one of my rentals. We picked up the home in 2004 and put the tenant into the home within a month or two of the acquisition. We had the luck of not having to do much to the home to get it rented, but realized that over time we'd have to invest a few dollars to improve it. Now that the place was empty, we decided to make a few improvements. The windows were the old aluminum frame sliders that last had a good seal and clear glass in the early 80's. The front window was a 9 light window that had only two small panes that opened. Like most people, we opted to replace the windows with vinyl replacements and as per the contractor's suggestion, replaced a few sliders with double hungs. Bottom line, it was money well spent and the before and after pictures tell the story well. Al (the contractor), I thank you for your hard work and attention to the details.
Before After
I only have one question for those on the fence...What are you waiting for??? This past week, the interest rates have been in the mid 5%. Couple these great rates with the amount of homes for sale who's prices are lower than what they have been in recent past, you have the making of an exceptional opportunity to own that home you have always wanted. I recently came across a home in a well respected neighborhood in Washington Twp, NJ that is now a bank owned property. It offers a great floor plan, full basement, 2 car garage, and in-ground pool. This home a few years back would have sold for over $380,000 with ease, today its being offered for $285,000. The rates a few years back when this home would have sold in the 380's, were in the mid 6% range. This means that if you buy this home today with 10% down, you will be saving over $600 in your payment per month. This calculates to a savings of $7200 per year + a discount on the purchase of about $95,000. My suggestion, use the savings and buy an investment property. There are many other homes that fit this category, so, I'll ask again, why are you sitting on the fence???
9a Shoppers Lane Turnersville, NJ 08012
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