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Christopher Walsh

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Preparing for an NJ Real Estate Home Inspection

02-24-10
Christopher Walsh

Preparing for an NJ Real Estate Home Inspection

What you can do to prepare your NJ Real Estate for an inspection

NJ Real Estate law states that it is a buyer’s responsibility to obtain a home inspection for the home they are purchasing while the seller is only liable to offer disclosures stating he or she is unaware of any latent defects with the property. The purpose of a home inspection is to advise purchasers of the property’s condition. While researching a qualified home inspector it is important to remember that, for the most part, you will get what you pay for. It is foolish to choose an inspector merely on their cost requirements as hiring a licensed, skilled professional will provide a thorough examination of the home occasionally including photos for further detail. The following list is helpful for anyone in preparation for a home inspection:

  • Be sure the home is clean and presentable as home inspectors are ultimately evaluating you on how well-maintained your home is. A home that is neat will ascertain pride of ownership and make a great first impression.
  • Punctuality is important as some NJ Real Estate home inspectors can arrive early to start the inspection on the exterior of the property. The typical length of an inspection on the average-sized home (1500-2500 square feet) is approximately 2-4 hours.
  • In order to ensure everything is covered and all questions and issues are addressed, many times the inspector will ask the buyer to be present during the inspection. Some buyers might feel uncomfortable with sellers being present so it would be a good idea to leave the home until the inspection is done if possible.
  • During NJ Real Estate inspections, the interior as well as the exterior of the home is fully examined. Most home inspectors begin the process on the home’s exterior, checking the foundation for major cracks or crevices to be noted in their report. Make sure to clear away any potential blockages such as leaves, snow or brush so the inspector has access to this space to perform the inspection.
  • Home inspectors will need access to each part of the home including basements, attics and garages. Every room should be clear of boxed, stored items and debris and excess dust should be swept or vacuumed away. Also, remember to leave any keys or remotes needed to enter any structures not attached to the home.
  • In addition to clearing basement and attic entrances, NJ Real Estate home inspectors will also need sufficient space around items such as water heaters, furnaces and air conditioners in order to fully examine each. Pilot lights must also be lit to complete inspection and most home inspectors will not ignite them if they are off as this poses a liability for them.
  • Part of the NJ Real Estate inspection process requires the full functioning of household appliances such as dishwashers, stoves and washer/dryers. If the home is vacant and utilities such as gas, electric and water are off, they must be turned on in order for the inspector to perform a thorough check of these items.
  • If there are any recent upgrades or improvements done to the home such as electric or appliance installations, paperwork should be provided informing all parties of this.

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Costly Errors for NJ Real Estate Home Buyers

02-12-10
Christopher Walsh

7 common NJ Real Estate mistakes that can cost time and money

Buying a home can be one of the most exciting and exhausting endeavors you will encounter in your lifetime. With so many homes available in so many price ranges and areas, it is important to do your homework to find out exactly where you want to be as well as what you can afford. Hiring a NJ Real Estate agent can ensure peace-of-mind and protection against the most typically overlooked aspects of house hunting. The following is a list of the top 7 mistakes made by home buyers:

Making a move too quickly or slowly

A home buyer trying to be savvy that is waiting for the NJ Real Estate market to recover or turn around is likely to miss out on the best deals available at the current time. Owning a home can be your best investment, allowing you to build equity and be eligible for certain tax benefits.

Not knowing how much home you can afford

A good way to potentially determine how much of a mortgage you can afford is to add your monthly expenses together, such as utilities, insurance and property taxes, less your mortgage payment. Typically, your NJ Real Estate monthly mortgage payment should be less than 28% of your gross monthly income. Prior to looking for a home, you should contact a lender to obtain a pre-approval based on your credit, income, debt and assets to see how much of a loan you can qualify for. The benefits to pre-approvals are informing you of how much you can afford and letting sellers know that you are a serious, qualified buyer.

Purchasing a home in need of repair without doing your research

Sometimes initially getting a great deal on a home in need of repair can mean much more time, effort and, most importantly, money you will need to spend in the long run. Furthermore, buying a distressed property such as a foreclosure will likely need TLC and a significant amount of money to repair. With either property, it is important to be aware of what your end responsibilities entail.

Not investigating the area in which you are purchasing

The neighborhood where your home is located dictates the value of your home. For example, if your area has a number of foreclosed NJ Real Estate or vandalized properties, your home's value is likely to be negatively impacted. Conversely, a neighborhood filled with well-maintained homes will show a positive reflection in the value of your home. You should also make sure that the location of your future home is suitable for your needs and lifestyle such as time of commute to/from work and good school districts if you have children.

Not considering the home's future use and resale value

Although first-time home buyers are most likely not in need of any home with more than two bedrooms, it is important to bear in mind what their future needs might be if they plan on having a family. In addition, potential buyers seek homes with features such as abundant storage space, basements and prime locations in good school districts.

Not hiring a NJ Real Estate attorney

Paperwork involved in housing transactions is lengthy and often contains many legal terms the average person will find difficult to comprehend. Hiring a lawyer specializing in NJ Real Estate can save you time and money by implementing contingencies in your sale contract and uncovering potential costly problems that you may have otherwise overlooked yourself.

Declining a NJ Real Estate home inspection

Every home has at least one imperfection, some much worse than others. Opting to forgo a professional home inspection can be a huge mistake and having one done is even required by law in some states such as New Jersey. Remember that just because a home looks to be perfect on the outside does not necessarily mean that there are not underlying defects that can cost you, the buyer, much money in the end.

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