Archive for the ‘Homeowner Tips’ Category

Whether you’re thinking of buying a home with an in-ground pool
or toying with the idea of having one built, there are many
important considerations to take into account.  In additon to significant installation costs for those building
a new pool, all homeowners with a pool will need to be mindful of ongoing maintenance expenses as well
as insurance and tax implications.

If a swimming pool is in your future, here are some things to keep in mind:

•    Installation costs for a 600-square-foot concrete pool average around
$30,000. Less expensive options include fiberglass shells and pools with
liners; however, pool liners need to be replaced approximately every 10
years, raising ongoing maintenance costs.

•    Other equipment you will need to maintain your pool include an energy-
efficient pump, chemical balancing supplies, cleaning, and fees for
opening and closing the pool for the season. A rule of thumb is
homeowners should budget around $600 annually for maintenance in a
seasonal swimming climate and between $15 and $25 per week in a
year-round climate.

•    Homeowners with a pool should increase the liability portion of their
homeowners insurance policy from the standard amount. In addition,
many underwriters require you to fence in the pool so that children can’t
wander in unsupervised.

•    There is no guarantee that adding a pool will add to your home’s selling
price. Experts advise keeping building costs between 10 percent and 15
percent of what you paid for the house to help assure you don’t invest too
much money that you won’t necessarily recoup on resale.

For more information on Buying and Selling in Bedminster,

Click on the following link:  Bedminster Real Estate

According to Remodeling Magazine’s 2010-2011 “Cost vs. Value Report,” even despite the challenging economy, investing in your home still pays off at resale – and it doesn’t have to cost a lot. The report also showed that home sellers consider first impressions to be a top priority, with 9 out of the top 13 projects being exterior replacements that contribute to curb appeal and help attract buyers.

Based on interviews with real estate professionals throughout the country, the Remodeling report found that the top two projects were also the least expensive. A mid-range entry door replacement returns more than 102.1 percent of project costs upon resale, followed by a mid-range garage door replacement, at 83 percent.

While considered upscale, the third-best project, fiber-cement siding replacement, has been a consistently high performer, recouping 80 percent of costs this year, and also showing the smallest cost increase of any project (less than 1 percent).

The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings.

 Click here to access the “Cost vs. Value” website, where you can download data for 80 cities.

Some additional numbers for those of you who are wondering about  kitchens and baths – – a minor kitchen remodel (refacing cabinets, changing out hardware, replacing oven and cooktop, changing countertops, painting trim and refreshing the floor) returns almost 73%. The addition of a deck also returns about 73%.

Surprisingly, according to this study a bathroom renovation returns only about 53%.

Please note that these numbers are based on national averages. I will admit that I have a hard time getting my head around these numbers – – I think there are too many variables… but I suppose that it’s all relative. Projects that improve first impressions allow the biggest bang for the buck and kitchens are more valuable than bathrooms.

Visit Bedminster Real Estate to see what’s selling in town – new kitchens and bathrooms or not!

As people become more conscious of the environment and aim to reduce their carbon footprint, there is a new premium on products and features that promote energy efficiency. Real estate is no exception, and today’s homeowners are taking steps to “go green” as a way to cut costs and to make their home more desirable to buyers.

According to the U.S. Department of Energy, going green can cut your bills by up to 25 percent. You can achieve these savings by jumping on one or more of the following green home trends:

• Choose environmentally friendly LED lighting, which gives off the same light as regular bulbs, but lasts 50 times longer.
• Low flush toilets use one or two gallons of water per flush, compared to three to five gallons for a typical toilet.
• Purchase appliances marked with the ENERGY STAR label. This designation means that they meet the strict energy-efficiency guidelines set by the Environmental Protection Agency and the U.S. Department of Energy.

A few small things can help you save money, protect the environment and make your home more attractive when you decide to sell it.

In other news – open house traffic has seen a change since this time last year. 

Open House Traffic On the Rise

Homebuyers seem to be responding to the attractive home prices and historically low interest rates that make the current housing market one of the most affordable in decades. For the weekend of July 31 – August 1, attendance at Weichert Open Houses was up 6 percent compared to the same weekend in 2009. In addition, the average number of attendees at each Weichert Open House was 17 percent greater than last year.  The bottome line is that…..

…..Buyers are out there!

So, if you are considering a move into or out of Bedminster, NJ, please don’t hesitate to contact me directly so we can talk about the market here in town.

The inspection part of any real estate transaction can be very stressful.  It is hard enough for many sellers to have people traipsing through their homes, then (especially in today’s market), negotiating a price which is probably lower than they wanted and finally, having a home inpsector examine every nook and cranny and producing what is most often a very lengthy report.  There are several inspection issue which as a seller you really need to remediate – regardless of cost, because if you don’t do it for this buyer, you will have to do it for the next buyer.  Structural issues and hazardous situations fall into this category.

So does Mold.  I have run up against this three times in recent months. Mold sneaks up on you, all three of my clients who had mold had no idea that it was in their home.  In two of the homes it was in the attic, in the third it was in the basement.  I have become very close with Dan from NJ Mold!  He has told me that every house in NJ should have a dehumidifier in it – period, end of discussion.  If you don’t have one, go get one!  They make them bucketless now!  You can have it drain right into the slop sink or the sump pump pit (but NOT in your sewer drain – that’s against the rules!).

“My oil tank is underground and it has insurance; why do I need to remove it?” , ”I am negotiating a contract on a home with an underground tank, what do I need to know about it?”, “There is a decomissioned tank in the back yard, all the permits are on file at the township office.”, “Can we ask the seller to pay for the soil test?”, “We haven’t had any problems with our tank, we are not going to take it out of the ground.”

When I first started in real estate, the only thing I needed to know when selling a home with an oil tank was the number of a reputable inspection company.  We held our breath during the tank inspection and exhaled when the soil reports came back clean.  Then, during a transaction on West Oak Street in Basking Ridge, we were days away from closing and my client (a first time home buyer) called me in tears: “I just got a call from my homewoners insurance company, they have a new policy against insuring homes with underground storage tanks”.  That was the beginning of the end!!

While there is no law against the transfer of property with an underground oil tank, it is increasingly difficult to do so.  Especially in a buyers’ market!  Even properly decommissioned tanks run the risk of having leaked at some point in time.  The clean up of contaminated soil is the responsibility of the homeowner – regardless of when the leak occured.  In other words, if you buy a house with an underground tank and a year later you pull the tank to convert to natural gas and there is a leak, then YOU are responsible for the clean up.  There will be no going back to the prior owner for help with the clean up and there will be nobody to blame!  So, as a buyer, it is in your best interest to include a clause in the contract stipulating that the tank be removed.  It also makes sense, if the seller claims that there never was a tank, for a buyer to sweep the property to ensure that there aren’t any tanks hiding under ground!  As a seller, the impetus for pulling the tank prior to listing the property or at the very least prior to contract/closing is the fact that buyers know that it is in their best interest to include a clause in the contract stipulating that the tank be removed.  Removing it before listing the house eliminates the issue completely.  In today’s market that is the best thing to do!  Eliminate any issues or potential issues before opening the door to any buyer who has the upper had to begin with.

If you are a homeowner with an underground tank, it may not be necessary to remove it – contact your insurance company for more information.  I just did my homeowner’s policy renewal.  I do not have a tank, but if I did, as of January, 1, 2009 I would have had to purchase an endorsement to cover us in the event of a leak.  AND this renewal year is the only time that my company is offering this endorsement; once it is applied it can be renewed, but once withdrawn, it cannot be reapplied. 

Bottom line: if you have a tank, take it out or make sure you are properly insured!

The cleanup process can be long, costly and complicated, even with a small fuel leak.  Your insurance policy and municipal, state and federal regulations will dictate how the cleanup must proceed and the combination of these rules can uniquely affect individual properties. 

There is funding available from the state for removal costs as well as for costs associated with clean up.  For more information on NJDEP funding, go to www.nj.gov/dep/srp/finance/ustfund/, or call 609-777-0101.  Another resourceful website is www.NJEDA.com (under the “Applications” tab, click on “Underground Storage Tank Funding Programs”.

If you have any questions about the information in this post, or if you are considering a move into or out of Bedminster, contact me here or call 908-432-0318 as I’m sure I can help!

Some rules to follow when selling your home

1. Hire a good agent - A professional who knows your neighborhood and has a good track record in the community.  Don’t hesitate to ask how many sales they handle in a year, how much of that business has been local and what percentage was representing sellers vs. buyers.  A good balance of both is important.  It’s good for a listing agent to represent buyers sometimes – it helps to understand both sides of the transaction.
2. Clean out the clutter – you are moving: start packing!  Closets count too!  Don’t just shove your stuff in a closet – those doors will be opened!!  I read somewhere that when kitchen counters are free of appliances and other clutter, the kitchen will appear 40% larger.  I’m not sure if that’s exactly true, but you get the picture!
3. Spiff things up – make any improvements that will make a a difference in how the house shows.  A fresh coat of paint goes a long way, a throw on the couch, clean windows!  Keep the front walk swept, the front door should be in good shape, the hedges trimmed and the lawn mowed.  Buyers make a decision within the first 10 seconds – not whether they’ll buy a particular house, but whether they will even consider the house.  First Impressions count for a lot!
4. Determine the worth of your home – Knowing the fair market value of your home is so important as it allows you to play the market smarter.  Contact me for information on the value of your home, and then,
5. Price it right! – I can help you be objective when pricing your home.  We need to set the price so that it is as close to market value as possible.  The price must reflect trends in the market and take into consideration what has sold in and around the neighborhood.  Visit my website for more information on what has sold in Bedminster, NJ.
6. Have a plan; and share this plan with your realtor.  Are you set on your price or eager to move?  Have you already purchased your next home?  How low are you willing to go to make the deal happen?  Let’s run through scenarios – be prepared for when that first offer comes in.  Typically, the first offer is the best offer, even if it doesn’t appear that way initially.
7. Figure out your selling costs: understand the taxes due, attorney fees, township inspections, etc.
8. Set the stage – open the curtains, turn on the lights, put away the dog’s dishes.  Don’t cook spicy foods, put away the laundry.  Place cut flowers on the table.  A bright home is a welcoming home.   Make it easy to show – don’t require 24 hour notice unless there are extenuating circumstances.  It’s hard, but be ready to show the home even on short notice; hopefully this inconvenience will be temporary!

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