Archive for Second Homes
“Your Home Inspector Should Have Caught That”
Posted by: | CommentsHome inspectors, like most humans, are not perfect. So, sooner or later a home inspector will get a call from a past client that they found something in their newly purchased home that was not noted as a defect in the home inspection report. More often than not, the issue was likely something that was hidden to the inspector by the former owner’s bookcase or carpet, and was revealed when the object was eventually moved, or a problem that developed after the inspection, like a water leak after a heavy rainstorm. In all cases, whether the inspector missed something or the item was undetectable to the inspector, the inspector should be consulted before the repair if possible, to give him/her an opportunity to determine if a real defect exists, if it cosmetic or material, and whether it was hidden or latent. Read More→
Looking Back at 2010 – Have We Reached the Bottom and Are We On Our Way Back Up?
Posted by: | CommentsEvery year I compile real estate statistics for the Downbeach area (Ventnor, Margate, Longport) & Atlantic City, and compare them to the previous year.1 So let’s take a look at the 2010 real estate numbers2 and see if the market was really as bad as most people are complaining it is. I was quite surprised with what I found based on all the negative noise about the market. Read More→
WHAT TO EXPECT, AND NOT EXPECT, FROM A HOME INSPECTION
Posted by: | Comments(Note: This article pertains to home inspections in New Jersey, but is nonetheless applicable to other jurisdictions.)
Home buyers have a lot to think about when shopping for a new home. Questions like, “Is this the best deal?”, or, “Can I afford it?”, or, “Will I be happy owning this home?” are common. Once an agreement of sale is signed, hopefully these questions have been answered, but then there are likely a new set of questions, like “Will my mortgage be approved?” Or, “Is the home I am buying in good condition?” A professional home inspection is intended to be the means by which a home buyer can gain a measure of additional comfort in answering this last question.
While most buyers know that a home inspection is part of the “due diligence” process of a home purchase, many buyers don’t fully understand what a home inspection involves. The assumption may be, incorrectly, that a home inspection will uncover any and all issues that would make a home less-than-perfect. This assumption can provide buyers a false sense of security, and provide unrealistic expectations as to conditions. The intent of this article is to provide some answers, help guide your expectations and educate you in what you should expect from a home inspection. Read More→
First time or Second Home Buyers have the Opportunity of a Lifetime.
Posted by: | CommentsToday’s first-time or second home buyers are presented with the opportunity of a lifetime. Mortgage rates in early December stood near lows last seen during the Truman administration while home prices were well off their peaks of previous years. The combination made housing affordability, as measured by the National Association of REALTORS®, the highest since NAR® launched its Affordability Index in 1973. Read More→
New Jersey Association of Realtors Comments on DEP’s Coastal Zone Rules
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| On January 3, 2007, NJAR submitted comments to the New Jersey Department of Environmental Protection (DEP) concerning the DEP proposal to amend the Coastal Permit Program and Coastal Zone Management rules. The proposal seeks to expand public access to tidal waterways and their shores through private property takings. NJAR’s comments address the legal issues in the proposal and seek to protect the private property rights of landowners in shore areas.
Click here to view the proposal.
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The Current State of The Jersey Shore Market
Posted by: | CommentsBy Laura Fezzuoglio
Courier Times – published September 15, 2007
Despite real estate woes in many areas of the country, some places at the New Jersey shore are now seeing bidding wars again.
The combination of good rates and increased inventory, together with motivated sellers, has prompted some buyers to finally seek their place in the sun.
“When the media started publicizing problems with the mortgage industry, buyers got nervous and there was a temporary slowdown in activity. Buyers are just starting to regain their confidence and have resumed their searches and again are putting in offers on properties,” says Realtor Sherri Lilienfeld of Weichert Realtors SeaGate in Margate. Read More→
Your Second Home: Should You Sell or Pass It Down to Your Kids?
Posted by: | CommentsTo some it’s a source of family harmony. To others, however, it’s a source of great family division, anger, and strife. Yes, it’s the old family cottage or vacation property or compound or camp or call it what you will. And now with summer coming to a close, many Americans are trying to figure out what to do with their piece of heaven on earth.
Should they sell the property that has produced fond memories of times spent with loved ones? Or should they give it to their children? Or should they do something entirely different?
How to Keep Your Vacation Home Rented – Even in Off-Peak Times
Posted by: | Commentshttp://www.realestatejournal.com/secondhomes/20060919-maxey.html
There’s a reason why it’s called the off-season. Some vacation-home owners report so little rental interest during off-peak months, they don’t even try to rent out their properties. Others, however, find ways to keep the renters coming during high, low and in-between seasons.
In addition to more competition in the market, rising monthly payments due to adjustable-rate mortgages also are leading owners to try to rent out their second homes more. What follows are some steps vacation-home owners have taken to make the rental season last well beyond the peaks, increasing their income and lightening their mortgage loads. Read More→
Condo Buyers – Why You Need an Inspection
Posted by: | Commentsby Zack Lilienfeld, PE, CEM – AtlantiCape Inspections, LLC
As a home inspector who works mainly along coastal Southern New Jersey where condominiums are abundant, I often have occasion to speak with buyers who are anguishing over whether they need an inspection or not. Just like buyers who are purchasing a newly built home, condominium purchasers often feel that its not necessary to get a home inspection. The main reason for condos is that new buyers often believe that anything wrong with the unit is the responsibility of someone else – namely the condo association. Well, do I have some stroies for them! Read More→
The New Jersey Association of Realtors Comments on DEP’s Coastal Zone Rules
Posted by: | CommentsOn January 3, 2007, the New Jersey Association of Realtors (NJAR) submitted comments to the New Jersey Department of Environmental Protection (DEP) concerning the DEP proposal to amend the Coastal Permit Program and Coastal Zone Management rules. The proposal seeks to expand public access to tidal waterways and their shores through private property takings. NJAR’s comments address the legal issues in the proposal and seek to protect the private property rights of landowners in shore areas. Read More→
