What to Consider When Buying a Home

This is one of the most challenging housing markets in history. Like everyone, you must be shaking your heads and asking how this happened. What happened to my value? How come my home didn’t sell? Why should I buy real estate now instead of waiting? Why should I sell my real estate now? These are just a few of the questions.

Bergen County, New Jersey, and its waterfront community, Edgewater (a jewel of the Hudson River Gold Coast), have suffered a downturn, but it seems not to be as significant as areas around the country or in New Jersey. The New Jersey waterfront remains vibrant. Commuting into New York City by ferry or bus is easy. Access to major highways such as the New Jersey Turnpike, The Palisades Interstate Parkway and the Garden State Parkway is easy. Schools are excellent. Services are abundant.

Hudson County, New Jersey, its waterfront communities of Guttenberg, West New York, Weehawken and Hoboken provide the same amenities and access to New York City.

As a member of the Top 5 in Real Estate Network®, Lois and John, along with our team, advise our clients to pay careful attention to a few details in particular when considering a home—these important details will significantly impact your long-term happiness in the home as well as the home’s appreciation over time. So, as you begin to consider properties in our neighborhood, here are a few issues to think about that may help you find exactly the right home for you and your family:

Type of home: One-story or two, single-family, duplex or condo? How will paying homeowner dues affect your overall buying power? Will a swimming pool be a bonus or a hindrance? Making these decisions in advance will help you focus on the right types of home to look at.

New or existing: A new home is all shiny and clean, but will carry with it some hefty initial costs such as landscaping and window coverings. An existing home will have many of these things, but repairs or renovations that may need to be made will also impact your budget.

Features: Weigh the costs of gas vs. electric heating and cooling, and the possible need for fencing. How important is a fireplace? Does the home have enough bedrooms and bathrooms to support your family in the coming years?

Ease of maintenance: What is the condition of the roof? The appliances? Will you have to paint the interior or exterior and/or replace the carpeting? Be sure to factor in such costs in your budget and your negotiations.

Location: Do you want to be in the city or in the country? Nearer to libraries, parks and entertainment or set among tall trees and lakes? What about the need for public transportation? Nearby hospitals and schools?

Crime rate and public schools: Check with local enforcement and local residents to get a feeling for statistics and quality. We can also provide you with up-to-date statistics on this information.

Economic stability: Whether an area is growing or not can affect its future property value—as will the economic stability of the area.

Property tax: Examine the annual amount of real estate taxes and other assessments levied in the neighborhoods you are considering.

We can help find the answers to the above concerns as well as provide more suggestions on what to look for in a new home

Thank you,

Lois Fein and John Schwartz

Associates of Prominent Properties Sotheby's International Realty, Fort Lee , New Jersey