Our Current Listings
We know that buying a home or finding a new apartment can be overwelming and stressful at times. Our skilled real estate brokers and agents understand the importance of such an investment, both personally and financially, and will assist you every step of the way.
Here's our current listing of Essex County area properties for sale:
First-Time Homebuyers
Doing anything for the first-time is never an easy thing and house hunting is no exception. When it comes to looking for your first home you should do your research, check your finances with professional help, & look for an area that fits your budget and your needs. There are a few things that need to be done for first-time homebuyers and buyers back on the market. The important thing is to get everything done correctly and avoid making mistakes that may cost you your dream home and your finances.
When looking into purchasing a home it’s always best to get assistance with an expert who is legitimately qualified. Your team should consist of a experienced agent or a new agent that is part of a team. Additionally an attorney (required in many states), a home inspector and an insurance agent can be vital to the process. Going thru this process alone can create paralysis thru analysis, especially if you don’t know where to start first. This professional you hire is there to help you through the various steps you will need to take in order to figure out where you stand, and to move the process along to completion (A Sale). This investment is one of the biggest you will make in your life and it should be handled properly. Buying a home for many is about the “American Dream” of owning your own. It can also be a very emotional process since unlike an apartment you can’t just get up and leave without financial consequences
Unless you can pay cash, you will have to get pre-qualified for mortgage financing. In today’s environment (tight inventory) Seller’s won’t consider an offer without a pre-approval, and many agents request one before showing listings. As a 1st Time Homebuyer you can opt for a FHA loan which only requires 3.5 % down of the asking price. A conventional loan begins at 5% down for a 1st time homebuyer. What are the pro’s and cons?
Cons include with a loan under 20% the borrower will have to pay PMI (Private Mortgage Insurance) which will add to their monthly payment. Also FHA may send out a separate inspector which may specify repairs that need to be made prior to closing. This can be a deal killer for Sellers who are selling “AS IS”
Pros include keeping more $ in your pocket for repairs…rainy day fund...or other investments. Ideally after the closing you should still have 4 months of mortgage payments in the bank. Also should you need repairs FHA offers a loan known as the 203K loan which offers acquisition and repair funds
Remember to have your loan officer or real estate agent due a mini pro-forma (expense format). This will include the mortgage…taxes. Insurance...pmi if applicable.. and utility and water charges. The good news is that this initial “sticker shock” can be offset by the tax benefits of home ownership.
Congratulations on taking the 1 step to Home Ownership…Knowledge!
Buying Investment Property Tips:
Determining Cash on Cash Return
-What does this mean?
Determining the return on investment against your deposit.
Ex: If you put down a $100,000 deposit and after income and expenses you're left with $9,000, your cash on cash return is
9%.
Questions?
Powerhouse Realty
1549 Springfield Ave.,
Maplewood, NJ 07040
Phone: 908 391-1136
Fax: 973 763-5099
E-mail: Rspears10@aol.com
Or use our contact form.
Tip of the Week:
ESTATE HOME TIPS
Selling an estate property by default can be a difficult process. The emotional loss can be overwhelming. This is why it is imperative that you surround yourself with a team that will patiently guide you through the disposition of the property.
1) Make sure your paperwork is in order. Who is named as executor or adminstrator for the estate? Has the paperwork been filed with the county?
2) Hire an attorney that understands family law as well as real estate law if possible.
3) Does your realtor have experience in estate sales? Often the estate may not have the proceeds to address issues, such as clean outs, repairs or possibly relocation. Does your realtor have the resources to assist? As a whole, empathy and patience should be your guiding light until the closing!
Show Off Your Home!
Quick fixes before selling always pay off, but don’t over improve. Instead, do repairs that will pay off and get you what the home is truly worth. Best advice is to paint all the walls a neutral color, lighter colors open up the space. De- Clutter prior to listing your home… fix leaky faucets and keep the home clean at all times. For higher end homes consider staging (with a professional) to show the houses best light. Finally, depersonalize the home as much as possible. Although it’s emotionally difficult, eliminate family pics and certain art pieces that reflect you. A buyer wants to imagine themselves in the property so a blank canvas is best.
Learn more about how to sell your property.
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