Many of you potential first-time homeowners racing to buy homes for sale in Sussex County NJ may need some better glasses.
Yes, the $8000 tax credit might be an important factor. Please don't overlook, however, that value does not just equal the lowest list price. Particularly with homes for sale Sussex County NJ, you'll be wise to look carefully at the age of a roof, septic system, furnace, etc. If you only see the list price, your great deal might not be such a bargain when you add in expensive work in the not-too-distant future.
I have two Sussex County homes for sale listed where major systems have been recently overhauled. This should offer peace of mind that you won't been spending a small fortune in the near future on, say, a septic system. Although one has sold, 41 Beemer Church Road in Wantage (Branchville NJ zip) is available.
Are the list prices higher than that foreclosure you are considering? Absolutely. Speaking frankly, you may be very shortsighted if you buy a bargain today without factoring the major expenses you will be facing in the next few years. A roof ain't cheap! Septic work carries sticker shock!
Here is a gem of a ranch home for sale in Wantage Township NJ; it has a Branchville NJ mailing address. 41 Beemer Church Road is a meticulously maintained two-bedroom home, the owners have already made huge investments in a roof, front and back decks, flooring, etc. The septic is only 10 years old. Entirely move-in ready.
Sure, 41 Beemer Church Road has a somewhat higher list price than some of the Sussex County fixer-uppers you're considering buying. But when that bargain home for sale needs a new roof in 2 years, will you be prepared to pay the cost? Don't count on increasing home values resulting in your ability to get a home-equity loan to pay for the roof.
Update Fall 2009 - The following ranch home for sale in Scenic Lakes - Vernon - Sussex County NJ has been sold.
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This three bedroom ranch home for sale in Scenic Lakes - Vernon NJ - is another great value! Newer furnace, septic and some appliances. Yes, you'll want to do some painting and perhaps refinish the hardwood floors under the living room carpet. As your fortunes increase, you have the OPTION of updating a bathroom. (Replacing a septic is NEVER an option, trust me!) Buying 12 High Crest Drive in Scenic Lakes might just be a better value than a bank-owned foreclosure on which you'll have some capital expenses in the next couple years!
So, if you're looking to buy a home for sale in Sussex County NJ - or elsewhere - clean your glasses! Stop and consider the longer-term costs of that underpriced foreclosure.
Copyright © 2009, Irene Kennedy, all rights reserved. This blog post from RealtorIrene represents Irene's personal musings.
Considering selling a home or looking to buy one around Sussex County, NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.
Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Stockholm, Sussex, Vernon, Wantage. With her vast network, however, Irene Kennedy also can help you find an equally talented real estate agent elsewhere.
Irene, great great job! You are so right, There can be so much money spent fixing a fixer upper, more like beater upper, because they are going to get beat up in the next few years repairing everything. But not in these homes!
Irene this is a very nice presentaion - clean and inviting. Nice video tour - I"m ready to jump in!
Irene--It surprises me how many buyers THINK they want a foreclosed home but really want something they can move into. Sometimes the best deals are the traditional seller properties...pay a bit more for something in better shape. It may cost more at the outset but cost less overall if the repair costs are too high on an AS IS sale. Good marketing of your listings that look like great deals!
Great advice, Irene, for those inexperienced first time buyers who could end up with some major improvements if they are not careful.
Andrea,
I worry about these 1st timers getting into trouble in the future!
Anna,
Thanks for your kind words and visit! The cool mountain lake would be quite a change from Phoenix.
Teri,
I'm not surprised to learn you face the same issue in MN. Buyers are so focused on getting the lowest price that they neglect to figure ALL the costs!
Sharon,
I appreciate your visit! All homeowners will face repairs over time. But a new roof and septic? Big ouch!
Irene, it's obvious you go the extra mile for your clients.
Irene there is no question that a buyer should always factor how old the major components of the home are doing. Many of these items can break the bank.
Hey, Irene - You don't think your first sentence is a little too sarcastic if you're trying to reach out to prospective buyers and clients?
Many of you potential first-time homeowners racing to buy homes for sale in Sussex County NJ may need some better glasses.
Will - I think it is the rare few who do not go the extra mile but I thank you for your compliment.
Bill - Makes me worry that some 1st-timers will run into trouble down the line!
Jim - Interesting perspective. I had not view it as sarcastic, just a reality check. Will have to ponder! Appreciate you taking the time to alert me to how it came across to you.