Category Archives: market value

How Downsizing Can Free Up Your Cash

Downsizing is hardly a dirty word these days, especially as Baby Boomers begin to question the size of their home, downsizing3and more Millennials are finally making their way into the world. Home ownership is a good investment at any size, and if you’ve ever wanted to free up some cash for the rest of life’s joys (travel? new hobbies? investing?), downsizing can be a great way to rightsize your budget. Here are seven ways downsizing can foster a little more financial freedom:

 

  1. Utility costs. If your gas and electric bills have been climbing year over year, consider the pleasant surprise of heating and cooling 1,200 sq. ft. instead of 3,500. Controlling the climate in empty spare bedrooms is pointless when you don’t need the room. What’s more, you can count on fewer houseguests with less space, and this, in turn, can decrease utility costs.
  1. Maintenance costs. How big is that lawn? How many rooms need to be refreshed with a coat of paint? How many windows do you need to wash, and what about the size of that driveway that must be repaired and sealed?
  1. Insurance. Your insurance bill is based in large part on your appraisal, and if your new home is smaller, your insurance bill should shrink as well. (This can vary based on location and levels of coverage, of course, but you would be hard pressed to insure less for more!)
  1. Property taxes. Much like insurance, tax rates tend to be based on a percentage of assessed value. Here’s a few more dollars back into your wallet.
  1. Plumber vs Leaking FaucetRepairs. How many toilets do you need to have fixed? Appliances? Light fixtures to keep lit? The smaller home has fewer leaking faucets and a smaller roof to replace. Your overall spend on maintenance goes down when you have less home to maintain.

 

  1. Furniture. Downsizing is a perfect opportunity to sell excess furniture and find keep only those pieces well-loved or essential for your new smaller space.
  1. Hosting and entertaining. When you’ve got that sprawling home, your place is ground zero for out-of-town guests, relatives, and holiday parties. As your space shrinks, so does your annual hosting and entertaining budget. Besides, if you really want to throw a shin-dig, you can take some of that downsizing cash and pick a perfect venue.

 

Looking to downsize and redirect that extra cash? Get in touch: Barbara & Gregg, The Nicholas Team of Village Square Realtors. 973-509-2222 ext. 1126 

How to Win Homes in a Seller’s Market

love lettersIf you’ve ever experienced the disappointment of losing out on a home in a seller’s market, you want to do everything possible to keep it from happening again. One tactic many buyers overlook is the “love letter” written to sellers about their home.

Rationally, you might expect the highest offer will always win the home, but there are a host of other factors involved. Some are emotional. Some sellers want to see their home go to a buyer they not only trust to close the deal, but they also like personally.

Want to give yourself an edge? Craft a short “love letter” to go with your offer. Here are the basics you’ll want to cover in your letter:

  1. Explain how much you like their home. Don’t go overboard, but prove to them you know the home and you truly appreciate their taste and the unique characteristics of the house. This might touch on improvements they’ve made or other aesthetic details. 
  1. Spare them all the things you might want to change. What you say is as important as what you don’t say. Don’t tell them you’re going to gut the place as soon as you close, add a second story, or rip out their garden for a pool. 
  1. Demonstrate you’re qualified to close. Make them feel confident in your qualifications as a buyer. Show them you’re pre-qualified for a loan, are buying cash, or have other reasons why you’ll be a hassle-free buyer. 
  1. Be humble and positive. Don’t give them a sob story about the four other homes2022051168 you’ve lost out on. Praise the neighborhood and make them feel as though you would be positively honored to be chosen as the next owner of their home. 
  1. Check the letter for typos. Read it out loud. Listen for clunky sentences or awkward repetition. Have someone proof it for mistakes. Their confidence in your attention to detail is important.

 A good agent should be able to tell you if the letter sounds like an honest appeal. Have it included with your offer as a cover letter.

Need help finding a home worth a love letter? Get in touch today: Barbara & Gregg, The Nicholas Team of Village Square REALTORS 973-509-2222 ext. 1126

“Life Is Either A Daring Adventure, or Nothing.”- Helen Keller

 

It is in the spirit of Helen Keller’s words, that gives us great pride to announce that as of December 1, 2017,

our RE/MAX Village Square office will be known as

 VILLAGE SQUARE REALTORS.Village Square Logo Final Sm

We still promise to deliver exceptional service, while continuing to meet the needs of our clients and your referrals with the same integrity and professionalism we always have.

Becoming an independent real estate company allows for more professional growth with more freedom to service and market to both buyers and sellers.

We look forward to being your source for all of your real estate needs…

Remember, we are never too busy for you or your referrals!

Our Nicholas Team logo has a bold new look too!!

2017 tnt logo A

 

 

Here’s how to know if you’re ready to sell your home.

I love to sell homes. It’s a privilege and an honor to be a part of the process. I get great satisfaction from making my living helping people move on to the next phase of their life, whether it’s upsizing, downsizing, or simply relocating to a new neighborhood.

But there is one sort of home seller I can’t really help: The seller who’s not really ready to sell.

If you’re thinkingsell about selling your home, don’t enter into the process lightly. It’s a big deal. There’s some stress and there’s a great opportunity for joy. There’s a big investment at stake. This, along with a lot of other reasons large and small, is why you want to be 100% sure you’re ready to sell your home. If you think you’re ready to sell, but it turns out you’re not, you waste a lot of time and energy (and sometimes money).

So how do you know if you’re really ready to sell your home?

1. You’re fine with the process. You must have no problem with the idea of a stranger poking around your house, talking about renovating it, or treating it like a used car. If you’ve lived in your house a long time, it’s natural to have emotional attachments. So if the process of selling the house makes you feel protective or defensive, you may not be ready.

2. You are flexible on the right price. Motivated sellers understand selling a home involves negotiation and competitive market pricing. If you have a number “you must get” in order to sell, then you might want to think again. Also, if all of the agents who price your home come back too low for your standards, take a breather and ask yourself if it’s go time or not.

3. You know where you’re going next. Prepared sellers have plans, even if those plans aren’t 100% firm. They’re anticipating the move and they are probably even shopping for houses, if only casually at the moment. moving day If you can’t clearly answer the question, “Where would you like to live after you sell?” then you’re not quite there yet.

If you’re iffy on any of these, take a step back and consider how you feel. While some markets favor sellers more than others, a home can sell in any market for the right price. Don’t jump into something before you’re ready.

However, when you’re ready, we’d be happy to help. Give us a call when the time is right: Barbara & Gregg, The Nicholas Team of RE/MAX Village Square Realtors   realestate@thenicholasteam.com    973-509-2222

 

Adding an Independent Living Area to Your Home

suite2Years ago, it wasn’t so uncommon to have multiple generations living in the same home. Sometimes these were aging parents moving back in with their kids, and other times they were college students getting their finances in order after graduation. Many homeowners utilized extra space in their home to create independent apartments or separate living spaces. Though they go by many common names (in-law unit, granny flat, garden cottage, basement apartment), these types of spaces are known as ADUs, or Accessory Dwelling Units.

If you have extra space such as an above-garage loft, or extra land where you could build a freestanding structure, you might be interested in adding an ADU to your home. Even if you don’t have a family member in need of the space, they can be great for hosting out-of-town visitors or earning extra income from short or long-term rental agreements.

While communities have different rules regarding ADUs and their permitted uses, there’s a high likelihood that you can find a pathway to adding one to your property if the idea appeals to you. According to AccessoryDwellings.org:

Flexibility in housing makes sense for environmental, lifestyle, and financial reasons. Though many people buy houses and live in them for decades, their actual needs change over time. But the way that houses are currently built doesn’t reflect those changes, especially the way households may spend decades with just 1 or 2 members. Many American houses are too big for 1- or 2-person households, which is too bad, because size is probably the biggest single factor in the environmental impact of a house.

If you have a reasonably sized house, and an even more reasonably sized ADU, you’ve likely got a pretty green combination with some social benefits as well. You could have your best friend, your mother, or your grown kid, live with you. This kind of flexibility and informal support could really help as the nation’s population ages. Most people want to stay in their homes as they age, but finances and design can be problematic. An ADU could help aging people meet their needs without moving.”

(Source: https://accessorydwellings.org/what-adus-are-and-why-people-build-them/)

If you’re interested in exploring ADUs, be sure to check out AccessoryDwellings.org for an extensive library of resources on the topic.

If you’re looking for a home with an existing ADU, or want to find one with land or enough space to create an ADU, I’d be happy to help you find one ASAP. Just reach out to on of us today:  Barbara & Gregg, The Nicholas Team of RE/MAX Village Square  realestate@thenicholasteam.com  973-509-2222