Advice for First Time Home Buyers–Maintenance Budget

Many first time home buyers, while figuring the expense of owning a home, neglect to budget for home maintenance.

You’re figuring mortgage payments and utility costs, right? But did you remember to budget for home maintenance? If not, you’re threatening the long term value of your investment (home)!

Home maintenance is a very important part of home ownership, and essential to maintaining the value of your home.

You’re not a tenant anymore. If something breaks, it’s your problem! And while you’re just moving in, with no thoughts of resale, failure to perform routine maintenance will affect the eventual sale price of your home.

It’s recommended that homeowners set aside at least one percent of the home’s purchase price to cover things like painting, routine system maintenance (furnace, water heater, well water treatment systems), window caulking and gutter repair.

If you’re purchasing an older home, your annual home maintenance fund may require more than one percent of the home’s purchase price. That will largely depend on how well the home has been maintained over the years.

Once you decide on your annual home maintenance account, put that money away so you aren’t tempted to spend it! If you don’t use it all in one year, it’s not a bonus or extra payday. Leave it alone, continue to contribute. That will give you a cushion for major repairs like roof replacement or new siding down the road.

Good home maintenance is relatively inexpensive when you compare it to the cost to fix something that you’ve allowed to get progressively worse. And, if you keep records of this routine maintenance, and have those records to share, you’ll make a big impression on buyers when you eventually sell your home.

While your search for a new home is still fresh in your mind, remember all the homes you’ve just seen. Make a list. Which homes made a better impression; those that were well maintained and showed pride of ownership or those with haphazard or negligible repair and maintenance?

In 5 years, where will your home stand on that list?

If you’d like more information on buying your first home, or homes for sale in Little Egg Harbor, Tuckerton, Manahawkin, Barnegat or Waretown, give me a call!

Keller Williams Atlantic Shore

Laura Giannotta
609-384-6121
www.JerseyShoreViews.com
Laura@JerseyShoreView.com

Where’s Your Favorite New Jersey Beach?

 

 

It might only be February 25th, but here are the New Jersey shore we’re already thinking about the beach!  Beginning at noon, you can log on and vote in the 2nd Annual New Jersey Top Ten Beaches Survey!

 

 

With more than 127 miles of coast we’ve got it all, ocean and bay beaches from Sandy Hook to Cape May, New Jersey,  scenic barrier islands, lighthouses, fishing villages and the night life of Atlantic City.

Last year Wildwood took top honors in New Jersey’s first Top 10 Beaches Survey.  Island Beach State Park

took top honors for best eco-tourism in the Survey.

You can vote for your favorite New Jersey beach in 4 categories; day trips, family destinations, shore events, eco-tourism.  

So log on, and vote for your favorite New Jersey beaches right here!

    

The survey is sponsored by the New Jersey Marine Sciences Consortium/New Jersey Sea Grant and Stockton College’s Coastal Research Center. Voting will continue until midnight May first and the results announced on May 21st at the State of the Shore meeting in Sandy Hook.  So take sometime and vote for your favorite New Jersey beaches!

 

 

If just visiting the Jersey Shore isn’t enough and your interested in homes for sale at the Jersey Shore or a summer rental at the Jersey Shore, contact me.

Keller Williams
Atlantic Shore
Laura Giannotta
609-384-6121
Laura@JerseyShoreView.com

 

Avoiding Foreclosure in New Jersey

Avoiding Foreclosure in New Jersey…Homeowner Help in Ocean County, NJ 

Are you a New Jersey homeowner facing foreclosure? There are now several programs available to homeowners throughout the state and right here in Ocean County, New Jersey who are threatened with foreclosure.

There’s a Foreclosure Mediation Program which provides an opportunity for qualified New Jersey homeowners who are facing foreclosure to receive help from housing counselors, attorneys, and a neutral mediator to resolve the problems many homeowners in the Garden State are facing.

This program attempts to assist homeowners avoid foreclosure by proposing work-out and payment arrangements between the homeowner and their lender.  It’s free with court trained mediators.

The Office of the Courts Foreclosure Mediation Program will also provide lawyers to income-eligible homeowners. Information is available at 888-989-5277 to sign up or visit www.njforeclosuremediation.org.

There is also the Hope Hotline 1-888-995-HOPE offering free, confidential help and assistance to homeowners with mortgage problems 24 hours a day / 7 days a week in both English and Spanish.

Many New Jersey housing counseling agencies now have employees trained in foreclosure prevention.

In Ocean County housing counseling is available through O.C.E.A.N., Inc., located at 22 Hyers Street, Toms River, NJ 08753 or reach them by phone at 732-244-2351, ext 14.
 
They’ve partnered with the New Jersey Housing and Mortgage Finance Agency and staff has been specifically trained in foreclosure prevention and asset preservation. These trained counselors can set up a plan of action designed for your specific situation.  They will do their best to help you find a solution.

Then there’s the Mortgage Assistance Program will provide funding to homeowners to bring mortgages current or to refinance or renegotiate the terms of the mortgage. Ocean County homeowners must work through O.C.E.A.N., Inc. to determine eligibility.

First and foremost, if you are having trouble meeting your mortgage commitment, reach out for help as early as possible.  That is key to a successful solution to a problem many New Jersey homeowners are facing.

If, after counseling, it’s determined a short sale of your home is necessary please contact me.  I’ve got the experience to work with you and your lender to get your home sold quickly.

Keller Williams
Atlantic Shore
Laura Giannotta
609-384-6121

Laura@JerseyShoreViews.com  

Ocean County, NJ Home & Remodeling Show!

 

Whether planning to buy or sell a home, or just looking for some ideas to make your home feel new, you’ve got to check out Ocean County’s 6th Annual Home and Remodeling Show at the Ritacco Center in Toms River, Friday February 6th through the 8th.

The Ocean County Home & Remodeling Show features more than 150 of the area’s top craftspeople and home improvement retailers, as well as a guest appearance by Doug Wilson of TLC’s Trading Places and Moving Up.

The Ritacco Center is located at 1245 Old Freehold Road, convenient to Routes 37, 70 and the Garden State Parkway and parking is free. Homeowners, first time home buyers or investors from Waretown, Barnegat, Manahawkin, Long Beach Island, Little Egg Harbor and Tuckerton can jump on the Parkway, head north to Exit 82 (Seaside), use the jughandle to Route 166/Main Street, cross over 37 and make a right on Old Freehold Road.

At this Show you’ll discover hard-to-find products and services you can’t get at the big home improvement centers and save time searching for local qualified home improvement professionals.

TLC’s Doug Wilson will do two appearances on Sunday Feb. 10.  Admission is $6. for adults and $4. for kids between 12 to 17.  Friday, February 6th you can take advantage of the two-for-one admission.  Hours are Friday, 4pm – 9pm, Saturday from 11am til 9pm and Sunday, 11am til 6pm.

The Home & Remodeling Show covers a broad range of home improvement specialties and products from many of the area’s most innovative manufacturers and sellers of home furnishings, window treatments, kitchen cabinetry, appliances, security systems, air conditioning and heating systems, indoor and outdoor furniture, pools and spas and cooking products. Specialists in architecture and space planning, interior and landscape design and healthy cooking will share their expertise. See you there!

Keller Williams
Atlantic Shore
Laura Giannotta
609-384-6121

For all your real estate needs in southern Ocean and northern Atlantic counties, NJ!

Perspectives on Selling a Home Today

 

Getting your home ready for sale today takes a little more work than it did just a year ago, or even a few months ago!  You’ve got to look at things from the home buyer’s perspective and stay up to date on pricing in your local housing market.

Home buyers can pick and choose from a wide variety of homes on the market. They are a lot more thorough with their searches, so as a home seller be prepared for that.  Home buyers can get a great house at a great price right now, so the home seller must differentiate themselves from the competition.

Here are some techniques you, as a homeowner, can use to change the way a buyer views your home.
 
Set a realistic price. 
 
Keep in mind, the value of your home is what the buyer will pay.  Some of the factors which affect their perspective are local characteristics like commuting time, job opportunities, housing supply, school systems and more. Sellers should stay realistic and set the price with a REALTOR^® who can help determine which factors are at work in a given marketplace. Remember, if you’re on a short time line to sell, or if your home needs numerous repairs, this will affect your pricing strategy.
 
All Out Marketing.

A successful marketing plan is no longer just a newspaper ad and a listing on REALTOR.com.  Explore innovative and creative marketing techniques that make home buyers aware of your home.  Photos, virtual tours and web presence are essential. By using virtual home tours and concentrating on well-lit, high quality digital photos for website listings you can give your home a chance to be noticed by the increasing majority of home buyers who turn to Internet listings, with photos, first.
 
Looking Good.
 
Home buyers will look for the least expensive home in the best neighborhood they can afford. The goal is to make your home the best value in the area. Stage your home to maximize space and give home buyers a chance to see themselves in your home. Cosmetic improvements like paint, wallpaper, and yard clean up, are good low cost investments to make a home generally more appealing. If you have the money, mechanical repairs should be completed to ensure that all systems and appliances are in good working condition.  Well functioning heating and cooling systems are required to get a top price.
 
Entice Home Buyers with Curb Appeal.

As beautiful as the inside of your home is, it’s no use if prospective buyers don’t want to enter. Curb appeal sells 49 percent of all houses, whether you have a townhouse, condo or detached home, according to the National Association of REALTORS^®. Replacing light fixtures, removing dead leaves and removing snow and ice from walkways and drive are easy and inexpensive ways to entice buyers during the winter months. If you’re unsure of what a home buyer is looking for, ask friends and neighbors for a fresh perspective, or take a picture from across the street and look at it carefully.

 
If you’re planning to buy or sell a home in Waretown, Barnegat, Manahawkin, Little Egg Harbor, Tuckerton, Eagleswood or anywhere on Long Beach Island, let’s talk!  Put my experience in southern Ocean County, NJ to work for you!

Keller Williams
Atlantic Shore
Laura Giannotta
609-384-6121

Laura@JerseyShoreViews.com

Property Insurance…A Savings in Manahawkin, NJ?

 

Everyone is looking for ways to save money.  

One area you do not want to skimp on is homeowners insurance.  Just because property values may have dropped, it does not automatically mean you need less property insurance!

Even if your home value has decreased, that doesn’t mean you want to lower the amount of coverage.  Chances are it will still be more expensive to rebuild your home now than when you first bought it.

So it’s important that your homeowners insurance keeps pace with rebuilding costs, rather than the market value of your home.  This is particularly true for homes at the Jersey Shore which face hurricanes, pinelands brush fires and the dreaded winter nor’easter!

Make sure you know how your home will be replaced.  Sometimes insurance policy language can be tricky.  Get verification in writing that your insurance company will pick up the entire cost of replacing your property with new versions of your current home and possessions in the event of a loss.

Too many times consumers believe that’s what they’ve purchased but find themselves getting an insurance check for pennies on the dollar.  That’s because the policy covers “fair market value,” which is what your used property would bring if you sold it today.

One way you might be able to save on property insurance for homes in Manahawkin’s Ocean Acres section is to report to your insurance company as soon as your street is hooked up to the municipal water service.  

With municipal water service, we now have fire hydrants every block so adjustments to your your policy should be made and with that possibly a premium reduction!

If you are looking to buy or sell a home in Manahawkin or anywhere in southern Ocean County, contact me.

Keller Williams
Atlantic Shore
Laura Giannotta
609-384-6121
www.JerseyShoreViews.com

Aid for NJ Home Owners Facing Foreclosure

 In an attempt to reduce foreclosures and further assist New Jersey homeowners at risk of losing their homes, New Jersey Governor Jon Corzine has signed the Mortgage Stabilization and Relief Act into law.

The legislation, which is another component of the Governor’s Economic Assistance and Recovery Plan, establishes the Mortgage Stabilization Program and the Housing Assistance and Recovery Program.

It also imposes additional requirements on lenders foreclosing on mortgages. The New Jersey Housing and Mortgage Finance Agency (HMFA) will be responsible for the administration of the two new programs.

Through the Mortgage Stabilization Program, HMFA will promote modifying or refinancing of first mortgage loans in imminent danger of foreclosure to qualified homeowners by offering non-amortizing (no monthly payment) second mortgage loans.

The State will provide a mortgage stabilization loan of up to $25,000 to match the lender’s contribution.  This is an attempt to bring the mortgage payments down to an amount that the borrower can afford. Both the State’s and lender’s assistance loans will be repaid by the homeowner upon sale of the property.

To qualify for assistance, a home owner’s household income may not exceed 120 percent of the area median household income or the HMFA’s Mortgage Program income limits, which vary by County.  In Ocean County, a homeowners income limit is $114,660.

The lender must agree to write the mortgage down to the current value of the home. And homeowners who accept program assistance are required to participate in agency approved household budget counseling sessions.

Funding for the Mortgage Stabilization Program is appropriated at $25 million through Long Term Obligation and Capital Expenditure Fund.  

The Governor’s original proposal would have funded this through an assessment against every bank filing a foreclosure action against a New jersey home owner. Now the funding comes from money set aside to pay down the state’s indebtedness.

A second program, the Housing Assistance and Recovery Program (HARP), will help homeowners who face imminent foreclosure stay in their home while paying affordable rent until the homeowner is able to buy back the property.

HMFA will provide financial support through the Housing Assistance and Recovery Program Support Fund to certain nonprofit and public entities to execute lease-purchase agreements with existing homeowners who meet program requirements. $15 million from the Long Term Obligation and Capital Expenditure Fund is appropriated for the program.

This program is also funded through money set aside to pay down the state debt.

This action follows separate legislation, signed last month by the Governor, that called on the Administrative Office of the Courts to provide mediation services between the homeowner and the creditors to assist the parties by negotiating an agreement that allows the borrower to remain in the home with an affordable monthly mortgage payment.

The new laws also protect neighborhoods, according to Governor Corzine, by requiring creditors who initiate foreclosure proceedings to notify municipalities where the foreclosed property is located. As a result, municipalities will now have recourse against those creditors who fail to comply.

In addition, the legislation also adds a six-month forbearance period prohibiting creditors from taking steps to remove the borrower/homeowner from a property.

If you’re facing problems meeting your mortgage commitment, and own a home in Waretown, Barnegat, Manahawkin, Long Beach Island, Little Egg Harbor, Tuckerton or in northern Atlantic County, contact me for more information on these programs and others that can help you!

Foreclosure information and assistance for New Jersey homeowners is available if you click here.  That link will take you to the Legal Services of NJ web page.  Assistance is also available by calling 1-888-989-5277. 

 

Keller Williams
Atlantic Shore
Laura Giannotta
609-384-6121
www.JerseyShoreViews.com

READ to a Dog In Little Egg Harbor, NJ!

Does someone you know need some help reading, or a self confidence boost?

Have you heard about the ‘Read to a Dog’ program?  Well, it’s coming to the Little Egg Harbor Branch of the Ocean County Library!

There’s a nationwide program called the Reading Education Assistance Dogs (R.E.A.D.) program.  It’s designed to improve children’s reading and communication skills by employing a powerful method: reading to a dog.

But not just any dog. R.E.A.D. dogs are registered therapy animals who volunteer with their owner/handlers as a team, going to schools, libraries and many other settings as reading companions for children.

Today, hundreds of registered R.E.A.D. teams work throughout the United States and Canada. Here in southern Ocean County, children of all ages have the opportunity to read to Parker!

Parker, and his handler Teri Ganster, will be at the Library on Mathistown Road this Saturday (January 10th) , at 1pm.  Stop by and take a look at this amazing program!

If you’d like more information about the R.E.A.D program, click here!

Keller Williams
Atlantic Shore
Laura Giannotta
Little Egg Harbor Homes
609-384-6121
www.JerseyShoreViews.com 
 

Municipal Government Reorganization in Southern Ocean County!

If you’d like to try something different this New Year’s Day, and don’t want to fight the crowds for the relighting of Old Barney (the Barnegat Lighthouse), you might want to check out what’s happening at town hall.

January 1st, or shortly after, governing bodies of municipalities throughout the state will meet to swear in newly elected members, make appointments to various boards and approve contracts for professional service for the new year.

In southern Ocean County, New Year’s Day will see the reorganization of the municipal government in Barnegat Township at Town Hall, 900 W Bay Avenue at 1pm.

Tuckerton’s Borough Council will reorganize at noon on January 1, 2009 at the Municipal Building at 140 E Main.

Waretown (Ocean Township) is swearing in new Township Committee members and reorganizing on Friday, January 2nd at 3pm.  The Municipal Building is located at 50 Railroad Avenue.

The Eagleswood Township Committee won’t reorganize until Monday, and the same is true for Little Egg Harbor Township Committee.  Eagleswood has scheduled their organizational meeting for 7pm on the 5th at 146 Division Street (Town Hall).  Little Egg Harbor’s meeting is also scheduled on the Monday, the 5th, at noon, at the Municipal Building, 665 Radio Road.  

While many view these meetings a just a formality, your elected officials are committing you tax dollars for the next year!

Stafford Township (Manahawkin) in not on the list above.  It operates under a different organizational form!

 

By way of background, New Jersey, despite its small size, has 566 municipalities! Those municipalities are typed as either a Borough, a Township, a Village, a City or a Town.  Then we have five forms of government, with optional adoption of 7 others.  If you’re confused, here’s an explanation of our municipality structure and governance.

For a complete history of New Jersey’s municipal government forms and function, check out this NJ League of Municipalities report. 

 

 

 

Keller Williams
Atlantic Shore
Laura Giannotta
609-384-6121
www.JerseyShoreViews.com

 

 

The forms of government are generally determined by the type, but this is New Jersey, so that doesn’t always hold true!

 

Selling Your Home…Ask Questions!

Some Additions to the Standard

When planning to sell or rent a property, landlords or sellers should always have a list of questions to ask each REALTOR^® when interviewing their prospective agent. 

It’s important to know your agent is full time, has experience or works with experienced REALTORS^®, and can implement a successful marketing plan.  There are other core questions, but there are also some that don’t receive the attention they deserve.

Does This Agent Play Well With Others?

As important as market questions and overall strategy, what are your REALTOR’s^® view on working with other agents? 

How will your REALTOR^® handle…

The Phone…is it answered or is the call returned immediately?

Marketing…will your listing be updated promptly so agents aren’t showing my home that’s already under contract or rented?

Pictures…will there be pictures, high quality pictures, and lots of them?

Showings…will your REALTOR^®or his/her office schedule the showings or will a buyer’s REALTOR^® be turned over to a call center company that has no knowledge of the area, real estate or what you wrote in the Multiple Listing Service?  

Outside websites…will your selected agent give all info available, including the address?  

So when selecting a REALTOR^® add this question to your list,

“Do you play well with others?”

If you’re planning to sell or looking if you’re for homes in Manahawkin, Barnegat, Little Egg Harbor, Tuckerton, Waretown or homes anywhere on Long Beach Island call me.  I’ll answer your questions!    

Keller Williams

Atlantic Shore

Laura Giannotta

609-384-6121

www.JerseyShoreViews.com