Is the End of the Year A Good Time To Buy A Foreclosed House in NJ?

Buy Foreclosed House in NJ

If you’re in the housing market, you know that buying a foreclosed home in New Jersey can open doors to significant profits. But before you start searching for a foreclosed home in Bayville, make sure you’re making a good decision. Here are some great factors to consider before buying a foreclosed house in NJ at the end of the year.

More Properties As Foreclosures Resume

In New Jersey, the moratorium on foreclosures that has been in place since the start of the COVID-19 pandemic has ended. While this doesn’t translate to immediate foreclosures, keep in mind that the market will likely see many more foreclosed properties for sale in the future! If you’re looking for the perfect property, you can likely wait while you have a real estate agent keep an eye on properties that match your criteria for the perfect home.

Loan Prices Won’t Last

While the foreclosed home market is likely to expand, low rates on loans and mortgages likely won’t last! The best real estate agents in Bayville know that a good loan can be the difference between affording a new home and missing out, so make sure you keep your finances in mind when you search for your next foreclosed home in NJ. Act now to take advantage before they disappear!

Deadlines Mean Faster Sales

As if good properties weren’t already selling for cash over offers, deadlines such as “the end of 2021” can make sales move even faster. Don’t drag your feet if you find a great foreclosed home in NJ—call a real estate agent immediately to help you plan and complete your sale.

Are you ready to find a great deal on a foreclosed home in NJ today? Don’t wait for your opportunity to pass you by—call Sheldon Neal, That British Agent, today!

Should You Buy a Lot for Sale Near You, Or A Foreclosed House? Experts in Real Estate Share!

real estate agent in Andover NJ

If you love a good bargain with a high chance to earn some profit, you may be wondering whether to buy a lot for sale near you, or a foreclosed house in New Jersey. Which will be the best bet for your money? It depends on a lot of different factors. Keep reading for expert opinions from real estate agents in Andover!

Buying a Foreclosed Home

A foreclosed home can come with deep cost savings, but higher costs needed to make it sellable. The condition can vary greatly! For example, some foreclosed homes may need only cosmetic repairs, such as replacing carpet, painting walls, and tidying up a yard full of blight. Others may require major work, especially if there has been negligence. Water damage, mold, and collapsing structures can cause your fix ‘n flip budget to skyrocket! In some cases, you may plan to demolish the old structure entirely and start from new, which can require a lot of time for permitting and construction.

Investing in a Lot for Sale

Is a vacant lot a better choice? Again, it varies greatly. Make sure to talk with your real estate agent in Andover top find out how developed the land you are interested is going to be, because again, this can lead to high costs! Building a home from the ground up is a pricey project anyway, but if you have to go beyond this construction and accommodate installation of sewer systems, gas lines, or other municipal hookups, you could be preparing for a huge project. On the other hand, you may be interested in purchasing the lot to sell to developers for a housing complex or commercial project. Make sure your plot of land meets your needs.

How do you decide which task is best for you? Start by thinking of your end goal, what you want to do with the property. Then, call the best real estate agent in NJ for advice and property availability. They want to help you meet your home purchase goals, so make sure to share the details!

Real Estate Agents In New Jersey Answer Your Questions: What Goes into the Cost of Building a House?

Real Estate Agents In NJ What Goes into the Cost of Building a House

If you’re a DIY type, you may have considered the possibility of building your own house. After all, investing in land for sale near you can show strong returns, and if you build your own home in Andover, you get to make it just like you want it. However, many people end up asking their real estate agent in New Jersey the same question: what goes into the cost of building a house? Here are some important factors to consider.

1. Average Cost To Build Your Own Home
Research of other homes shows that it costs, on average, between $100 and $200 per square foot to build your own home. That means that a 2,400 square foot house will cost you anywhere from $240,000 to $480,000. Yikes! That can be more than you’d pay to buy a house in Andover, and way more than you’d pay to buy a foreclosed house in NJ!

2. Where Your Money Goes
How can it be so expensive to build your own house? The biggest costs are in terms of labor. The land and site development costs should be only a small fraction of your total costs, maybe 5-10%. Setting the foundation, framing your building, and completing exterior work accounts for another 30-40%. Your major appliances and utilities (think electricity, sewage, HVAC and more) eat up 10-15% of the costs, and the final stage hits hard, with 25-30% of your costs typically being the interior finishing, such as drywall, floors, and cabinets.

3. The Hidden Costs and Value
If you see a cheap plot of land, those dollar signs might shine in your eyes! Unfortunately, while land for sale is often cheap, the costs of developing that land are much higher. If cost savings are where you’re at, consider buying a “fixer upper” or call your real estate agent in Bergen County to find out how to buy a foreclosed house. However, if your dream is to build something unique, to know that you are the only person who has ever lived in your house, or you just love that DIY thrill, building your own house can be a great project!

Get started on your next real estate project today with help from Sheldon Neal and his team! They have helped so many people buy and sell homes, source commercial real estate, and make strong real estate investments in NJ, and you can too!