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!

Is It a Good Time To Buy A House in NJ During The COVID-19 Pandemic?

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One of the most common questions that realtors in NJ get asked is “is it a good time to buy a house?” During the COVID-19 pandemic, this question is even more important! Of course, if you are in need of a place to live, or suddenly come upon lottery winnings or a big inheritance, any time is a good time to buy a house—but even if you aren’t so lucky, buying a house during the COVID-19 pandemic can be a surprisingly good choice! Keep reading to see why real estate agents in Bergen County suggest buying a house during the pandemic.

Loan Rates are Fantastic
All personal reasons aside, the best real estate agents in the Tri-State area know that today’s loan rates are so great, it would be a mistake not to take advantage of them! Home buyers today have the opportunity to take advantage of some of the lowest mortgage loan rates in recent history—so get on the phone to call the best real estate agent near you to see what properties are available! Savings during your loan-hunting process can translate to decades of lower payments.

You Can Escape the City
One thing that most people have realized during this pandemic, especially the lockdown and quarantine phases, is the importance of space for yourself! If you’ve been living in a tiny little city apartment for years, this may be the time to move to more spacious areas. Nearby areas in suburban or rural NJ, NY, and PA can be a perfect place to escape the hustle, bustle, and virus transmission!

You May Have Spare Time
Speaking of that lockdown, do you find yourself with more spare time than you used to have? This can be a great time to move to a new home! Whether you buy a foreclosed house and fix it up, or a beautiful new home that just needs your final decorations, some extra time at home is always appreciated with a new home. Make good use of your time and buy a house in Bergen County!

No matter when you choose to buy a house, you want to find the best buy near you and take advantage of the best deals. When you work with the best real estate agents in NJ, you can do just that! Now is the right time to buy a house, so don’t wait—call Sheldon Neal, better known as “That British Agent,” and find your perfect home today.

The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than RE/MAX Real Estate Limited are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.
All information deemed reliable but not guaranteed. Last update: 06/05/18.
Source: New Jersey Multiple Listing Service, Inc