Saving for a down payment to buy homes in The Hills Bedminster NJ is no easy task these days.  It’s hard enough lately just to put money away for a rainy day.  Getting to your down payment savings goal of 20% or more seems like too much to ask.  Meanwhile you have a fairly decent sum set aside in your 401K, maybe even enough to cover a decent down payment on a new home.  Is it a good idea to borrow funds from your retirement account in order to buy a new home?

There are differing opinions on this topic and everyone you ask will have a good supporting argument for his own side of the debate.  The best thing to do is talk with your financial advisor or a HUD-approved mortgage counselor before making a decision.  Any decision of this magnitude should be made only after careful and thorough research.  Having made that statement, here are a few thoughts to get you started in your decision-making process.

Hardship Withdrawals
In most cases you cannot withdraw from your 401k until you retire without significant penalties.  However, some plans do allow you to withdraw funds for a financial hardship, including an immediate need.  The purchase of a primary residence may qualify but not all home sales in The Hills Bedminster NJ will be eligible.  This choice is not without consequences, however.  You will have to pay taxes and penalty fees and you may have to pay them in the same year you withdraw.

Borrowing from the Balance
Another option is to borrow money from the balance in your account.  You may be able to borrow up to half of the balance without qualifying for a loan.  It is, after all, your own money!  Taxes and fees will not apply as long as the interest is paid back into the account within the allotted time frame.  That time frame can be anywhere between 5 and 30 years.

There at least two major drawbacks here.  One is that since the money is no longer in your account for those years, it is no longer accruing or compounding interest.  Your total balance at retirement will suffer this loss.  Another drawback is in the risk of a job loss or change.  If you lose or leave your job, you will have to pay back the loan nearly immediately.  You may have as little as 60 days to put the money back into the account or you will be taxed and penalized.  Your 401k account can be “rolled over” from one job to the next, but your loan cannot.

Your loan may also count against you when you are applying for a mortgage.  Lenders may consider this loan in the same light as a car payment or student loan and count it as a debt against your income.  This may adversely affect your interest rate and total loan amount.

Think carefully about the risks before you decide to leverage your retirement savings for a down payment.  Talk to an advisor and find out if this option is too good to be true.

It’s sad to say, but sometimes bad things happen to good homeowners.  An owner can fall behind in his mortgage in the best or worst of neighborhoods.  Even homes in The Hills Bedminster NJ are not immune to this difficult reality.

Falling behind in a mortgage can stem from any number of life’s circumstances.  Recently, unemployment and underemployment have been the most widespread culprits.  A serious illness or injury in the family can also devastate a bank account.  Sometimes, home owners have just made a poor choice of loan that ends up costing more than they can afford.  For whatever reason, sometimes a loan modification becomes necessary.

A homeowner can become very frightened and even a little bit desperate in these times.  This combination can make them an easy target for a scam.  The best defense against unscrupulous operators is a good education.  Learn all you can about the various schemes and scams that are common today so you will know one when you see it.  Get started with these tips and techniques.

The First Call
The first number you should call is not one from a website or an advertisement.  Call you lender first.  Ask to speak with the loss mitigation department and state your circumstances.  (Don’t forget to take notes on what was discussed and with whom you spoke.)

If you don’t want to call your lender just yet, consider calling a HUD-approved loan counselor.  HUD mortgage counselors can help you figure out your options when you’re in a financial bind and create a plan to help you get yourself out of it.  These certified housing counselors offer their services at either a low cost or at no cost at all.

Paying Up Front
This brings up to the pay-up-front scam.  A certified HUD counselor will never ask you to pay up front for their services.  Most of the counseling process is provided completely free of charge.  Be very leery of anyone who wants you to pay their fees before they provide any services.  This is against the law; don’t fall for it.

Buy-Backs and Reverse Mortgages
Scams abound in this area.  If a so-called lender offers to buy your property and sell it back to you, think twice about what you’re doing.  There are some legitimate companies doing reconveyance loans, as they are called, but just as many are bilking people out of their equity and property.  You are giving up control of your property this way.  You’d be much better of working out a deal with your original lender.

Sales in the Hills Bedminster NJ are usually good investments for the future.  However if you find yourself in a precarious position with your lender, be sure to look for a reputable help in your time of trouble.  Take the time to research the common scams so that you won’t become a victim of one.

There are lots of different types of homes in The Hills Bedminster NJ.  Plenty of single family homes are on the market and there a more than a few condos and townhomes to choose from as well.  Not every buyer is looking for the same thing in his next home.  While owning a single family home often touted as the American Dream, another type of home might suit you better.  Have you considered a condo?

Single family homes certainly have lots of benefits and sales in The Hills Bedminster NJ prove that this is quite a popular choice of housing.  You usually have more privacy in a single family home and greater flexibility for renovating it.  You’ll probably have more property in a single family home, too.  You also have all the upkeep and maintenance with this choice.

Condos and townhomes typically have HOA (Home Owners Association) fees that cover exterior maintenance and lawn care.  Many people mistaken believe that condos and townhomes are always smaller than single family homes.  This is not always the case.  There are some sizable condos in The Hills that rival many a free-standing home for square footage.  Condo complexes may come with amenities like pools and fitness centers that are covered by HOA fees.  It can be a very stress-free way to live.

Young unmarried or newly married professionals were once the prime condo customer.  In many ways they still are.  It’s a good way to start investing in real estate.  Many of these smart young people hold onto their condos as investment properties long after they have outgrown the unit themselves.

These days, they appeal to a bit broader audience.  As the Baby Boomer generation ages and their children move out, many are looking at downsizing to a home requiring a little less work.  They no longer need the large homes they’ve owned for years after the kids have finally moved out.

No matter what kind of condo buyer you are, there are some common tips to investing in one.
• Consider your timeline.  Just like in a single family home, you’ll need to own a condo for a few years before recouping the brunt of your investment.
• Know your needs and seek out the right property.  If you’ve never learned to swim, that pool won’t do you much good so why pay for it each month?
• Chat up the neighbors.  Find out how responsive the complex is on fixing the little things like leaky faucets.  It may seem small, but this can be a big frustration later.
• Check out the HOA.  Make sure the HOA has enough in their reserve funds to prevent future fees.  Find out what the hottest issues are at the meetings.  See how many assessments they had to make in the last decade or so and how much each one cost the owners.  Get the details before you buy.
• Spend some time in the unit you may buy.  Don’t settle for a visit to the model unit.  Listen to the noise factor in your proposed unit, look at the view and walk the stairs.  Get a good feel for the spot you may soon call home.

Buying Solo:  Tips for Single Ladies
Sales in The Hills Bedminster NJ are often being made by single ladies.  Whether they are newly single divorcees or have never been married, women are making up a fast-growing segment of the buying market.  Family-friendly areas like ours, with safe streets and conscientious neighbors, are very attractive to women who plan to live alone.

If you are a single lady looking to buy on your own, you are in great company.  About one in every five buyers is a single woman, according to the National Association of Realtors.  This category is the fastest growing in real estate.  You make up about a third of the growth in real estate over the past 15 years.  More women buy on their own about twice as often as their single male counterparts.

Why has the past decade and a half seen such an increase in female buyers?  For one, higher salaries and a narrower gender wage gap for women have made buying more realistic.  Lenders have relaxed the stringent restrictions on financing solo as well.  Programs from Freddie Mac and Fannie Mae have made buying a reality for women and minorities.  For instance, some divorced women can qualify for first-time homeowner status even if they co-owned a home during their marriage.  Many women are marrying later or even not at all so home ownership is no longer something to be delayed.

Women, in general, have some similar reasons for buying and they have some similar requirements as well.  They are usually looking for a safer environment for themselves and their children than a rental situation can provide.  (This is one of the reasons that homes in The Hill Bedminster NJ are so appealing to single women home buyers.)  Single moms look for homes in excellent school districts or properties close to good private schools.  Condos, townhomes and other no-maintenance options are still popular choices among women.  However, far fewer ladies are put off by general upkeep than a generation ago.

If you are a single woman thinking about jumping into the real estate market, here are a few tips just for you.

Safety
This is likely your biggest concern.  Choose a property with an attached garage to minimize your exposure to the street.  Look for well-lit neighborhoods and homes.  Consider smaller lot sizes.  Homes that are closer together offer a “safety in numbers” feeling.  A second-story bedroom may make you feel safer as well.  Look at gated communities where security is held in high regard.  Invest in excellent quality locks and a monitored security system.

Financing
Take advantage of any program you can find to get the best financing.  Look for programs specifically for women and minorities.  If a divorce has left you with credit issues, take steps to correct your reports and improve your credit rating.

Maintenance
Don’t let a fear of home upkeep steal your dream of home ownership.  Classes at home improvement stores and community colleges can teach what you don’t already know.  Most are cheap or even free and many are catering particularly to participants of your gender.

One of the biggest trends for homes in The Hills Bedminster NJ is remodeling.  Renovating a home can make it a more viable commodity when you choose to resell.  However, you may or may not see a dollar for dollar return on your investment.  Renovating is always a guaranteed money maker.

Each year, Remodeling Magazine publishes its list of the average returns on investment for the more popular home improvement projects.  The totals vary somewhat by region of the county.  (Our home state falls in the Mid-Atlantic region for this list.)  The magazine also divides the list into mid-range and upscale project categories.

So what the big winner for the best return on your investment?  Is gourmet kitchen the best place to sink your cash?  What about a spa bathroom or an in-ground pool?  You might be surprised at the actual results.  They are a bit more mundane than most homeowners expect.

In the mid-range list, changing a front entry door to a steel replacement door topped the list.  It may not be the most exciting project, but it will give a homeowner a national average of 128.9% return on his dollar.  Surely the best “upscale” project will something a little, well, sexier?  If you think exterior fiber-cement siding is sexy, then the answer is yes.  An owner will recoup about 83.6% of his investment if he chooses this renovation.

Where do the exciting projects fall on this list?  A major kitchen remodeling job ranked 6th on the upscale project list, giving a national average return of 63.2% on the investment.  A bathroom remodel was 7th on the same list with 61.6%.  Kitchen remodels fell 5th on the midrange list at 78.3% and bathrooms were 10th with 71.0% return on investment.

How can you know what projects will fare well for sales in The Hills Bedminster NJ?  Remodeling Magazine and other like it are a great source of information but there’s another source a little closer to home.  Who knows what buyers in your town want better than your local realtor?

Just because you’ve closed on your home doesn’t mean you closed out your relationship with your real estate agent.  He can be a big help in deciding what projects will help your home sell when the time comes.  Your agent has a direct connection to buyers in your area.  He hears every compliment and complaint about each home he shows.

Your agent has a thorough understanding of what buyers expect to see in a particular price point.  He can check on nearby properties for sale and recent comps to see how your planned renovation will affect your resale value.  He can tell you if you are overspending for your neighborhood or missing the mark with an inexpensive fix.

Talk to your realtor before you renovate.  You’ll be glad you did when you decide to resell.

Outdoors In

Spring is in full bloom and sales in The Hills Bedminster NJ will soon be at their peak.  The warmer weather makes house hunting much more pleasant and homes look their best in all their spring finery.  One way to make you home stand out amongst the competition is to bring the outdoors in.  If you’re staging to sell, consider taking a few cues from Mother Nature to freshen up your décor.

Fresh and New
The plants and trees have put on new leaves and blustery weather has blown away all of last year’s drab foliage.  You can implement this idea inside your home by cleaning out the clutter and applying a coat of fresh paint.  Choose light, cool colors inspired by springtime’s fresh palette.  Start packing your belongings and organize your space.  Redefine clutter from a buyer’s standpoint.  What you see as a shelf full of beloved book looks like a messy pile of leaves to your potential buyer.

Pleasant Reflections
Homes in The Hills Bedminster NJ have beautiful views of lush outdoor spaces.  Make these views a major selling point in your home.  Remove any heavy draperies and let in the light.  Make sure the blinds are open during open houses and showings so buyers can see the connection between the outdoors and the interior rooms.  Hang a strategically placed mirror or two to reflect the lovely landscape and make it a part of the room.  This technique has the added benefit of visually expanding the space and giving the illusion of a larger room.

The Literal Approach
Literally bring some of the outdoor in with cut flowers and potted plants.  Nothing brings life to a room like actual living things.  A well-placed vase of tulips will liven up any dining room.  A healthy green fern can make a family room seem even more like home.  Just don’t overdo it.  You just want a touch of springtime inside your home.  You don’t want it to look like a florist’s shop. 

Open Up
Before an open house or showing, open the windows (weather permitting) and let that wonderfully fresh air into your home.  No commercial spray can truly duplicate the scent of clean spring air.  The breeze will naturally freshen your home and make it that much more appealing to buyers.  Plus, you’ll save money on air freshener sprays.

By taking a few suggestions from the season, you can make your home as pleasing to buyers as springtime itself.

Hunting for Your Home

Almost any realtor in any area can tell you that spring is the most popular season for house hunting and sales in The Hills Bedminster NJ are no exception.  Many potential buyers are heading out in the warmer weather to start looking for their next home.  Searching for your next home can be exciting a scary at the same time.  It can be an overwhelming experience, especially in a season where home inventories are at their peak.  A few tips and techniques can help buyers house hunt more effectively.

Protect your heart.
It may be tough to keep your emotions in check, especially with so many great homes in The Hills Bedminster NJ to love, but you have to protect your heart when house hunting.  Try not to fall in love with a house until you’ve learned the price, seen the inspection report and are certain that this is the house for you.  Don’t allow an emotion reaction to override your logical side.  This is a major purchase and you shouldn’t make it on impulse.

Don’t get caught up in the décor.
When you look at a home, it’s easy to get distracted by the current owners’ choices of paint and fabrics.  They can make a home look dated and tired, even when it’s really a great property.  Just remember that most of that stuff will go with them when they move.  Paint is cheap and easy to change.  Even fixtures can be switched out without much effort.  Don’t get caught up in judging the taste of the homeowner instead of actually looking at the space itself.

Look at the bones.
You should be paying attention to the “bones” of the home, not the décor.  Pay attention to the things that won’t be leaving with the owners like materials, appliances, architecture, plumbing and wiring.  Location is another major factor that cannot be changed. 

Keep your wish list manageable.
First-time buyers are especially prone to mile-long wish lists.  It’s OK to know what you want, but you should also know what is negotiable and which items are deal-breakers.  You may not find every single item on your wish list in one home.  You need to know where you are willing to make a concession and where you shouldn’t budge.

Watch the budget.
Of course it’s important to stay within budget.  Don’t be tempted to look above your range; it usually ends in disappointment.  It’s so easy to fall in love with a great house.  Make sure the one you fall for is one you can actually afford to buy.

Do the research.
Get on-line, get a map and do your homework.  There is so much information available for buyers that we no longer have any excuses for not knowing everything we need about a property.  Everything from property values to crime statistics are just a few clicks away. 

House hunting might be a little scary but it’s also a lot of fun.  Relax and enjoy the hunt.  You’ll be in your new home in no time.

Outdoor Features to Add

Homes in The Hills Bedminster NJ are famed for their beautiful outdoor spaces.  Decks, patios and community paths make this lush, green community a favorite escape from the concrete coldness of the city.  Adding outdoor elements to your home can work wonders on your resale value so take a cue from The Hills and revamp your home’s landscape.

Hardscape
Hardscape refers to the structural elements in your yard like porches, patios, walkways and walls.  These elements are the big ticket items to install but they will add the most value to your home.  The home’s livable space is actually extended by adding features like sunrooms, also called “three-season rooms,” and screened porches.  You can’t count it in the home’s square footage but buyers will still see the value of the space. 

Decks and patios are also favorite features of buyers, especially if they are staged well.  Placing a small to medium sized grill and a bistro set on the patio is all buyers need to imagine fun summer cookouts.  Outdoor spaces offer buyers a glimpse of how they will live in the home, not just where they will live.

Overspending is easy in hardscape projects.  Be careful not to put too much into an outdoor kitchen or multi-level deck.  Just like any indoor renovation, an outdoor renovation will only boost the value so much and over-improving will simply be a waste.

Landscaping
Trees, shrubs and flowering plants make up the softer side of an outdoor space.  The beauty of good landscaping has kept sales in The Hills Bedminster NJ so strong.  Again, it’s very easy to spend money on plants so watch your budget. 

Plan the space just as you would an indoor space.  You wouldn’t put four full size couches in a living room; don’t crowd the yard with trees and shrubs.  A shade tree is a valuable investment but a standard can only comfortably hold so many once they reach maturity.

Flowering plants and shrubs will add a lot of curb appeal if they are installed properly.  Check with a local nursery to find out what plants will thrive in your climate zone.  Choose a color palette and stick with it when choosing perennials.  Too many colors and textures can create a messy or unkempt effect. 

Whatever outdoor elements you choose to add to your property, be sure to keep them looking neat and tidy.  Broken limbs, weedy gardens and dirty decks will make buyers think twice about your property.

What Makes a Neighborhood Desirable?

Everyone has their own opinions about what makes a house a good choice.  The quality of the surrounding neighborhood is usually at or near the top of most lists.  Homes in The Hills Bedminster NJ are blessed with great neighborhoods but some buyers, especially first-timers, may not know exactly what criteria make a neighborhood desirable.

Opinions vary, but there are usually some common elements that buyers like to see in a neighborhood.  Good schools, well-maintained homes, green spaces and a convenient location are on most “must-have” lists.  But what else makes a neighborhood a good choice, both for your lifestyle and for resale value?

Location
Location is not just the standard real estate agent answer; it really is that important to the value of a home.  When choosing a neighborhood, never discount accessibility.  Look for features that make the location convenient for everyday living.  You want to be close enough to amenities for comfort, but far enough to maintain a residential feeling. 

For instance, you’ll want to be within a few minutes’ drive from a good grocery store but you’d probably not want one adjacent to your property.  Easy access to commuter transportation or roadways will boost property values but a highway view won’t do your home any favors for resale.  Nearby community amenities like fitness centers, churches, small movie theaters, specialty food stores and restaurants can also have a positive effect on your property values. 

Security
Safety is one the top concerns of home buyers.  The local police department should be able to provide data on crime in any particular area.  Check on the average EMS response time in a potential neighborhood, especially if you have a medical condition or if you are a senior citizen.  Check for well-lit streets and public areas that are well-maintained by residents.  Community pride usually leads to a low tolerance for undesirable behavior.

Reputation
Many neighborhoods remain popular with buyers based on little more than a long-standing reputation.  If a certain area is known as a good place to live, it will attract buyers.  Ask around and find out which parts of town have enjoyed a good reputation over time.  Chances are they will continue to stand the test of time.

Sales in The Hills Bedminster NJ stay strong for many of these reasons.  A good neighborhood will be a major factor in your home’s long-term value.  Be sure to do your homework and find a neighborhood that works for you and will retain its charm and accessibility for years to come.

First Time Homebuyer Programs You Need To Know About Now

Are you ready to buy a home for the first time? If so, then there are a few first time homebuyer programs that you need to know about before you sign on the dotted line. Most first time homebuyer programs differ from state to state, which means that you can enjoy different first time homebuyer tax breaks on the state level. You should investigate which first time homebuyer programs are available in whatever state you are living in, or planning on buying a home in. However, there are also first time homebuyer programs available on the federal level as well. This means that you can take advantage of federal first time homebuyer programs no matter where you live.

Federal $8,000 tax credit

The most popular first time homebuyer program is the federal $8,000 tax credit. The tax credit applies to qualified first time homebuyers, and is effective from January 1, 2009 to April 30, 2010.  If you purchased a home between the aforementioned time frame and you are a first time homebuyer, then you are eligible to receive an $8,000 tax credit. In order to qualify as a first time homebuyer, you must not have bought or owned a principle residence within the past three years. If you have never bought or owned a home before, then you are definitely a first time homebuyer.

First time homebuyer grants

There are also first time homebuyer grants that you can apply for before you purchase your home. First time homebuyer grants are available both on the state and the federal level. Some of these grants can be found on the Internet. All you need to do is conduct an Internet search on first time homebuyer grants. Once you find a grant that you are eligible for, you will need to apply. Filling out a grant application can be a complicated process if you have never filled one out before. You may want to contact your real estate agent to help you through the process.

It’s a great time to be a first time homebuyer, because of all the first time homebuyer programs available. They were designed to be an incentive for individuals to buy property instead of renting property in order to help turn the housing market around. With first time homebuyer programs, many individuals who have never owned a home before now have a chance to buy and own a home for the very first time. Take advantage of first time homebuyer programs today, and reap the benefits.