To Hold Or to Sell – The Cost of Holding a Property in New Jersey

Holding a property isn’t cheap. In between maintenance, repairs, taxes, and more, the cost of holding on to a New Jersey property isn’t just worth it compared to selling it. This is especially true once you learn just how much it costs you to hold a New Jersey house!

House flippers work fast because they know that the quicker they can sell of their property, the more money they can save. This is why, if you’re holding on to your New Jersey house because you’re thinking it’ll get more expensive someday, just don’t. Even if it’s for sentimental reasons, you have to consider that holding on to your New Jersey house is akin to throwing away money for nothing.

Remember, any property that you own should be generating income for you. It can be where you live, or you can rent it out, or you can even use it as a vacation house. If your New Jersey property isn’t doing that for you, then you might as well list it along with other homes for sale NJ.

How Much It Costs to Hold a New Jersey Property

Property Taxes

Property taxes on one property is high enough already. For two? That’s too much, especially if the other isn’t generating income for you, and since you’re listed as the owner, you’ll have to pay taxes on it or else, face serious consequences. However, by selling your house, you don’t have to worry about paying off taxes for a property you don’t even use anymore.

Utilities

Even if no one’s using them, you’ll still have to keep the lights and water on every now and then. This is especially true if you’ve already had the house listed and plan on selling it. The bills will only rack up if the house is older and is not as energy efficient as modern homes. But, by contacting Cash Buyer New Jersey, we can take your house off of your plate right there and then because we buy houses NJ for cash!

Maintenance and Repairs

Maintenance doesn’t come cheap, especially since the property isn’t making any money for you. Not to mention the occasional repairs that you’d have to do once things give naturally due to age. Of course, you don’t have to worry about that if you decide to sell your house. Although you’d have to do repairs if you list it along with other homes for sale NJ, at least you’ll only have to worry about the added expense until it’s finally sold.

Homeowners Insurance

Homeowners insurance policy premium will depend on the location of your New Jersey house and its current state. However, on average, a New Jersey home will cost at least $1000 annually.

Mortgage

If it’s already paid off, then you don’t need to worry about this. But, if you’re still paying the mortgage, you’d maybe want to ask yourself if it’s worth it or not. Mortgage payment isn’t cheap and it probably isn’t going to end soon. What happens if you get into an accident and you have two mortgages to worry about? You can avoid the stress of such a situation by selling off the property instead.

Missed Opportunity

Just think about how much money-making opportunity you’re missing by holding on to a house that’s not making you money. You could’ve invested on a new business by now, or a better home, but you can’t because the cost of holding your New Jersey house is holding you down.

Remember, a property that doesn’t benefit you in any way is an added expense.

The sooner you sell your house, the better. Holding on to a property for sentimental reasons is understandable, but it’s not economical. Try running the numbers yourself and see just how much money you’ll be saving (and making) by selling it instead!

To save yourself the trouble of having to repair and market the house, you can contact us at Cash Buyer New Jersey. We buy houses NJ for cash, as-is and without any questions asked so you don’t have to spend days, if not weeks, sprucing up your house, paying for a real estate agent, and entertaining different buyers just to sell it.

The Best Tools and Strategies Home Sellers Should Use

Those who’ve put up houses for sale in Hudson know how complicated the process can be. However, it can be made a lot easier.

Below are some of the tools and strategies home sellers should use when selling their house or property in New Jersey.

A Virtual or Video Tour

Many homes for sale in Hudson are using virtual tools to help showcase their properties, and for good reason, it’s a great way to make a house stand out. You can also hire professional videographers to do the same by taking flattering shots and creating a “fly-through” of the property to highlight its best qualities and surroundings.

While doing all of these can cost you, it’ll pay off big in the long run when you can sell your house faster and for the price you want.

Finding a Direct Buyer

Most people these days still prefer working with a Hudson real estate agent. That’s okay. But, if you want to keep your options open, then you could at least get an offer from a direct buyer.

Selling to a cash buyer is a great way to escape from having to pay all of the costly fees, repairs, maintenance, and commissions for the agent. You just have to show your property, wait for an offer, and if it’s good, proceed with the sale. It is that simple.

Here at Cash Buyer New Jersey, you don’t need to wait for weeks just to sell your house. We’ll buy your house right there and then and as is!

Hiring a Professional Stager

Professional staging companies know how to spruce up a space and make it feel more inviting to interested buyers.

Mind you, their services can get a little pricey. To save costs, you can try staging only a couple of rooms, like the main entryway, and the main bedrooms. The rest can be kept as is.

It should be worth noting that before you stage your home, you’ll want all of your personal belongings out of your house already. Not only does this make moving day a lot easier for you, but it makes your house look like a clean slate where buyers can properly visualize themselves living in without worrying if they’re intruding in your personal space.

Make a Comparison

It should already go without saying, but emotional attachment doesn’t make your house more expensive.

If you want a proper assessment of the market price of your property, take a look at the other houses for sale in Hudson. You can use other valuation tools as well. Use multiple ones, if possible, and use them to find the average price of your property.

If you plan on selling your house to a cash buyer, think about how much money you’re saving. Because the transaction is done as-is, the only thing you need to worry about is if you’re going to accept their offer or not.

Use an Interior Design App

Working with an interior designer can be costly, using an interior design app is, more often than not, free.

Plenty of software and applications available online and on your phone can help you showcase the different ways that the insides of your house can be arranged and made to look like once they move in.

This can make it so that buyers feel like the house you’re selling can be their new home and make them gravitate more towards buying your property over others.

Go Paperless

Did you know that the most cumbersome process of selling a house is processing the documents? Scheduling meetups or relying on courier services just to sign a few documents can take a lot of time and effort. Using apps like HelloSign and DocuSign can make this more convenient by allowing each party to sign the signature electronically.

If you’re planning on selling your Hudson real estate property with the help of an agent, using these tools and strategies can help make the process go a lot smoother for you.

How to Tell If It’s The Right Time to Sell Your House in New Jersey

Are you thinking about selling your New Jersey house? Perhaps, you’re having second thoughts? Maybe, you believe that the market just isn’t prime yet? If so, these questions below will help you determine if it’s the right time to list your property along with other houses for sale in Essex, New Jersey.

1.      Is The Property Doing Me Any Good?

Ideally, your property should be one of these three things:

  1. Where you and your family live.
  2. A property you rent out, either short-term or long-term, that provides you with consistent cash flow.
  3. A vacation house for getaways during the weekend or the holidays.

If your New Jersey home is neither of these, then it’s a lost investment because you’re bleeding money for repairs and maintenance.

2.      Are You Better Off Using The Money On Something Else?

This is what’s referred to as “Opportunity Cost.”

Just think about what kind of investments you’re potentially losing out on just because you have your money invested already in something else entirely? Perhaps, something that’s not making you as much money as it should?

Give the market a look and see if you’re better off spending your money on something else. You might be better off selling your New Jersey house.

3.      Is Your House Too Big?

Many years ago, you might have needed a five-bedroom house. But, as time passed and your children grew up, you’re eventually going to need to downsize. Not because of financial reasons, although they could play a factor. Rather, because of how big of a hassle it is to maintain such a big house when there’s only a few people living inside.

If have “too much house”, or so to speak, consider selling it to move into a smaller house.

4.      Is Your House Too Small?

Of course, it is also possible for the opposite to be true.

Where you and your wife could fit in a one or two-bedroom house when you just got married, you’re bound to need more space as your family grows.

5.      Do You See Yourself Living in this House Forever?

Contrary to popular belief, you don’t always have to live in the same house until you grow old. You can move anytime you feel like it. Even if you don’t need extra space now, think about if you’re going to need it down the line. Better yet, do you see yourself living in the same house when you retire?

Answering this question might help you decide whether it’s the right time to sell your house or not.

6.      Does It Need to be Repaired?

Is the house old? Perhaps, minimal repairs aren’t enough anymore, and you’ll need to some extensive, not to mention expensive, renovation work just to make it look homey again? Repairing an old house isn’t cheap. It can also be stressful and be extremely taxing for you.

If that has made you wonder and ask yourself “how do I sell my house fast essex?”, well you can always choose to contact reputable direct buyers like Cash Buyer New York. These professional real estate buyers will buy your house in New Jersey as is and the only thing you need to worry about is whether or not you agree with their offer.

7.      What’s Your Equity Looking Like?

If selling your house in New Jersey allows you to pay off your mortgage and still have enough left over to move to a new house that fits what you’re looking for your growing family, then consider selling it! Just remember, you’ll need at least 20% down for your new home, although you may want to have at least 30% to 40%, just in case.

8.      Is Your New Jersey House Practical?

Owning a home isn’t just about paying mortgage. You have to worry about repairs, maintenance, utility bills, and of course, property taxes. If you’re not really using the house, then you’re better off selling put it up for sale along with other houses for sale in Essex, New Jersey!

The moment selling your house crosses your mind is the time that you should seriously consider it. Of course, there’s no right or wrong answer here. It all depends on you and your family’s needs. Think it through first and consider what puts you and your family in the best position right now and in the years to come.

How To Sell Your New Jersey House Fast and Without Hassle!

Just looking at the many houses for sale in New Jersey can make any home seller think that it’s going to take a while before their property is sold. But, that’s not always true. Below, we’ll explore the many ways homeowners such as yourself can sell your property in New Jersey as fast as possible!

Asking yourself “how to sell my house fast bergen county” is a nice start if you want to sell your New Jersey house fast. But, it’s not enough. Of course, the first thought that may have come to your mind was to hire an agent and list your property, and that’s good. However, there are many other great solutions that you probably didn’t know are available to you.

Below are the many different ways that you can sell your house in New Jersey fast and without any hassle.

Sell to a Direct Home Buyer

Did you know that you can sell your house without an agent? Most people don’t. And no, we’re not talking about listing your property yourself. Instead, we’re talking about contact companies, such as Cash Buyer New Jersey, who will buy your house in New Jersey using a fairly simple process.

With professional home buyers, you don’t have to worry about the cost of repairing, maintenance, cleaning up, and paying commission to the agent. You only need to show your property to them, wait for an offer, and if it’s good, set a sale date. It’s that simple.

Of course, this isn’t the best option for most people. For example, direct buyers may not offer full price. If that’s the case, then you may want to take a look at other houses for sale in New Jersey and see if the price is truly fair. But, do make sure that you include in your break down the amount of time and money you’ll save by selling your house in New Jersey as it is.

Work with an Experienced Agent

Then again, what’s wrong with listing your house in New Jersey? Of course, if you want to sell it fast and without any hassle, you’ll want to make sure that you work with an experienced real estate agent that has an excellent track record.

Be careful of real estate agents that try to convince you by saying they can sell your house for a high price, only to say later on that it was too high. Remember, an overpriced house will take weeks if not months to sell. Even worse, lowering the price may make your New Jersey house look unmarketable and turn off any interested buyer.

As a general rule of thumb, look for an agent that has the necessary data from other houses for sale in New Jersey to back up his listing price instead of an agent who just jacks up the price to convince you to sign with them.

Consider Rent-to-Own

A “rent-to-own” financing structure is a win-win situation for you as a homeowner.

Basically, the basic thought of this agreement is that an interested buyer will pay a “monthly rent” for your New Jersey house at a slightly higher price, with a portion of the said money going towards the down payment for the house. The buyer can then buy the property from you after a set amount of time, which usually is around two to five years.

The best thing about this is that if the buyer doesn’t end up buying your property, then it is still yours and you can still rent it out again.

Try Renting

Short or long-term rentals are an excellent way to make money out of your house if you’re not looking to sell it right now.

The main problem with this is finding well-paying tenants that stay in your house in New Jersey for years. If it’s your first time doing it or you really need to move, you may want to consider hiring a property manager to help you out.

How to Sell Your House Fast – The Benefits of Using a Rent to Own Agreement

Plenty of people are putting up their homes for sale in Bergen county NJ, they often struggle to look for a buyer. Faced with a similar situation, many have turned to “rent to own” payment schemes in an effort to sell their houses. Although not the most traditional way of selling a house, using this structure when putting up your house for sale in Passaic NJ is worth a risk. We discuss the pros of using a “rent to own” structure in our post below.

“How to sell your house fast”

This is a very common search term in Google, regardless of the area. If that’s a problem for you, then you might want to consider selling your property via a “rent to own” structure. This is especially true if you don’t necessarily need the money upfront from a cash sale and perfectly fine with a long-term return for your investment.

Below are a couple of reasons why you should consider this method before putting up your house for sale in Passaic NJ:

You Get the Full Price

When listing a property or selling it for cash to an interested investor, you don’t always get the price that you want. But, with a rent to own scheme, you can, and you’ll probably be able to sell it for the full price.

Just like renting your house out, you can set a considerable amount of money for a sizable deposit, and the rest becomes essentially monthly rent and final payment. You can figure out how much by how long the terms of payment will be. For example, if you set the payment terms to three years, you can set an amount as a security deposit before they can move in. The remaining balance will then be divided into 36 months or 3 years, which will serve as the monthly payment, and a predetermined amount that will be paid in lump sum after the “monthly rent” period.

You can lay out all of this before the signing of the contract, and once you have come to an agreement, the final price of your property will never change, regardless of the market.

You Broaden Your Market

By putting up your house for sale in Passaic NJ via a rent-to-own agreement, a lot more people will be interested in buying it.

It’s no secret that the market is full of interested buyers that would’ve already bought their homes if not for a small financial mistake in the past that prevents them from applying for a mortgage. By putting up your property for sale via rent to own, such individuals can buy their own house, get their finances in order, and finally, loan money from the bank or a credit union to pay you the remaining balance after a few years. It’s also possible that an interested buyer has a good credit score, but just don’t have enough cash to apply for a regular mortgage.

Regardless, a rent-to-own option allows interested buyers to focus either on fixing their credit score or coming up with the money and eventually pay the outstanding balance and buy the property.

Your Property Generates Passive Income

Perhaps the best part of rent-to-own agreements is that you get a deposit, monthly payments, and the final payment for the outstanding balance. This means you have passive cash flow every month, which can help you financially and plan ahead better.

You Won’t Have to Worry About House Damage

Because your tenants plan on buying the house one day, they will take care of it as if it was their own! This lowers the cost for maintenance considerably.

Some tenants might even consider improving the house and making upgrades, further increasing the monetary value of your property. Of course, legally, they’re still required to clear any planned renovations with you first.

It’s a Win-Win Situation

If the tenant follows through and pays the final balance, great! Your property is finally sold, and at full market price at that! If not? That’s okay. Your property will remain yours until the tenant has paid the full balance.

Essentially, this means that you get to keep all of the money paid, including the monthly rent and deposit, if in case the tenant suddenly decides that they don’t want to buy the property anymore. The best part? You’re free to sell or rent the home again! While this doesn’t happen often, it’s nice to know that you can put your house for sale in Passaic NJ via rent to own and not have to worry in case the buyers or tenants change their mind.

How to Avoid Losing Your New Jersey House to the Bank

If you list all of the nightmare scenarios for homeowners, it’ll be finding their house in near foreclosure. It’s a very unfortunate situations that most homeowners can do very little about. But, very little is still better than nothing, and below are things you can do to prevent your New Jersey house from being foreclosed.

Losing a home to foreclosure is an unenviable situation. It’s depressing, to say the least, to find out that you’re going to lose your home for next to nothing while you’re already struggling with finances. However, it’s not a lost cause just yet. Although near foreclosure, you still have a few options that can help you make the most of your situation.

Sell Your House Fast

If you key in “Sell my house fast NJ” on any search engine, you’ll find numerous direct buyers willing to buy your property for cash right there and then and as is.

Letting a reputable cash home buyer like Cash Buyer New Jersey buy your house allows you to sell it for a good price, pay off your mortgage, and not have to worry about your credit score suffering as much.

Talk to the Bank

Banks and other financial institutions are not as heartless as most people claim to be. They don’t even like foreclosure. It’s a painstaking process that affects the value of other nearby properties negatively, potentially costing them both time and money. This is why it should work out in your favor if you try and call them to explain what happened. So long as you haven’t missed payments for a very long time, banks will be willing to help you out with your predicament and come to terms with a more affordable payment plan.

Learn More About Forbearance Programs

If you can’t work out a new payment plan with your lender, you can try checking if you can apply for forbearance program to buy some time.

Forbearance programs reduce your monthly mortgage payment or even stops it completely for a set period of time. This is good, if you only need a temporary solution. The problem is that you’ll still have to pay all of the missed payments at the end of the set period.

If money is really tight, this may not be the best option. The amount of back mortgage payments may shock you and do more harm than good.

Look Into Loan Restructuring

This is similar to the payment plan, but instead, it’s more of a long-term alternative that allows you to have a lower monthly mortgage payment at the expense of a higher interest rate and longer terms. In short, you’ll be paying more in the long run, but for a longer time. This may not exactly sound like the ideal scenario, but it’s better than losing your entire house for nothing.

If you don’t want to lose your house and see your credit card tank, we can help you with that. Here at Cash Buyer New Jersey, we buy houses New Jersey for cash as it is with no questions asked.

Avoid Making These Same Mistakes Most Home Sellers Make

Whether it’s your first time selling a home and putting a property up for Essex real estate listing, the process of selling a house never gets less complicated. It may get a bit easier the second or so time around, but it always carries the same nuances. And, regardless of whether you’re a first-time seller or not, you’re bound to pick up a lesson or two after learning the most common mistakes most home sellers make.

Sellers make mistakes. First-time sellers, even more so. But, it’s not impossible to avoid making them, and the first step is to know exactly what the most common kinds of mistakes are!

1.      Thinking There’s Only One Way to Sell a House

There are many ways to sell a property. Listing is just one of the many. Traditional buyers will be glad to buy it directly off your hands. The same goes for investors, such as professional real estate companies.

So, before you go on and find an agent, consider exploring other selling options first and learn more about what each one can offer you.

2.      Over-Inflating

A lot of people have this mindset that they’ll just price their property too high since buyers will haggle anyway. Others just do it because that’s what they genuinely believe how much their property should sell for. In some cases, a property is priced high because a real estate agent convinced the owner to do it in hopes of getting a higher commission.

Regardless of what happened, not getting a proper assessment of the value of your home and selling it for more than how much it should make it near-impossible to find a buyer.

A quick and easy way to know how much your property will likely sell for is to take a look at the other similar homes for sale in Essex and see what the going price is.

3.      Leaving Things in the Property

Put yourself in your buyer’s shoes. Would you like it if you saw some bottles of vitamins and medicine lying around? Pretty sure you’d feel uncomfortable right there and then.

For buyers to imagine themselves living inside your house, they need to feel like it’s theirs and not like they’re trying to trespass on your personal space.

Give them the opportunity do just that by making sure that you’ve cleared everything from inside your property before putting it up for sale.

4.      Underestimating Costs

Selling a house is costly. You’ll have to worry about agent fees and commissions, listing fees, administrative and marketing expenses, repairs and maintenance costs, as well as closing costs, among many others.

5.       Not Taking the Time to Repair the Property

If you want your property to sell for a fair price and sell fast, do yourself a favor and invest in sprucing it up a bit and fixing everything that needs fixing.

While not cheap, taking care of everything before the buyers get a chance to point it out will help make sure that your property sells for as much as it should if not higher.

6.      Lying or Not Telling Everything

By law, you’ll have to tell the buyer everything, so don’t lie.

Lying will only make things worse, as you’ll soon learn during the inspector, or when the new owners decide to take you to court for lying.

7.      Not Cleaning Up

If you can’t exactly clear everything out, do at least try to clean up to make the property feel neutral yet welcoming.

Seeing stuff lying all over the floor or in the creases of the couch, like chew toys and Legos, can make the experience uncomfortable and could possibly make an interested buyer back out.

8.      Getting Too Attached

It’s okay to get a little bit sentimental but getting too personal is not good.

If a qualified buyer is willing to buy your property over other houses for sale in Essex only to tear it all down and build something new, that’s okay. Remember, this is business, and you shouldn’t miss out on a chance to close a deal just because you couldn’t deal with what the buyer wanted to do to your old house.

9.      Bad Representation

Your agent is the representation of you and your property. They’re the first to communicate with qualified before you and often, houses for sale in Essex are sold without the buyers and sellers ever even meeting each other.

Because of how crucial the real estate agent is to sell your home, you’ll want to make sure that you hire the right one. Look at reviews, do your research, and ask around. Carefully weigh everything first before making the decision, including how comfortable you are working with a particular real estate agent, so you don’t end up with an agent that’s not looking out for your best interests and is only worried about making money off of the commission.

10. Not Calling us First

Minimize the hassle of the already complicated process of selling a house by learning from the mistakes made by other homeowners who’ve also put up homes for sale in Essex.

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