4 Reasons You Should Consider Buying Instead Of Renewing Your Lease This Year

4 Reasons You Should Consider Buying Instead of Renewing Your Lease This Year‍

Are you considering renewing your lease this year? While it may seem like the easier choice, buying a home could be more beneficial in the long run. There are plenty of reasons why it might be a good idea to purchase a home instead of renewing your lease. In this article, we will discuss four of the top reasons why you should consider buying instead of renewing your lease this year. From the potential for financial gain to the freedom of owning your own home, buying instead of renewing offers a number of advantages. By the end of this article, you will have a better understanding of why it might be the right choice for you. So, let’s get started and explore the advantages of buying instead of renewing your lease this year.

Reasons to Consider Buying Instead of Renewing Your Lease

There are plenty of reasons why it might be a good idea to buy a home instead of renewing your lease. To start, if you are in a situation where you would be unable to renew your lease, then buying a home might be a good idea. There are many reasons why someone might not be able to renew their lease. For example, if you are a government employee, you might be required to move every few years. If you are in a situation like this, buying a home might be a better choice. Buying may also be a good idea if you are renting a home that is not well-maintained. If you have concerns about the condition of your home, buying a home might be a better choice. Another good reason to buy a home instead of renewing a lease is if you are in a location with a high turnover rate. If a lot of people are moving in and out of your neighborhood every year, it might be a good idea to buy a home instead of renewing your lease. This will allow you to stay in the same neighborhood for a long time instead of having to move every few years.

a. Potential for Financial Gain

One of the biggest advantages of buying a home instead of renewing a lease is the potential for financial gain. If you can buy a home at a lower price than the cost of renewing your lease, you will be able to benefit financially. This financial gain can help you with the down payment on a home. Therefore, if you are looking to buy a home, you will have more money to put towards the purchase price of a home. Buying a home can also help you to gain equity over time. If you are able to buy a home at a lower price than the cost of renewing your lease, you will be able to benefit financially over time. This could allow you to build up enough equity to use towards a down payment on a home of your own.

b. Freedom of Owning Your Own Home

Another advantage of buying a home instead of renewing a lease is the freedom it can provide. For example, if you are renting a home, you do not have control over some of the things included in the lease. For example, the owner could decide to make renovations that would affect your living situation and schedule. When you buy a home, you are able to control these renovations. This can help you to avoid unexpected inconveniences and interruptions in your day-to-day life. When you own your home, you also have a lot more freedom to make changes to the home. For example, you can change the colour of the walls, add new pieces of furniture, or provide your home with other improvements.

c. More Control of Your Living Situation

Another advantage to buying a home instead of renewing a lease is that it can help you to gain more control over your living situation. For example, if you are renting a home, you do not have any control over who your neighbors are. If you are renting a home, you might be subject to living next to people that you do not get along with. When you own a home, you can control who your neighbors are. This can help you to avoid living next to people that you do not get along with. Another example where buying a home instead of renewing a lease can help you to gain more control over your living situation is with noise complaints. If you are renting, you do not have control over noise complaints. If your neighbors are making noise late at night, in the early morning, or any other time, you cannot have them kicked out. When you own a home, you have more control over noise complaints. This can help you to avoid being bothered by your neighbors.

d. Build Equity Over Time

Another advantage of buying a home instead of renewing a lease is that you will be able to build equity over time. For example, if you are able to buy a home at a lower price than the cost of renewing your lease, you will be able to benefit financially over time. This financial gain will allow you to save up for a down payment on a home of your own. Buying a home instead of renewing your lease can also help you to avoid renting for a long period of time. When you own a home, you are able to avoid renting for several years. This could allow you to save up for a down payment on a home more quickly. Another example where buying a home instead of renewing a lease can help you to build equity over time is through repairs. If you rent a home, the owner will be responsible for making repairs. If something in the home breaks down, you will not be able to control the repairs.

Conclusion

There are plenty of reasons why it might be a good idea to buy a home instead of renewing your lease. For example, buying a home can help you to gain financial gain, build equity over time, gain control over your living situation, and provide more freedom. Buying a home instead of renewing your lease is a big decision, but it could be a great choice for many people. By the end of this article, you will have a better understanding of why it might be the right choice for you.

Secrets to Selling in Today’s Market

You may have heard once or twice (or a zillion times by now) that it’s a seller’s market currently. And while this is still true, it doesn’t necessarily mean the same thing it did a generation ago (or even a few years ago). This market is markedly different, in large part due to the pandemic and the low inventory of homes for sale and high demand of buyers. And while it does mean that homes are selling at record speed, it doesn’t mean you should hastily throw your house on the market and choose the first good offer that comes along. Here are a few secrets we’ve complied.

1. Have a place to go

One pro tip is to have a place lined up to go once your house sells. It most likely will sell quickly and you won’t have the luxury to find another house in the meantime. Because, after your home sells, you will now be in the position of buyer and need to fight on the other side of things. So, if you don’t have another home lined up, consider renting until you can plan your next move. It could take a little while to purchase your next home with the slew of buyers out there. But don’t give up. Just make sure you’re not stressing about where to stay while you find your next spot.

2. Consider your marketing

While your home might sell right away without you hardly lifting a finger, it might not sell for top dollar if you don’t invest in the right marketing. It’s not always enough these days to throw a few photos up (even if they’re professionally taken). A lot of buyers want interactive floorplans, video walkthroughs of the home and even aerial photos. Turnkey home has come to take on a whole new meaning. They want the works. So yes, listing photos are great, but to get asking price (or even above) go the extra step with some of these marketing bells and whistles.

3. Take your time choosing an offer

It might be tempting to accept the first good offer you receive, especially if the offer is above asking price. However, be wary of these offers. It might be fine and go through. But you also run the risk of having the appraisal come back under that amount of the offer. Then you would be forced to lower the price of the deal. Or, the buyer could offer above asking but then rescind their offer or demand lower after the home inspection. You might be better off choosing an offer that is at or slightly above asking but perhaps they waive the inspection or they have a bit of a flexible closing date. These types of contingencies will go a long way in your peace of mind and the ease of the transaction. And if that sky-high offer is rescinded because of the home inspection or because of an appraisal gap, then you’re back to square 1 anyways.

4. Prepare to be busy…very busy

Another aspect of the selling game that differs from past markets is how quickly the showings will come at you. It used to be perhaps that a seller would have a showing scheduled once every couple of days with maybe more on the weekend. But with the onslaught of eager buyers vying to get in there quickly to scoop up your house, you’re most likely going to have back to back showings for several days. You might want to get out of dodge for a bit or at least stay with friends, family or at a hotel for a few days to make your life (and your agent’s) easier.

Consider these secrets for successfully selling your home in the current market. And contact me today to learn more about the market and how I can help sell your New Jersey home for top dollar.

Is Moving This Year a Good Call? Questions to Ask Yourself!

Are you thinking of making a move this year? If you’re wondering about it, but not sure where to start or if it’s the right time, you are not alone. We all experience times when we’re not sure which option will be the best for us and our loved ones. But here’s a simple checklist to get started. These are questions to ask yourself to help you narrow down why you want to move and if you’re ready.

Question 1: What are you hoping to gain?

Start with this question: what is it I am hoping to gain with this move? Another way to word it is: what is missing from my current home situation? This will help you navigate what exactly your goal is with a move. Sometimes we have an urge for a change of scenery. There’s nothing wrong with that being the reason. However, moves can be huge stressors as well, so make sure that what you are going to gain is worth the work and stress of moving. Are you hoping to gain more space to spread out? Perhaps your job situation has shifted, and you want a designated home office. Or maybe you and your partner are wanting to grow your family. Or are you hoping to gain more outdoor space and quiet? Maybe then you are considering moving out of a city or suburb to a country location. Maybe you are hoping to gain greater sense of community by moving closer to friends or family. Knowing your “why” will help you stay on track.

Question 2: What are your priorities?

Once you know this why of moving and what large scale aspect(s) you are hoping to gain, begin to work on narrowing down your priorities. This can include a “non-negotiables” list as well as a secondary “wish” list. If you are moving to gain more space, “home office” or “yard” might go in your non-negotiables. But aspects like fireplace, chef’s kitchen, or jacuzzi tub in the master bath might fall on your wish list. And even with the larger aspects, you want to know before you start looking what your top priorities are. Because you might have to compromise even on these larger aspects. For example, you might have to choose between being super close to family or having a large yard if the area is more populated. Knowing the top aspects will help you navigate those decisions and compromises.

Question 3: What is your overall budget?

Thinking about budget may not be the most fun task but it is certainly one of the most vital. And staying within budget will directly affect your long-term financial goals and your stress levels moving forward. Take the time to sit and plan out your budget for a mortgage but also for the extra expenses associated with moving, such as closing costs, moving fees, and initial maintenance tasks. It’s also good practice to factor in long term financial goals when planning a move. This will prevent you from biting off more than you can feasibly chew. For example, maybe a long-term goal is retiring at a certain age or travelling more in the coming years. Factor in those extra retirement savings or that travel account so you don’t overspend on a mortgage, limiting those other goals.

Start with these questions to evaluate if now is a good time for a move. And when you’re ready to find your next home, I am here to help you find the perfect one!

Stage Your Home to Sell

Staging your home smartly will help you sell faster and for a better price. Here are a few ideas of how to stage for optimum return on your investment.

The kitchen is the main event

A good place to start is in the kitchen. Buyers want to see a sparkling and clutter-free kitchen. If you don’t have funds for major renovations, not to worry. You can start with a few small but effective upgrades. Clean until the kitchen gleams. Pack away all dishes you don’t use regularly. Tidy the pantry and cabinets by throwing out old food items, using things up and cutting back on the overall amount in these areas. Buyers want to see the available storage and it’s hard to appreciate what’s there if it’s a mess and completely stock full. Next, install new hardware if needed like a faucet, or new cabinet handles and knobs. Paint cabinets as well for an instant update and refresh.

Curb appeal is the real deal

Spend some time on the exterior of the home as well. First impressions are no joke. See what small projects you can take on to improve the overall aesthetic. Trim back shrubs and trees, add a fresh layer of mulch in flower beds, and weed thoroughly. Paint the front door for an instant face lift. Place planters on the porch or the steps leading up to the home. Install new house numbers and a new mailbox if the old one is falling apart. Wash windows inside and out and consider power washing if the home is really looking worse for the wear.

Clutter is never helpful

We already touched on this for the kitchen, but decluttering your home is key. Buyers want to see the bones and structure of the home. They also want to see the potential that could be if they buy the home and move in. So, it’s a balancing act of making your furnishings look pleasant but not overbearing or cluttered. Pare down on furniture in general. Pack away all kids’ toys, personal paperwork, and office clutter. Take down personal photos and anything controversial. Think sparse and minimalist in the décor. Show off the windows and natural light by removing heavy curtains or opening blinds before showings. Stow away obvious evidence of pets before showings as well. Hide the litter box or the chew toys. Essentially you want the home to look livable and inviting without looking too lived in.

Start with these 3 staging tips to get your home ready to sell. And make sure to talk to your trusted real estate advisor for more tricks on staging and selling your home.

4 Hard Truths to Keep in Mind When Selling a Home in New Jersey

While selling a home is an event that most of us experience at some point in our lives, no-one actually pays attention to how difficult it actually is. Here are 4 important facts to keep in mind when selling a home, especially because it’s going to be frustrating to get through these home-selling moments.

Keep tabs on the market

Know what’s going on in your local real estate market and what’s driving it? If you’re unsure, make sure your Realtor is aware. If your Realtor doesn’t know, look for someone who does. Real estate will always be local, and knowing what the local trends are for your neighbourhood is crucial to selling your house.

Remember cleanliness matters

A home that is clean and uncluttered sells faster – A filthy home reduces your earnings by hundreds of dollars, because it taints the buyers first impression, immediately lowering the perceived value of your home. It’s true, if you don’t put in a little effort, you could lose a lot of money. One of the most significant benefits of selling your home is the time you will save cleaning and decluttering it.

Price your home right

Your home should be priced to sell. You will attract the most competent and eager buyers from the first day you offer your home for sale. A new house listing shines brightest in the first few weeks. Buyers who have been waiting for a new home to come on the market, as well as those who have just begun shopping, will notice your property priced properly and will break down your front door to take a closer look. When a listing sits on the market for weeks or months without selling, it becomes stale and is sometimes maligned for why it hasn’t sold. They’ll either presume there’s a problem with the house or that it’s overpriced. Buyers will seek a reduction if they believe anything is wrong with the property, and if it’s been on the market for a long time due to being overpriced, they’ll assume you’re getting desperate since your home hasn’t sold and that you’d be willing to take a discount. Minimize the discounts, value it correctly, and you’ll have a better chance of attracting numerous buyers.

Repair all loose ends

Repairs that you’ve been intending to make will be a lot less expensive if you do them prior to selling your house. When a Buyer notices that a repair is required, they will inflate the actual cost of repair to account for their emotions. This is because when they observe a basic repair that could have been done, they will wonder what else is in need of repair and if you have properly maintained the home. They’ll be curious about what’s lurking beneath the surface, concealed and unseen by the human eye. They are apprehensive about the unknown and will demand a higher discount just in case something else comes up after they purchase your home.

Keep these 4 hard truths in mind when selling this season! And as always, let me know how I can help your real estate dreams become a reality.

Factors Sellers Should Consider When Comparing Offers

When selling your home, you may think the only thing that matters in an offer is the amount. Are they offering full asking? Over? Under? While this is certainly one of the most important aspects to look at, there are other factors to consider that can be very important as well. Let’s look at a few of these factors.

1. How are they paying?

While you do want an offer that’s full asking (or even above that), you also want to know how the buyer plans to pay. If they are going through a lender, you’ll want to see their pre-approval letter. This should be included in the offer. This means the lender is ready to back them for said amount. Even if an offer is at or slightly below asking, if it’s an offer with pre-approval and up against an offer without, it’s worth considering.

If the buyer is offering cash, that can be a great deal. It can mean less hassle and time waiting for the mortgage to be fully approved. But also be aware that in return for cash, the buyer has leverage to negotiate and they could ask for things such as a decrease in overall price or some other perk.

2. What’s the earnest amount offered?

The earnest amount is like a deposit the buyer will put down that your brokerage will hold until the sale goes through. It’s then applied to the down payment. It’s a good faith deposit, showing that the buyer is serious about purchasing your home. The nice part is, if something happens and the sale doesn’t close, you often will get to keep this deposit. The higher this earnest amount, the better. It shows the buyers are more committed to going through with the sale.

3. How many contingencies are added?

Contingencies are extra terms or benchmarks added in along the sale process that the seller must satisfy in order for the sale to go through successfully. The home inspection and appraisal are the two most common contingencies added in to offers and contracts. The home inspection means that if large issues are found with your home, the buyers could require that you repair those items or they are allowed to walk away from the sale. And the appraisal establishes that the home is worth the sale price. If it’s found not to be, you will have to renegotiate the sale price.

These contingencies aren’t necessarily working against you. However, the fewer the contingencies, the better. The sale will go through quicker without these and there will be fewer chances for a buyer to back out.

4. What’s the closing timeline?

Chances are if you’re selling, you might also need to find a new home for you and your family. This might lead to time deadlines or pressure to sell by or on a specific date. So consider what the buyers can offer for a closing timeline and closing date. If a buyer is flexible and can work with your timeline, this could really benefit you even if their offer is slightly less compared to another.

Keep all these aspects of selling in mind when you start receiving offers. Weigh the pros and cons of an offer, not only limited to the initial payment offered.