Get the edge in Jersey City Real Estate

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Selling a condo?   6 Upgrades you need to make

The following investments can help you attract more buyers, higher offers, and sell your home faster!

1. Floors - Buy hardwood or high quality laminate flooring. If that is not in your budget you can remove old carperting or even get carpet professionally cleaned

2. Paint - Keep it simple when it comes to painting your condo. Paint rooms with light colors, especially if your condo is tiny. This could make the condo seem larger and adds value when it comes time to selling

3. Bathroom - If it is not in your budget to put new tiles/paint in the bathroom at least clean up any mold, fix loose grout or caulking, and make sure the toilet is clean and secure to the floor. 

4. Kitchen - We all know a great kitchen adds value. No need to get carried away, especially if you are on a  budget. 

Check out some helpful tricks to upgrade your kitchen on a budget.

5. Major Equipment - A small investment in getting your furnace, compressor, and boiler serviced can save a lot of time and headache during inspection from buyer. These are also the biggest expenses a buyer might face so it is good be proactive and ensure these items are in working order. 

6. Stage it - 15 secrets of home staging 

Kash Vaidya - Jersey City Realtor

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10 things to check before buying a condo

There are several aspects of buying a condo that are quite different from buying a single family home. With the help of your attorney, real estate agent, and seller check the following 10 things before deciding to buy a condo

1. LITIGATIONS

A pending litigation could mean uncertainty about the physical and financial health of the condo. As a buyer you could risk paying increased HOA fees in and higher mortgage rates as you are limited to “portfolio” lenders to get a loan. The good is that the condos in that complex are undervalued and could see a drastic increase once the litigation concludes.

2. SPECIAL ASSESSMENTS

Special assessments are extra fees added to your current HOA fees. A condo usually assesses these fees if it needs to do any major upgrades, repairs and/or improvements & it needs to raise the money from the homeowners. Large assessments for extended periods could be a warning sign that the condo is in poor shape and also that it does not have enough funds to cover the costs.

3. FINANCIAL HEALTH

Make sure the condo is financially sound. Get copy of the financial statements and make sure that they have enough cash on reserve. And like any good business, they should be making more money (through HOA fees, etc) than they should be spending (through repairs, loans, etc).

4. PROPERTY TAXES  

Always check with the local tax department for accurate tax information and about whether there are any tax abatements in place. Determine how your taxes will change based on the new purchase price. It is also a good time to check with your local tax assessor office for accurate square footage information. Many listings have approximate numbers and could be drastically different from the actual numbers determined by the tax assessor

5. RATIO OF RENTERS:OWNERS  

This could be another reason you might be denied a loan. So check with the association and find out about the renter to owner ratio. Higher owner occupancy to renter ratios are preferred for lenders. 

6. FLOOD INSURANCE

Find out from city planning whether the condo is in special hazard flood zone. If condo is in special hazard flood zone, the condo will carry Master Flood Insurance. But also check to see if your HOA fees include flood insurance coverage or are you required to carry a separate flood insurance plan.

7. RESTRICTIONS

Get copy of the bylaws to find out about the "house rules." Knowing the bylaws can help you in the future and answer common questions as, Will i be allowed to rent out my condo? Can I change the floors to hardwood? What upgrades can I make? etc.

8. FUTURE DEVELOPMENTS

Find out if any new developments are planned around the condo, type of construction, and timeline. For example, there might be a new 30 story rental building consructed that will eclipse your only NYC view from the condo.

9. HOA FEES

Find out if HOA fees cover water, sewer, heat, electricity, gas, parking, amenities. 

10. AMENITIES

 Find out what amenities are included - Pool, doorman, fitness center, etc

by Kash Vaidya -  Jersey City Realtor

[jcnjcondos-blog]

5 Tips to help you choose a realtor

1. DEDICATED TEAM

Real estate transactions are complex so why rely on a “Jack of all trades” to do the job? Your realtor should work with a team of experts specializing in different stages of the real estate transaction to ensure you have a stress-free process

2. MARKET KNOWLEDGE

Your realtor must have a track record, be proactive, and know the local market inside out. This means they can help you decide where, what & when to buy or sell a house.

3. CUSTOMER SATISFACTION

Choose a realtor with a better compensation structure that rewards them based on your satisfaction. This way the focus is on serving your better and less about collecting a commission & “closing the deal.”

4. LEVERAGE TECHNOLOGY

Unlike traditional brick & mortar brokerages with outdated business models your realtor should leverage technology from the ground up. This means less overhead and more savings that can be passed on to you

5. SAVINGS

Choose a realtor that offers rebate programs for buyers and lower listing fees for sellers to help you save big on your largest investment.

by Kash Vaidya - Real Estate Agent - Jersey City