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Ready to Buy a Home?

If you’re a Millenilal, and you’re ready to buy a home, there are 5 things you should consider. You see, some say your generation feels entitled, while others say you’re lazy. However, Millenials are also known to be tech-savvy, educated individuals. And you’re a force to be reckoned with when it comes to today’s world. In fact,, many millennials are considering whether or not  to buy a home. And, like every home buyer, they should consider a few important things before plunging into home ownership.

Steady Income?

Obviously, you couldn’t make monthly mortgage payments without a regular income. And to tell the truth, you probably wouldn’t get a mortgage without one. Therefore, unless you have a good job history, it may not be your time to buy a home. However, while you work on building your resume, you also can build your financial profile. That way, you can be fully prepared to apply for a mortgage when the time becomes right.

Good Credit Score

Another big part of your financial picture is your credit score. In college, you were probably inundated with every available credit offer. By accepting one or two credit card offers and using the cards responsibly, you may have begun to establish your credit history. However, if you accepted every offer and accrued high balances on each card, you could be in some trouble when it comes to buying a home. Get familiar with your credit history if you think you’re ready to buy.

Down Payment

Many buyers feel the need to save 20% of a home’s price. While many down payments are less, buyers still need to bring a considerable down payment to the table when purchasing a home. However, the down payment isn’t the only money you’ll need to bring to the closing table. Closing costs can be a significant part of the required cash. Here’s a related blog post.

Surprise! You’ll Need More Cash

 Is It Time?

Many millennials are just beginning their careers. Ask yourself whether or not you feel ready to settle down and stay in one place  long-term. I’m not suggesting that you have to stay in a home forever. However, it may not be a wise decision to buy a home only to leave after a few years. Home ownership may not be right for you if you are the type of person who likes to pick up and move to a new place on a whim.

What Type of Home?

If you have all of your ducks lined up, it’s time to ask yourself what style of home is right for you. And here you need to think of both the short-and-long-term. A single millennial buyer may find a rise studio apartment in the city is an ideal location. However, if you can see yourself with a spouse or family in a few years, consider renting that perfect bachelor pad. Because soon, you may be thinking more of a single-family home in the suburbs! Look at the big picture before picking the home that’s right for you.

Bottom Line

If you’re a millennial buyer who has considered these five questions, you may be ready to buy a home! You’ll need the services of an experienced Realtor to help you through the process. Call us, Bunny and Art Reiman. We can help you like we’ve helped hundreds of others purchase their perfect home.

Condos For Sale Monmouth County NJ

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New Condo Owner Flooring Hints

As a new condo owner, would you like to hear a few hints about flooring? You’re probably not the first owner of the condo. So everything probably isn’t perfect. Some things commonly found in a resale condo you can easily, as well as inexpensively, take care of.

Hints For New Condo Owners

Does the home have carpets? Unless they’re new, there may be imprints in the carpet from the previous owner’s furniture. If you have the same furniture, in the same place, it’s fine. But that’s probably not the case. Try this. Put a few ice cubes into the imprinted areas. Let them melt, then dry. Next, vacuum the areas. You may need to repeat, but this should erase the imprints.

Install Laminate Flooring

This is an easy task, perfect to improve the looks of the home – if done properly. If it’s not done right, it looks like Harry the Homeowner messed it up again.

First, don’t buy the cheapest grade of laminate. You need to start with good product. Harry the Homeowner would buy the flooring, and start to install as soon as he gets it home. Don’t do this. Lay the laminate flat on the floor for 2 – 3 days. Let it acclimate to the home’s temperature and humidity. Carefully, remove the base molding from the room. Quite often, it has a caulk seal between the molding and the wall. Cut this with a knife first, the use a putty blade to carefully remove the molding. Install the laminate leaving +- 1/4 inch gap. This allows for expansion due to temperature changes and will reduce warping.

Make sure the laminate ends to do match up. Use a full length piece to start. Cut the adjacent starter piece in half, and the next one is full length. Repeat the process throughout. This will ensure the maximum strength and provide a nice, clean look since the joints are uniform throughout.

Last, buy an extra box or two of the laminate. You may have damage occur, and it’s good to have spare pieces you can install.

Put the molding back on, caulk it and you should have a good looking floor. Harry the Homeowner will be envious.

Bottom Line

If you’d like to try these ideas, but you don’t have a condo yet, call us. We can help you move into your first condo, just like we’ve helped hundreds of others home buyers. Just to be straight, I’l not going to help you move your furniture. But I will help you buy it.

Condos For Sale Monmouth County NJ

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Life Tenancy

Life Tenancy may be a solution to an issue that you’re worried about. To learn more about Life Tenancy, watch the video.

Life Tenancy

Bottom Line

If you’re in a similar situation, this could be a solution .

Bunny and Art are Realtors who work in Monmouth and Ocean counties. And, over the years, they’ve helped hundreds of people buy and sell their homes. And they can help you too. When you’re ready to either buy or sell a home, contact Bunny and Art Reiman – Realtors.

Life Tenancy

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High Technology Home Security

Providing your Home  Security using High Technology is becoming more common every day. Let’s face it, these high technology gadgets that will help protect your home are here, so why not use them? And, since they all use the internet, you can monitor the systems wherever you are.

Alarm Systems

The days of putting sensors on windows and doors and connecting them with wires to a control panel are gone. Now home alarms use Bluetooth motion sensors which are activated by motion. And the alarm control panel can send a notice to your cell phone which lets you know what’s happening.

Cameras

And that leads us t the next gadget, video. Wireless cameras can be mounted both inside and out, again using motion sensors. The images from the cameras can be sent to your PC, laptop or phone. They can also be stored. Doorbell cameras allow you to see who comes to your door – and when. Additionally, you can speak with them, and visitors won’t know if you’re speaking from the home or somewhere else.

Locks

Your basic door lock can be upgraded also. Biometric locks are available, which read your fingerprint instead of using a key. Another variation is a Bluetooth lock where you run the app on your phone, when you arrive home tap the lock and the app opens it. With this you also have the option of remotely opening the lock for a visitor.

Gated Communities

If you live in a gated community, high tech security is there also. Some communities now have gates operated by a cell phone app. When you get close to the gate, the app opens it. You can also open the gate for a visitor via the app.

Smoke Alarms

Smoke alarms can also be controlled via the internet. If you’re away and the alarm goes off, you’ll receive a notification. And they can also interconnect between multiple detectors in a home.

Bottom Line

The internet is allowing us to make use of High Technology Home Security. And manufacturers will continue to add more features and new applications.

However, there is one thing that manufacturers cannot provide over the internet. And that’s a good Realtor to help you achieve your real estate goals. That still requires an experienced person. When you’re ready to either buy or sell a home, please contact me. I promise I’m not controlled by an app.

You can search for condos in other Monmouth County towns here.

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New Jersey Smoke Detector Regulations

Recently, New Jersey ( and the rest of the country) enacted new smoke detector regulations. You need to be aware of this if you’re either selling or renting a home. The low cost battery operated smoke detectors are no longer permitted. The new regulations state that all homes built before 1978 must use a new style of smoke detector. These units have a sealed battery which has a 10 year life. In the older style, a low battery triggers an alarm to let you know that the battery needs replacement. However, many people just remove the battery when it gets low. Additionally, sometimes people need the battery for another device,. And sometimes they don’t replace it rendering the smoke detector inoperative. As a matter of fact, the most common cause of non-functioning smoke alarms is a dead battery.
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Rental Housing Shortage

Here’s an interesting slant about the shortage of available rental housing. We’ve all heard that there’s a scant supply of available homes to purchase. Additionally, there is also a severe shortage of available rental housing.

People are looking for homes to rent.  And they’re not having much success in finding a rental. As a result, people who are looking to rent are being forced to rent, in many cases, housing that is not adequate for what they need. It may be too small, it may not be in the best location, or the proper school district. And what they can find may not be in great shape or it may actually be too large and too expensive.

But if those are the only units that are available, one has no choice.

How Many Units Will We Need?

A recent estimate I was reading is that every year, we will be needing a minimum of 325,000 new apartments. And  it’s projected that this need will continue for a number of years. Now let’s put this last statement into perspective. Between 2012 and 2016, only 244,000 Apartments were constructed. This partially explains why young adults are still living with their parents, because there is no place else.

What’s Available?

Now let’s look a little closer to home. As of today, 6/1/19, there are 168 rentals listed as available in Monmouth County, according to the Multiple Listing System. Only 19 are in Freehold Township. The average Freehold condo is available for only 23 days.

Now let’s look at single family homes for rent. In Freehold Township there are 3 single family homes available. Do you want to rent an adult community home in Freehold? Sorry, there aren’t any available. In fact, in all of Monmouth County there are only 13 adult community rentals available.

Bottom Line

There severe shortage of available rental housing is alarming. Some people either must or prefer to rent. And some of these people may be able to purchase, but they don’t want to.

How will we make up the shortfall? Frankly I don’t know.

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