Should You Buy a Lot for Sale Near You, Or A Foreclosed House? Experts in Real Estate Share!

real estate agent in Andover NJ

If you love a good bargain with a high chance to earn some profit, you may be wondering whether to buy a lot for sale near you, or a foreclosed house in New Jersey. Which will be the best bet for your money? It depends on a lot of different factors. Keep reading for expert opinions from real estate agents in Andover!

Buying a Foreclosed Home

A foreclosed home can come with deep cost savings, but higher costs needed to make it sellable. The condition can vary greatly! For example, some foreclosed homes may need only cosmetic repairs, such as replacing carpet, painting walls, and tidying up a yard full of blight. Others may require major work, especially if there has been negligence. Water damage, mold, and collapsing structures can cause your fix ‘n flip budget to skyrocket! In some cases, you may plan to demolish the old structure entirely and start from new, which can require a lot of time for permitting and construction.

Investing in a Lot for Sale

Is a vacant lot a better choice? Again, it varies greatly. Make sure to talk with your real estate agent in Andover top find out how developed the land you are interested is going to be, because again, this can lead to high costs! Building a home from the ground up is a pricey project anyway, but if you have to go beyond this construction and accommodate installation of sewer systems, gas lines, or other municipal hookups, you could be preparing for a huge project. On the other hand, you may be interested in purchasing the lot to sell to developers for a housing complex or commercial project. Make sure your plot of land meets your needs.

How do you decide which task is best for you? Start by thinking of your end goal, what you want to do with the property. Then, call the best real estate agent in NJ for advice and property availability. They want to help you meet your home purchase goals, so make sure to share the details!

Real Estate Agents In New Jersey Answer Your Questions: What Goes into the Cost of Building a House?

Real Estate Agents In NJ What Goes into the Cost of Building a House

If you’re a DIY type, you may have considered the possibility of building your own house. After all, investing in land for sale near you can show strong returns, and if you build your own home in Andover, you get to make it just like you want it. However, many people end up asking their real estate agent in New Jersey the same question: what goes into the cost of building a house? Here are some important factors to consider.

1. Average Cost To Build Your Own Home
Research of other homes shows that it costs, on average, between $100 and $200 per square foot to build your own home. That means that a 2,400 square foot house will cost you anywhere from $240,000 to $480,000. Yikes! That can be more than you’d pay to buy a house in Andover, and way more than you’d pay to buy a foreclosed house in NJ!

2. Where Your Money Goes
How can it be so expensive to build your own house? The biggest costs are in terms of labor. The land and site development costs should be only a small fraction of your total costs, maybe 5-10%. Setting the foundation, framing your building, and completing exterior work accounts for another 30-40%. Your major appliances and utilities (think electricity, sewage, HVAC and more) eat up 10-15% of the costs, and the final stage hits hard, with 25-30% of your costs typically being the interior finishing, such as drywall, floors, and cabinets.

3. The Hidden Costs and Value
If you see a cheap plot of land, those dollar signs might shine in your eyes! Unfortunately, while land for sale is often cheap, the costs of developing that land are much higher. If cost savings are where you’re at, consider buying a “fixer upper” or call your real estate agent in Bergen County to find out how to buy a foreclosed house. However, if your dream is to build something unique, to know that you are the only person who has ever lived in your house, or you just love that DIY thrill, building your own house can be a great project!

Get started on your next real estate project today with help from Sheldon Neal and his team! They have helped so many people buy and sell homes, source commercial real estate, and make strong real estate investments in NJ, and you can too!

Best Realtors in NJ Share Tips for Buying a Foreclosed House

Buy foreclosed house in Andover NJ

Buying a foreclosed home in NJ can be a great way to save money and get a good deal, but how do you buy a foreclosed house in the first place? When you work with the best realtors in NJ, the process can be very easy! Read on to find out expert tips from That British Agent, and you’ll be on your way to a new home in no time!

Step 1: Find a Foreclosed Home
Back in the day, this was the hardest step! Now, foreclosed homes are easier to buy then ever. You can find them yourself in newspapers, online ads, MLS listings, or save yourself some time and work with a top realtor near Oradell, NJ. We have these listings right at our fingertips, and can often connect you with brand-new listings that have barely been on the market!

Step 2: Assess The Costs
Once you’ve found some foreclosed homes, you need to figure out how much they will cost. Some are not completely through foreclosure yet, which means you may negotiate with the owner for a short sale. Others may be completely closed, sitting vacant, and owned by the bank. Your job at this point is to determine the cost of the property and the cost of likely repairs. Remember, many foreclosures are fixer-uppers by the time you buy a foreclosed house in Andover!

Step 3: Find the Hidden Costs
With foreclosed homes, you must look very, very carefully for outstanding debts or liens on the property. A variety of city and county resources can help you find these costs, or save yourself some time and call in the help of a skilled NJ realtor who is familiar with the procedures in your area.

Step 4: Settle on a Payment
Once you’re certain you know you want that foreclosed property, it’s time to figure out payment terms. Fortunately, there are special real estate loans for foreclosed properties in NJ! Whether you are buying a foreclosed house or commercial real estate, you can get a great loan deal when you work with a skilled realtor.
Ready for your venture into foreclosed homes? Start looking today, and don’t forget to give Sheldon’s team a call! For all your real estate and home-buying needs in NJ, That British Agent has you covered!