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Introducing: Tudor Homes
Maybe you already have an idea what at Tudor home looks like. Or maybe you’ve seen the term in a listing and wondered, what does that mean?
Well, to start with, what’s called a Tudor in most real estate listings isn’t actually a Tudor. Tudor homes were built primarily in England and Wales in the 1500s, long before any Europeans were building houses in North America. So what we call Tudor in America today are homes built mostly built in the 1920s in older suburbs of the Northeast and Midwest. These homes feature architectural elements common in Elizabethan and Jacobean homes of Merry Olde England. They are more a reflection of domestic regional architecture than of a specific time period. They also incorporate many of the materials and forms of the Arts and Crafts movement which was also popular at that time. Another term used for these homes is Tudorbethean, a portmanteau of Tudor, Elizabethan and Jacobean. This term is nonetheless descriptive for what is, in effect a bit of a mishmash of styles.
Among the things that characterize Tudor Revival architecture are:
- the use of steeply pitched roofs,
- ornamental (as opposed to structural) half-timbering,
- asymmetrical layout, herringbone brickwork and
- prominent, high chimneys.
Tudor interiors featured exposed beams, arched doorways, large brick or stone mantels, dark stained wood trim and wainscoting, and textured plaster walls and ceiling. The style is not dissimilar to today’s Dark Academia interior style.
Tudor revival made a comeback in the 1970s and 80s with the use of half-timber styling on standard bi-level and colonial houses, with decorative beamed ceilings, dark wood trim (with contrasting stark white walls) and stained glass, often paired with dark shag carpeting. The style was further popularized in hotels and certain restaurant chains of the time such as The Ground Round.
In New Jersey, Tudor Revival homes can be found in many of the train suburbs like Maplewood, South Orange, Summit, Montclair, Paterson and Metuchen. Later Tudor-styled homes can be found sprinkled throughout North Jersey in communities developed in the 1970s and 80s, particularly in Morris, Essex and Somerset counties.
If you’re looking for a cozy little Tudorbethean, a Tudor-styled bi-level, or any other type of home along the midtown-direct train line give me a call or text at 973-462-4079 and I’ll be happy to help. And remember: When thou findest Tim, thou wilt findeth home!
Selling your home this fall? Start prepping early!
You’ve been enjoying your final Summer in the house, but now it’s time to get ready to put it on the market. What is different about listing in the Fall?
There are several things to consider when selling your house in the Fall. The market typically isn’t as crazy as it is in Spring, but Fall is still a good time to be on the market. More buyers are active than in the Summer, when most folks are enjoying the beach. But those with children in school are less likely to be looking. Still, today less than half of households have school-age children so there are plenty of potential buyers out there. But selling in the Fall does have it’s own challenges.
Get Photos Now
Don’t wait until you list your home to get outdoor images. Fall can mean leaves on your yard and not on the trees. Get photos in the Summer, or even Spring, when flowers are in bloom and trees are fully leafed out to let buyers know what the yard looks like in warmer seasons.
Keep the Yard Immaculate
Don’t allow leaves to pile up. Have leaves raked or use the leafblower daily to keep the yard neat and clean. Add colorful fall blooms like Mums, Pansies and ornamental cabbage. These will keep your yard warm and appealing as temperatures cool.
Let the Light In
With the sun lower in the sky, rooms can seem darker in the Fall. Remove of open curtains and shades to allow as much light in as possible. More showings are likely to occur after sunset in the fall, so make sure all your exterior light fixtures and bulbs are working. Also try different light bulbs to see what makes your interiors look best. Kitchens and bathrooms may look better in Cool White or Daylight bulbs. Depending on paint colors, bedrooms could benefit more from Warm Light.
Perform Basic Maintenance
Have the furnace serviced. Seal windows and other openings with caulk. Buyers will want to feel warm in the home. Replacing HVAC filters will help eliminate odors and allergens as the the windows will likely be closed in cooler weather.
Go Easy on Seasonal Decorations
While a few Halloween or Thanksgiving items is ok, adding too much decoration can make the home appear cluttered. Also don’t overdue the scented candles, or cookie baking. Buyers may suspect you’re compensating for an unpleasant smell.
If you are thinking of selling this Fall, give me a call or text at 973-462-4070. I’ll be happy to list your home and help you move on to your next home!
Buying a Condo
Financing – Does the condo qualify for FHA financing
Not every condo can be purchased using an FHA mortgage. The FHA must approve a condo complex in order for the units to qualify for FHA financing. The FHA looks at things like the ratio of owner-occupied to rented units and the financial stability of the HOA when approving a condo complex. If the complex does not qualify, you will have to consider conventional financing or a cash purchase, or look for an FHA qualified complex to purchase in.
HOA Reserves
One of the things the FHA looks at are how much reserves the HOA has. This is the money the Home Owners Association sets aside for future capital expenses like new roofs, paving the parking lot, etc. You will want to know this as well. If reserves are insufficient for future maintenance work, you may be faced with a large, unexpected contribution when such work becomes necessary.
HOA Fees
One thing you’ll want to know is what the HOA fees cover. Most of the time the HOA fees cover things like exterior maintenance (by contributing to the reserves) and maintenance of the parking lots and grounds. If the community has amenities the HOA fees will also cover maintenance of these. But sometimes HOA fees will cover certain utilities like water or heat, and in rare instances even things like taxes. Before you turn down a unit because the fees or too high, find out what they cover, it might not be that bad when you consider what is included.
Amenities
Condominium communities often offer a number of amenities, that is one advantage of condo living. Swimming pools and tennis courts are common. More recently communities have included club rooms, rooftop gardens and similar areas that can be reserved or rented for entertaining. Some communities also host gatherings, or sponsor clubs and other social opportunities for residents.
Parking
Some condos have their own driveway and garage. Others offer a specific number of reserved parking spaces for each unit. However, some merely have a parking lot with spaces on a first-come first-served basis. Guest parking spots are often limited, making entertaining difficult. Communities may also restrict the types of vehicles that can be parked. They might restrict motorcycles or trailers. Be sure you know what you will be able to park before you purchase.
Storage
Storage can be quite limited in many condo units. Find out if there are storage areas elsewhere in the building, such as in the basement. If storage is insufficient you may need to plan to purchase space in a self-serve storage facility.
Trending 2022 Design Styles
What are the most current interior design trends in 2022? Is greige still a thing? Is Mid-century Modern hot? Has my personal favorite, Art Deco, made a revival? (Sadly, no…) Here is a quick intro to the hottest design trends of 2022
Grandmillennial
What is grandmillennial? Think of your grandmother’s house, and you probably have a good idea. The term Grandmillennial was coined in 2019 and encompasses a return to classic design styles of a century or more ago. Think floral wallpaper. Maybe not the dainty floral patterns of yesteryear, more like if Georgia O’Keefe made wallpaper (well, maybe not quite that bold, but close…) Also classic patterns, with needlepoint, embroidery and lace. Pleated lampshades and upholstery, also materials like rattan and wicker, and dark woods like cherry and walnut typify the style. Grandmillennial invites one to nestle in and get comfortable.
Japandi
At the opposite end of the spectrum is Japandi, a portmanteau of the words Japanese and Scandinavian. Japandi features the spare, zen aesthetic of Japanese style with the simple, functional practicality of Scandinavian style. Japandi interiors are minimalist without seeming antiseptic, with light colors, natural materials and greenery. The Japandi vibe is calming and peaceful, as if your yoga instructor had a waiting room.
Dark Academia Style
Dark academia style might be characterized as your 80s goth kids grew up and found some money, or perhaps you’ve moved into Hogwart’s with Harry Potter. Like Harry Potter, dark academia is inspired by 19th century Gothic revival style architecture, with carved dark wood, old books, leather chairs. Got a favorite old bookshelf, an old globe (maybe even one that opens to reveal a mini-bar), a candelabra and maybe an old upright piano? You’re all set for dark academia style, just settle back in your flannel PJs with a gin and tonic in your wingback chair and enjoy reading a Gothic romance.
Cottagecore
Martha Stewart fans, take heart! Cottagecore is here! If you have been hankering to take up making dried flower arrangements, or maybe display your copper jello mold collection on the kitchen soffits again, this is the interior design style for you. Knotty pine furniture, eggshell paint, hand-dyed fabrics and similar arts and crafts styles are the heart of Cottagecore. Sustainability and self-sufficiency are key to the cottagecore ethic.
Maximalism
Maximalism is Attention Deficit Disorder as a design style. Look at this nifty throw pil… ooooh what groovy wall pap… oh look, stained glass!!! Maximalism is all about experience, making a space a reflection of the owner in all their eccentricity and unique flair. If you’ve got it, flaunt it! That is the maximalist’s motto.
Whatever your design aesthetic, if you’re looking for a home to display it in, give me a call or text at 973-462-4079. I’m happy to help you find a canvas to live your design life in!
Introducing: Mid-century Modern Homes
Ever wondered what is meant by a mid-century modern home?
In this two and a half minute video I provide a brief introduction to mid-century modern architecture and interior design.
If this is the style of home for you, give me a call or text at 973-462-4079 and I’ll be happy to find you a totally rad mid-century pad!
When you find Tim, you’ll find home!
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#njrealestate
#interiordesign
#homes
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#buywithme
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#findtimfindhome
Backyards for Barbecues
For some people, homes are about how many bedrooms and bathrooms. For others its about granite countertops and stainless steel appliances in the kitchen. But for some people its more about the outside of the house than the inside.
If you are the type who loves having friends and neighbors over, commanding the grill, entertaining in the great outdoors, the backyard may be the most important item on your must-have list. And not just any backyard, but one with a deck, a patio, maybe even a pool. Here are a few considerations are you look for a new home, or look to transform your current backyard into your dream home:
The Outdoor Kitchen
For some, a standard metal gas grill just doesn’t cut it. Whether its a flagstone island with inbuilt grill, or a cabana with a built in bar (with refrigerator), or a wood-fired brick oven, there is almost no kitchen appliance that can’t be built outdoors. There are modular systems that you can assemble, or you can spend money on custom-built kitchens that cost as much or more than your indoor kitchen. But then, if you spend the bulk of your summer outside or all your weekends entertaining your friends and family, that might well be worth the investment. Adding a great dining area on a paver patio, with a firepit or a pergola will make your home feel as big as all outdoors!
The Green Thumb Garden
If gardening is your thing, perhaps a garden path lined with raised beds will create the perfect oasis. Raised bed can help make gardening less hard on your knees and back. A vertical garden can be a great way to make maximum use of a smaller yard, or bring your garden to your deck. You could even combine a vertical garden with your outdoor kitchen!
The Three Season Room
If you love a cookout, but not the bugs, or wish to enjoy a fresh breeze even when its too rainy to eat outdoors, a three-season room may be the answer. A screened-in porch allows you to enjoy the best of the great outdoors but escape the rain, bugs and even the heat of the midday sun. You can even find systems that allow for swapping out screens for Plexiglas windows to extend your outdoor fun into the spring and fall.
Serenity Pools
For some, a swimming pool is a must. For others, a pool may be too much work, or with small children, too much hazard. But a water feature like a koi pond or a small waterfall and pond may create a cool, serene environment with less risk or maintenance.
Bonus: Add this simple recipe to your next backyard barbecue
Here’s a simple recipe you can add to your next summer barbecue:
Zesty Bean Salad
Ingredients
1 15.5oz can Small Red Beans washed and well drained
1 15.5oz can White Beans (Cannellini) washed and well drained
1 15oz can Black Beans washed and well drained
1 7oz can White Shoepeg Corn drained
1 10oz can Diced Tomatoes and Green Chilis well drained
(Optional) 1 4oz can Diced Green Chilis (if you like your salad a little zestier)
1 Bottle Vinaigrette Dressing
Drain and wash all beans. Drain well. Combine with drained corn. Drain diced tomatoes and green chilis well, add to bean mixture and stir thoroughly. Cover with vinaigrette and let chill for 8 hours or overnight.
The Low Down on Down Payment
One of the most common challenges for first time home buyers is saving up for the down payment. This is in part due to misconceptions about the amount and source of down payment monies, and partly due to the challenges to saving while paying off student loans and getting started in careers, relationships and life in general. In this post I will dispel some myths regarding down payments, and provide useful tips to help first time home buyers identify solutions to the down payment challenge and enter the housing market.
Q1 How much do I need for a down payment?
The common misconception is that a buyer needs at least 20% of the purchase price for a down payment. For a $500,000 house that would amount to a $100,000 down payment.
While it is true that the more you put down, the less you will pay in interest, there are a number of mortgage programs that require far less than 20%. Even some conventional mortgages can be obtained for as little as 3% down, or about $30,000 for that $500,000 home.
Putting less than 20% down can result in both higher interest rates and fees, particularly Private Mortgage Insurance (PMI). However, many borrowers will refinance once they have built up 20% equity in their home, in order to lower their interest and eliminate PMI. PMI can also be waived once you reach 20% equity.
Q2 What types of mortgage allow less than 20% down?
As mentioned above, some banks will offer a conventional mortgage for less than 20% down. Factors that affect the down payment include an excellent credit score, the ratio of the mortgage payment to your income (called debt-to-income ratio), the amount of the loan and the type of property being purchased (single vs multi-family). In general, conventional mortgages have lower fees and are more positively received by sellers. Other types of mortgages may require certain conditions like peeling paint be remedied prior to closing. So what are these other types of mortgages?
FHA Mortgages – these mortgages require as little as 3% down payment (with a solid credit score), and can also offer mortgages with lower credit scores but higher down payment. PMI, however, is paid for the life of the loan in an FHA mortgage. FHA mortgages are popular with first time home buyers, but less so for sellers who may have to make repairs in order to close. FHA mortgages also require the home to appraise for the contract price, which can be an issue in a market where homes are selling above asking price.
VA Mortgages – these mortgages are available to Veterans and active duty servicemembers and surviving spouses and require no down payment, or PMI. Like FHA mortgages, they do require the home to appraise for contract price. There is also a funding fee of up to 3% (waived for certain veterans and survivors). Like FHA mortgages, the VA appraisal process may require repairs, and so can be unpopular with sellers.
USDA Mortgage – the US Department of Agriculture also offers mortgages in rural areas of the country. You might not think of New Jersey as rural, but areas of North Jersey generally west of I287 and north of US202 qualify for USDA mortgages. These mortgages, like VA mortgages, require no down payment and offer below market interest rates. There are income limits and mortgage insurance (called a Guarantee Fee) must be paid, however it can be paid up front. Currently the Guarantee Fee is 1% of the mortgage. If you qualify, and are buying in a qualifying area, a USDA mortgage could be very attractive.
Q3 What other programs are available for first time home buyers?
Each state (except Hawaii) has a program to assist first time home buyers with down payments. In New Jersey the NJHMFA Down Payment Assistance Program provides an interest free loan of $10,000 that is converted after 5 years to a grant, provided the buyer is still in the home. For the purposes of this program, a first time home buyer is defined as anyone who has not owned a home in three years, regardless of whether they owned a home prior to that. The program is available through participating lenders, and has income requirements. The main drawback is that it can lengthen the closing period, making it unattractive to sellers looking for a quick close.
Q4 What sources of money can I use for a down payment?
One question often asked is “can my family help me pay the down payment?” The quick answer is yes. But as with most things, there are limits and complications. In general there are three sources for down payment monies:
Personal Savings/Investments – this is the traditional source of down payment monies, your savings account, CDs, and sale of stocks, bonds or other investments. You will need to keep records of your accounts and sales to demonstrate to the lender the source of this money.
Gifts – whether from your (or your significant other’s) parents, friends, godparents or neighbors, you can use gift money for a down payment, however your giver will also have to provide documentation to the lender of the source of the money and demonstrate they have the financial stability to make the gift.
Your Retirement Savings – You can also withdraw or borrow money from an IRA, 401K or other retirement account for a down payment, however depending on the source taxes and/or penalties may apply.
For first time home buyers, down payment can be a challenge, but there are resources to help you achieve your dream of a home of your own. If you think you are ready, call or text me at 973-462-4079 and I’ll be happy to help you determine if you have the resources to purchase a home!
May Flowers – A quick guide to curb appeal
Now that Spring has (finally) sprung, you may be thinking about putting your home on the market. And even if that’s not your plan (for this year, at least), you may still be thinking “what do the neighbor’s think” as you survey your suddenly unruly yard. Here’s a quick guide to improving your home’s curb appeal to get the most money, or the greatest enjoyment out of it.
Home Shaming
Yes, that’s right, home shaming is a thing. Have you ever thought “there’s no way I’m inviting X over, they will think my house is a disaster”? That’s home shaming. Perhaps your busy schedule, or lack of a green thumb leaves you feeling your “that neighbor”, the one with the house all the other neighbors talk about. And not in a good way! If you are thinking of selling your home, it’s likely prospective buyers will think the same.
If you are thinking of selling, but the thought of tackling your yard gives you agita, consider bringing in a professional landscaper. Research shows that a well landscaped home can sell for as much as 12.7% more than a home without landscaping. For a $500,000 home, that could be as much as $63,000! A professional landscaper could add some real value to your home for considerably less.
The DIY Approach
There are some simple things you can do to help your curb appeal, even if your thumb is more black than green. Starting with a
While you are at it, is there a lot of clutter, garbage cans, hoses, old lawn furniture around? Clean that all up! You can use strategically planted bushes or a fence made of prefab lattice to hide garbage cans, air conditioning units and other items. If you have no place inside for yard items, consider putting hoses, gardening tools, etc. in attractive baskets or pots, or a bench container. Add mulch and colorful flowers to give some pop to your yard.
Beyond the Yard
Of course if you are cleaning up the yard, the house should look appealing too. A front door has always been one of the most cost effective updates you can give your home. Painting the entire home can be expensive, but focusing on those areas most in need, such as the trim, can still have a power effect on curb appeal. Consider the sidewalk and driveway as well. Don’t forget the garage. In our area we tend to have detached garages, which are typically offered as-is. But a dilapidated garage with peeling paint doesn’t just affect your possible selling price, but could result in a sale falling through. FHA mortgages require peeling paint to be addressed.
May is the season for flowers, and also the peak season for house hunting. If you might be selling your home this year, or even in a few years, now is the time to start considering curb appeal.
Not Every Contract Closes
You won the bidding war. You’ve persisted through attorney review. You’re buying a house! Time to celebrate, right? Well, no, not really. Not every contract closes.
Yes, in a highly competitive market getting this far is an accomplishment. But we are seeing more and more properties come back on the market after going under contract. Why? Sometimes it is issues with financing. But there are still a number of factors to negotiate, and those can upend a deal as well. It is important to understand what can happen after contract, and to have a competent and engaged REALTOR® who will continue to advise and negotiate for you until you close.
Two particular areas where significant negotiations can occur under contract are inspections and appraisal. Inspections will turn up a number of issues with the home. That is their purpose. The first thing to keep in mind is that the inspector’s job is to let you know anything that might, at any time become a problem. First, you should consider for the transaction only items that currently exist, and pose a significant threat to health and safety. A competent inspector will explain how you can mitigate or prevent possible future problems. Those should not be your focus in the transaction.
Inspections
The key to successful negotiations over inspection items is the focus on a small number (less than 6) of the most critical items. Asking for too much, especially in a competitive market, could prompt the seller to choose to put the home back on the market. In all likelihood, they will find another buyer willing to overlook all but the most serious problems. Consider whether you would prefer a credit, which would allow you to choose the contractor and ensure the quality of repairs, or have the seller deal with the issue prior to close.
What if there truly are a large number of items wrong with the home? In that case, it may be best to cut your losses. However, if the location and home really are something you love, you could consider converting to a construction loan (such as a 203K mortgage) that would allow you to fold the cost of repairs into your mortgage. Everything depends on how much you want to proceed, and how much the sellers need to sell the home.
Appraisal
Appraisal is another potential stumbling block. If a home fails to appraise for the contract price, the lender may require you to put more money down (if you are not already putting down more than their desired loan-to-value ratio), or you may feel you are overpaying for the property. Note that the seller may not be willing to negotiate the price. In some cases, you can negotiate a happy medium. The seller or you may also decide to challenge the appraisal. While this is difficult, it can be done. You may also try to negotiate with the lender, or seek an new lender.
These are the two most common causes of a contract to fail to close, although there are others. The most important thing to keep in mind is your principal motivation, and what your minimum requirements are. Understand also that the seller will also have their motivation and minimum requirements. In most cases, sometimes with a little creative thinking, a satisfactory conclusion can be reached, with the help of a competent agent to represent you through the entire transaction.
Two business men shaking hands during a meeting to sign agreement and become a business partner, enterprises, companies, confident, success dealing, contract between their firms.
Spring Cleaning for your Credit
If you are thinking of buying a new home, or refinancing your current mortgage, it may be time for a little spring cleaning. Not the kind that involve a mop and some Spic and Span, but a thorough review of your credit to ensure you are get the best interest rate possible.
Your credit score in a number generated by several agencies that track a person’s borrowing and payments. The most common score is the FICO score, which ranges from a low of 300 to a high of 850. The higher your score, the better. Credit scores above 670 are considered good to excellent. Those with good or excellent credit scores may easily obtain loans, with the most attractive interest rates. Those with poor credit scores will pay much higher interest rates, or even be denied loans.
What goes into a credit score? The amount you owe is only one factor considered. In fact, having no debt actually results in a lower credit score! Your payment history has the greatest impact on your credit score. Second is the ratio of your current debt to the amount of credit available. For example, if you have a credit limit of $10,000 on a credit card, and your current balance is $5,000 you are using 50% of your available credit on that account. The length of time you’ve had a credit history and the variety of loans (credit and store cards, car loans and other installment loans, mortgages) you have also impact your credit score.
So how can you clean up your credit?
Obtain your free credit reports
The first step is to find out what your credit score is and what is driving that score. Three credit bureaus are required to provide you with a free credit report once a year. Experian (https://usa.experian.com/), Transunion (www.transunion.com/get-credit-report) and Equifax (www.equifax.com/personal/credit-report-services/free-credit-reports/) each have links on their website that allow you to download your credit report once a year. This is an excellent place to start. Your credit report will show each account with a current balance and indicate if you are paying on time. Review these reports for errors, accounts you did not open, or have closed to ensure they are accurate. Each credit bureau has a dispute process to challenge information in the report.
Pay bills on time
This might seem obvious, but it bears repeating. Making payments on time will help keep your credit score high. A late payment remains on your credit report for 7 years, and payment history is the largest factor in your score, so paying on time is key to keeping your credit score high.
Resolve delinquent accounts
If you have a past-due account, settling up with that account will begin to improve your credit score, although this does take time. If you are unable to completely pay off the delinquent account, you may be able to negotiate a pay-off plan with the creditor, or at least begin to make catch-up payments to eliminate the past-due balance over time. Every little bit helps.
