The True Costs of Owning the Wrong New Jersey Home

The true costs of owning the wrong New Jersey home may not only be expensive but emotionally burdensome as well. In this article, I will go over the true costs of owning the wrong home in New Jersey.

The total cost of owing a home picture

Overpaid

Let’s face it, it is easy to get caught up in the emotional process of buying a home that oftentimes we tend to make emotionally driven purchasing decisions. One of the worst financial positions that families can put themselves in is overpaying for a property that they absolutely love, but they really can’t afford. While it is a great thing to find a property that you really really like, it can quickly become a bad situation if life circumstances change and you find yourself in a position where you need to sell. This is especially true in today’s market where prices have skyrocketed because of limited supply and strong demand. Owning the wrong New Jersey home because you overpaid due to market conditions can cause you to go into financial debt if the market drops when you need to sell. If you find yourself in this situation, it may be time to accept your mistake and save yourself from possible bankruptcy or even foreclosure by selling.

Repairs

When buying a home, it is truly a buyer beware type of purchase. Yes, you will hire a home inspector who can point out obvious signs of damage and needed repairs, but that won’t give you the full picture of the quality of the house behind the walls. If it turns out you’ve bought a lemon, owning the wrong New Jersey home could also leave you drowning in repair bills and dealing with the headaches of scheduling repair work. Living in the home during major repairs can be difficult or even impossible, costing you even more in finding temporary housing. While your home may have been in great condition when you purchased it, things can and do go wrong. Like the famous line Forest Gump once said, “you never know what you’re going to get.” If you find your home has started needing repairs more often and they are becoming more and more expensive, it may be a good time to sell.

Maintenance Help

Routine maintenance is so important while trying to preserve your home’s finishes and systems. In order to properly care for a home both inside and out, routine maintenance cannot be delayed or issues will begin to arise. Some can even be serious and can cost thousands of dollars in damage. Owning the wrong New Jersey home may mean that the property has simply become too much for you to care for on your own, physically. For this reason, if you are unable to carry out the tasks required, you’ll have to foot the bill to pay for someone to help you do the work. If you cannot afford to hire help, it may be time to sell your home.

Life Changes

As your needs change over time, owning the wrong New Jersey home may mean that you find yourself with either too little house or too much house. These days it seems like families cannot wait to upsize because the pandemic is keeping entire families under one roof for extended periods of time. When a home no longer serves the needs of those living within, this is a red flag that it is time to sell.

Don’t hesitate! At Halo Homebuyers we are here to help. With a direct sale to Halo Homebuyers, you will have a quick closing date that is guaranteed! If you find yourself burdened with owning the wrong New Jersey home, it’s time to take action. With a direct sale to Halo Homebuyers, concerns over the costs of any repairs can be completely eliminated. Don’t waste your valuable time and money! Halo Homebuyers makes it easy to move on with your life! Send us a message or call (908) 547-0404 today.

Jon

Jonathan Faccone is a full-time real estate investor and developer. He is the Managing Member of Halo Homebuyers, a real estate home buying company based in Bridgewater, New Jersey and buying real estate throughout New Jersey and Eastern Pennsylvania.  The Halo team collectively has over 30+ years of experience in real estate development, investment, design, and brokerage. 

Get More Real Estate Market Info... Subscribe Below!

Interested in what Halo is doing? See before and after pictures of our project houses, find resources on market news, buying, selling, and much more! Like us, follow us, connect!