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When purchasing a new home, it can be challenging to determine what kind of home would be best for you. Homes generally fall into two overarching categories: new construction or an existing home. Choosing between a new build or an existing home can be a matter of preference, cost, or simply what is available in the market you are looking to buy. Here are some things to consider when deciding if you should purchase a new construction or an existing home in New Jersey. 1. Cost In previous years, building a new home was much more expensive than purchasing an existing home. However, the recent market has narrowed the gap in expense between the two options. In most areas of NJ, the cost of a newly built home is slightly higher or roughly the same as an existing home. If you are personally building a new home to your specifications, then the loan, interest rate, and closing costs will be higher on a new home than on an existing home. But if you are simply purchasing a new build, the rates and fees should be relatively the same as buying an existing home. 2. Time It typically takes longer to move in when purchasing a new construction home than an existing home. Move-in when it comes to new construction will be dependent on the builder's timeline. If they hit snags with permitting, inspection, material delays, or any other issues, it will automatically delay your move-in day. While there certainly can be delays with an existing home, you can likely move in much faster. If you need to move in ASAP, an existing home is likely your better option. 3. Location, Location, Location! Existing homes tend to be in established neighborhoods closer to town centers. Because there is typically less space in these areas for new development, new-build homes are usually located on the outskirts of a town or city. You may prefer either of these options depending on your preferences regarding privacy, community, and proximity to public spaces. You should consider the distances to the local schools, grocery stores, and other services, as well as the commute time to your job. 4. Landscaping With existing homes, you get mature landscaping. Most homeowners put some time and effort into enhancing their home's curb appeal while selling, although some homes will need a bit of work. With a new construction home, you will almost certainly be doing all the work to create an appealing landscape. Recently built homes or homes being constructed will be surrounded by dirt, cleared land, and not much else. You will need to grow grass, plant trees, and do other yard work to get your entire property manicured. This means cashing in some sweat equity or paying a professional landscaper—which can drastically increase the costs of purchasing a new home. Existing homes also tend to have bigger yards than new-construction homes. If a big, established yard is important to you, a new build may pose some disadvantages. 5. Customization and Modernization An existing home may have some advantages, but a new construction home will shine most when considering the amenities. Homeowners had different needs and priorities 50 or 100 years ago than they do now. Modern-designed homes are more likely to appeal to buyers today. You can expect a modern floor plan, larger windows, and more storage space. Some new homes will even have smart features designed to make your life easier. New homes often offer a blank slate that you can customize any way you see fit, allowing you to create a space that is uniquely your own. 6. Repairs and Upgrades You may love an old home for its charm, history, or vintage architecture—but that charm may wear off in the face of other signs of age. Popcorn ceilings and wall-to-wall carpets can detract from other desirable features. Existing homes may need upgraded appliances and other amenities to bring the home into the 21st century. You also have to consider potential repairs to an existing home. Lived-in homes are bound to have some necessary repairs before or quickly after move-in. While some homebuyers love a fixer-upper, it's not for everyone. With a new construction home, you are less likely to need to spend money on costly repairs or upgrades. 7. Resale Value New construction homes are likely to have a higher resale value than existing homes because they are newer. They will come with all the amenities modern homebuyers look for when purchasing a home. That said, a well-maintained or lovingly updated older home can also hold its value over time and attract a different kind of homebuyer. Veitengruber Law is a full-service real estate attorney in New Jersey. We work with industry professionals, homebuyers, and sellers. Reach out to us today so we can help you achieve your real estate goals!

Dealing with creditors can be stressful and overwhelming. Read on to learn the benefits of having legal representation negotiate on your behalf.

Buying or selling a home in New Jersey involves a complex legal process with tons of paperwork, contracts, and research. For the average homebuyer—or even a real estate pro—the intricate ins and outs of NJ real estate law can be overwhelming. While you are not legally required to obtain an attorney for a real estate transaction in NJ, doing so is the best way to ensure you are not leaving yourself vulnerable to legal trouble. Real estate attorneys work for you to ensure you are getting the most out of your investment. Veitengruber Law is a real estate lawyer in Monmouth County, NJ. We have years of experience and knowledge in real estate law and a robust network of local real estate professionals. Do I need a real estate lawyer? Technically speaking, no. New Jersey law does not require individuals to retain a real estate attorney while buying or selling a home. While New Jersey does have the three-day attorney review period automatically built into the processing of the real estate contract, you are not obligated to utilize this period for the attorney review. Many folks buy or sell property in New Jersey without the help of an attorney. But there are a multitude of reasons why enlisting the service of an experienced real estate attorney is in your best interest and will result in a smoother experience. Real estate transactions are some of the most significant financial transactions the average person will likely make in their lifetime. This is a huge investment that impacts your life in major ways financially, legally, and personally. With so much at stake, working with an attorney can give you the best shot at protecting your investment. What are the risks of buying or selling without an attorney? So much can go wrong during a real estate transaction. Hidden defects with the home, title defects, financial troubles, intentional misrepresentations, and many other scenarios can threaten your investment. A knowledgeable attorney can work through these challenges while utilizing the law to protect your interests. When you go through a real estate transaction without the help of an attorney, you expose yourself to potential legal troubles and even fraud. Practiced real estate attorneys familiar with the local area can also help you steer clear of fraud, fake property listings, and shady deals. This can prevent significant personal and financial losses and help you avoid major legal headaches. What can a real estate attorney do? At Veitengruber Law, our clients utilize our real estate services for a multitude of things, including: Drafting, Reviewing, and Negotiating Contracts Typically, real estate agents provide a boilerplate contract for most real estate transactions. This contract is not specific to you, your needs, or the property. This standardized contract can leave buyers or sellers unprotected. It may not include particular clauses or additions unique to your situation and can better protect each party. Utilizing the three-day attorney review period allowed under NJ law to review the contract thoroughly is critical. Just because it is standardized does not mean you have to accept everything in the contract. An attorney can review the contract, make important changes, and help you negotiate an agreement that is more favorable. An attorney can help you add specific conditions to the contract that protect key aspects of the sale that are important to you. Keep in mind that real estate contracts are legally binding. You do not want to sign a contract that has not been reviewed by an attorney first. Some things a real estate attorney can negotiate to be added to a customized contract include: Inspection: Specifications concerning the inspection period and how defects will be handled Financing: Adding a financing contingency so buyers can back out if they do not have funds Appraisal: Including a provision allowing buyers to back out or re-negotiate in the event the home appraises for less than the list price Title: Making the contract contingent upon a clear title and protecting the buyer from any title issues Extras: Whatever items you want to be included or excluded from the sale can be listed explicitly in the contract Your real estate contract should be customized to protect you. A real estate lawyer can help you do that! Reduce the Risk of Lawsuits By working with a real estate attorney, buyers and sellers can limit their risk of a lawsuit. Sellers, especially, are legally required to disclose issues with the property. Failure to properly do so can result in a lawsuit down the road. A real estate attorney can identify areas in the contract where you may leave yourself vulnerable to these kinds of lawsuits. They will ensure you follow all disclosure rules and regulations to help you avoid making honest mistakes and limit liability. Negotiate Following Inspection It happens—the home you thought looked defect-free upon viewing is actually plagued by several expensive issues. This is why getting an inspection is such an important part of the home-buying process. Buyers who uncover issues during inspection will have a lot of big choices to make about how to proceed. An attorney can review the inspection report and help the buyer negotiate how to handle these defects with the seller and their agent. An experienced attorney can negotiate for concessions based on the defects uncovered. This can include lowering the price or negotiating with the seller to make repairs. Because sellers are not obligated to make repairs, a real estate attorney can give you the edge you need to save yourself a major headache and often a significant sum of money. Closing When you work with a real estate attorney, they can guide you through the often lengthy closing process. An attorney can make the experience stress-free and ensure all required documentation is in order and ready to go. If your closing needs to be delayed for any reason, a real estate attorney can help. If, upon your final walkthrough, you notice some significant issues, an attorney can defend your rights as a homebuyer and postpone closing until the issue is resolved. What instances may require a real estate attorney? Many real estate transactions happen without a real estate attorney—and many result in major legal issues. Working with a real estate attorney is always in your best interest, but more so in some more complex situations. Those dealing with divorce, bankruptcy, foreclosure, estate planning, marriage, loss of a spouse, or any other major life change may have more of a pressing need for the knowledgeable advice of a real estate attorney. Veitengruber Law is an experienced attorney with intricate knowledge of real estate law, foreclosure defense, and bankruptcy law. However, we also work in collaboration with some of the best real estate and legal professionals in the area. This collaborative relationship allows us to share our knowledge with other local pros and utilize their knowledge to protect our client's interests. No matter what circumstances you find yourself in, we can help you reach the finish line on your real estate goals, protect your investment, and get the most out of any real estate transaction. If you are looking for a real estate lawyer in Monmouth County, NJ, look no further—Veitengruber Law has you covered!

Can you file for divorce while in the middle of a Chapter 13 Bankruptcy?

In the labyrinth of financial despair, Chapter 13 bankruptcy shines as a beacon of hope. Read on to learn about this bankruptcy option.