Thinking of having an multigenerational home? You need to consider the pros and cons.

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

From The New York Times: Before You Move in With Family: A Checklist

Multigenerational housing can make sense in many ways: Older parents can be near their adult children in the event of health issues or emergencies, and when there are young grandchildren, having another set of adults around can make child-rearing easier. But there are a number of things that should be sorted out before deciding to share a home.  

Jessica, left, and Keith Peterson share
a two-family home with Jessica's mother, Beth Lyons,
in Monroe, Conn.Credit
Jane Beiles for The New York Times

Deal-breakers: Have everyone list their must-have items and create a list that you can stick to during house hunting. Jessica Peterson was glad that she and her parents got everything they wanted in their multifamily home in Connecticut. “The last thing I wanted was to push my parents into a place where they were going to be constantly complaining about how they didn’t want to live here,” she said.
Finances: Consider who will pay for what, and how everything will get paid. If aging parents still work, how will they deal with expenses after retirement? In addition to the home purchase, don’t forget to factor in other costs, including property taxes, renovations, monthly expenses like utilities, cable and internet service, and exterior tasks like gardening and landscaping.

 Maintenance: Who will manage the maintenance of the house — not just landscaping, but things like snow removal and gutter cleaning? 

Caregiving: What role will grandparents play in the lives of their grandchildren? Will they be regular babysitters?  And if an aging parent requires care, how much responsibility will fall on the adult child living in the house? Are there other adult children who need to be consulted?

Exit strategy: If a family member moves out (or on), what can will be done with the unused space? Who will receive what portion of the sale?  

Other family members: What will happen to the other spouse’s aging parents if they need care? If adult children have siblings who do not share ownership of the house, how will their inheritance be settled?

Sound scary?  Isn't family living always scary?  But, hey, there's always the built-in babysitter!

Read the column at NYTIMES.COM

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

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What makes up a credit score?

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

The Inside Workings of Credit Scores

Consumers are encouraged to check their credit reports once per year. The primary reason for doing so is to make sure there aren't any mistakes. Unfortunately, credit reports are prone to contain mistakes. It's not really the fault of the three main credit repositories, Equifax, Experian and TransUnion because all three are just a database. Whatever is reported to them is what you see. Further, someone with a similar name can show up on someone else's report. If you're not the only Bob Smith in town, this is certainly possible.
 Someone else's poor credit might very well be showing up on your report which can directly damage your credit scores. When you find an error work with your loan officer to get it fixed. Your loan officer has working relationships with credit agencies and can help get mistakes fixed and provide a method to get your scores back to where they should be.

Continue to the full article where more of the mystery behind credit scores will be revealed.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

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Will a swimming pool add to your home's bottom line?

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

Will Building A Pool Pay Off In Your ROI?

That's the question asked in Realty Times.

It's sweltering. Who can blame you if you're looking for ways to cool down?! But if that means you're thinking about building a pool, you'll want to consider the financial ramifications first.

And we're not just talking about the cost of building one, properly maintaining it, and adding it to your insurance, all of which is pricey. "The average cost in the U.S. to install, equip, and fill a 600-sq.-ft. concrete pool starts at $30,000," said Houselogic. "Add in details like safety fences (most states require them), waterfalls, lighting, landscaping, and perhaps a spa, and you're easily looking at totals approaching $100,000."

SFGate

 If value and return on investment are on your mind (and they definitely should be), crunching some numbers before you start digging out your yard is prudent - even if you think you're going to live in your home forever. Talking to your real estate agent, even if you have no plans of selling your home anytime soon (or ever), is also a good idea. While opinions differ - some REALTORS® will tell you that pools pay off, while others will tell you not to expect good ROI—having some knowledge of what to expect, especially in your market, will help you to make a more informed decision.

Our take is that you have to do what's best for you and your home.  

Go here to read the full article.

What do you think?

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

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In the market to purchase a home? Answer this - can you afford it?

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

A New York Times column asks - Can I Afford to Buy a Home? And then proceeds to a series of  questions that will help you answer the question.  Here we go:

Buying a home is the biggest financial decision most people will make, with many factors going into that decision. In some markets, renting might be a better option, depending on your personal circumstances.

Your Income

Taking on a mortgage is a long-term commitment. You should be confident that your income level will be stable for the foreseeable future, or at least three to five years, the minimum amount of time before it would likely make financial sense to sell or refinance. 

Your Savings

You will most likely be tapping your savings to make a down payment. Keep in mind that mortgage lenders won’t want you to deplete your savings entirely – they will want you to have cash reserves to cover unexpected expenses. Reserve requirements vary, depending on the lender and type of loan, but figure at least two months’ worth of payments.

There's more to read at the Times.  Hope you find it helpful.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

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Solar power, even apartment owners can benefit

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

We have previously looked at Solar Panels from a title insurance perspective and how they can impact the sale of your home.  I came across the below article in the New York Times on how solar panels can benefit those who live in apartment buildings.

Now Even Apartment Dwellers Can Use Solar Power 

More New York homeowners have tapped into solar power in recent years, as regulations have eased and prices have dropped. But apartment dwellers, for the most part, have been kept in the dark.

Starting this summer, though, renters and homeowners who live in buildings that don’t, or can’t, have solar panels on the roof can join something known as a community solar group. Simply put, these groups allow someone in a Manhattan apartment to lower their electricity bill by connecting to solar panels that happen to sit on the rooftop of, say, a Bronx warehouse.

“I think community solar gives equal access to solar power for those of us in the city,” said Taka Juba, an owner of a Manhattan condominium apartment, who joined the city’s first community solar group run by IPPsolar, a Manhattan-based solar firm. “Anything to offset your bill is great, but there’s a social and environmental impact too.”

To me, the implications are fascinating.  First, from a financial point of view, will the apartment owners benefit financially, and, second, from the title agent's point of view, how to create an agreement that doesn't tie up the title to the real estate.

You can read the full Times article here.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

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