Westfield Real Estate
Real Estate Question?
I am thinking about buying a new construction home in westfield,nj. I am trying to figure out what i should offer on this home . Its a buyers market. I know that the builder spent about 350,000 for the lot a couple of years ago. The home itself I would say is a semi luxury home – 2700 sq feet. 4 br/2.5 bath . Unfinished basement , walk up attic. If i add 350k for the lot and 400k for the cost of all building materials. Thats 750k – how much profit should I add and how do I know what labor cost it took to build the home or is labor included in the per sq footage cost to build a home ? I calced the cost of building at 140 per sq footage
They are asking 1.15 million. i know its way overpriced – considering they onl;y paid 350k for the lot and its not an overly luxurious home. Homes in the area avg about 700k . most of the homes are older victorians that are very popular. this is a new home that does fir in with teh neighborhood.
What would be the price that you would say “I WOULD HAVE PAID THAT” then offer it – you don’t know the labor or the overhead (ins gas employees taxes etc.) see what they are asking and answer the question above – also have your realtor do a cma. Good luck!
I love Trader Joes in Westfield!
Free Special Report: Westfield Real Estate
The real estate market deals with properties for sale, be it residential, commercial, an empty lot, or one with structures and buildings. The players in this market are the buyers, the sellers, and the agents. Then there are the lawyers, the appraisers, the home inspectors, and the various other people involved in a transaction of buying or selling a house or a lot. The Westfield NJ real estate market is no different.
What makes it unique, however, is the strong appeal this area has. Westfield town is part of Union County in New Jersey. It is 25 miles or 45 minutes away from New York. It has a railway system, parks and golf courses, and schools. If you are a buyer or an investor, then the Westfield NJ real estate market should be in your list of places to check out.
If you see anything that you like, you can then look for mortgage loans to finance your purchase. This is actually a common practice, as buying a house needs substantial funds that not all people have. Taking out a mortgage loan means that you will be paying for your house in smaller increments, rather than one large sum.
A real estate agent, preferably local to the area of Westfield, will be able to facilitate the details of the loan. Other concerns deal with a decision between two types of mortgages: the FRM or Fixed Rate Mortgage, or the ARM or Adjustable Rate Mortgage. These pertain to differences in interest rate and therefore on payment as well.
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