Helpful Hints for Homeowners and Home Buyers in NJ (mortgage, transplants)

[wileynj]

I can't help but notice how many of us in here have great advice to share with those buying a home or even those who own a home so I thought I would start a "helpful hints" thread. I'll start: If you own a home with a septic system, have the tank pumped out at least every 3 years. Alot of NYC transplant have no clue as to what to do with a septic system. My neighbor waited 10 yrs. until I told him to have it pumped out... the poor poop pump guy was there for 3 hrs! A new system in NJ can run you a good 25K! Pumping the tank out will only cost you around $ 200.00. Also, if you live in an area with a high water table, wait until the dry season to have it pumped... I've seen tanks actually pop out of the ground if they are pumped during a high water table season.

[Calico696]

Originally Posted by wileynj

I can't help but notice how many of us in here have great advice to share with those buying a home or even those who own a home so I thought I would start a "helpful hints" thread. I'll start: If you own a home with a septic system, have the tank pumped out at least every 3 years. Alot of NYC transplant have no clue as to what to do with a septic system. My neighbor waited 10 yrs. until I told him to have it pumped out... the poor poop pump guy was there for 3 hrs! A new system in NJ can run you a good 25K! Pumping the tank out will only cost you around $ 200.00. Also, if you live in an area with a high water table, wait until the dry season to have it pumped... I've seen tanks actually pop out of the ground if they are pumped during a high water table season.

Good advice. I know someone whose parents bought a house 20 or so years ago and never had the septic pumped. Needless to say it didn't turn out well (I actually didn't think you could go that long without problems) it cost about $35k to correct everything including the landscaping that was ruined.

[wileynj]

Originally Posted by Calico696

Good advice. I know someone whose parents bought a house 20 or so years ago and never had the septic pumped. Needless to say it didn't turn out well (I actually didn't think you could go that long without problems) it cost about $35k to correct everything including the landscaping that was ruined.

You can actually push 5 years but it all depends on the number of people in your home. There's only 2 of us but I still do it every 3 years! I use to design as well as install septic system. One development I worked on in Byram, it was mostly NYC transplants... you couldn't imagine what they thought was exceptable to flush down the toilet! Diapers!

[Lusitan]

Here's a tip for sellers: if you have an oil tank underground on your property, have it removed before you put your house up for sale. It's a liability that's not covered by homeowner's insurance, and any potential buyer would think twice about taking that kind of liability on himself.

[wileynj]

Originally Posted by Lusitan

Here's a tip for sellers: if you have an oil tank underground on your property, have it removed before you put your house up for sale. It's a liability that's not covered by homeowner's insurance, and any potential buyer would think twice about taking that kind of liability on himself.

LOL..hey lusitan... I see you got quite an education on oil tanks : ) Good advice!!!

[Lusitan]

Yes, largely thanks to you Wiley :-)

Of course, I also went off and read up on the subject myself, and the more I read the more certain I was that I would never buy a home with an old oil tank buried underground. Who in their right mind would take on a potential six-figure liability that is NOT covered by homeowner insurance?

[wileynj]

Originally Posted by Lusitan

Yes, largely thanks to you Wiley :-)

Of course, I also went off and read up on the subject myself, and the more I read the more certain I was that I would never buy a home with an old oil tank buried underground. Who in their right mind would take on a potential six-figure liability that is NOT covered by homeowner insurance?

Good point but believe it or not... some homeowner's ins. co. still cover the cleanup costs! It's a little secret in NJ. Apparently our government and it's people own ground water. If a tank leaks an impacts ground water, it's consider a thrid party claim! But I never shared that with you : )))

[wileynj]

Another good tip! I wrapped my hotwater heater with insulation and my fuel (propane) costs went down by nearly 20%! Also, if you have forced air heat, change you filter at least every 3 months. A dirty filter will cause your system to work harder and cost you money! The filters are cheap!

[Lusitan]

Originally Posted by wileynj

Good point but believe it or not... some homeowner's ins. co. still cover the cleanup costs! It's a little secret in NJ. Apparently our government and it's people own ground water. If a tank leaks an impacts ground water, it's consider a thrid party claim! But I never shared that with you : )))

From what I have learned, some insurance companies cover cleanup costs from existing policy holders who still use oil heat. But I could not find a single insurance company who would write a new homeowner's insurance policy that includes damage caused by abandoned underground oil tanks.

If you know of one, I'm all ears ...

[CuCullin]

Always start any search for a qualified home inspector at ASHI.org.

EVERY home needs an inspection, even brand-spanking-new ones. EVERY one.

If you have a boiler, have it cleaned each year after the heating season.

Put 1-2% of the value of your home into savings each year to cover unforeseen maintenance and repair.

An ailing roof doesn't have to mean you don't buy - it means you need to evaluate the costs associated with repairs, reopen negotiations, and decide if its worth it. (This applies to other repair work that scares mot potential home buyers away as well).

Your home is only worth as much as someone will pay for it.

Don't get emotionally attached when searching for a home - theres always another one for sale without the problem you're worried about.

Don't just get a preapproval letter from your mortgage company. Get prequalified. It gives you a stronger stance in negotiations.

Buying a house "As Is" means the seller won't repair - it does NOT mean you can't change your price after an inspection.

New means it was built recently, not necessarily better.

Old homes and new homes both require maintenance.