Home Buying in 07093>Question Details

Berny, Home Buyer in West New York, NJ

West New York, NJ-- should we buy this home?

Asked by Berny, West New York, NJ Sat May 9, 2009

We found a brand new home. It has 4 units and comes with a 10 year home warranty. But, some red flags came up. The top has a nice rooftop garden w/ NYC skyline views, but has no drain system ? Next, we saw a unit on the 1st floor with leaky celings (we think it has something to do with the rooftop drain thing.) The water subdued the new hardwood floors, but all the other units were fine. We also observed cracking grout in the shower. Is this normal? Should we just ignore the house at all costs? Did the builder make a human mistake or does this represent negligence?

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Answers

6
No we didn't end up buying it.. I didn't know but there are nicer areas of West New York.. Park Ave. & Boulevard E. are the best places to buy a home for a quick commute to NYC, this property was 1 block off Bergenline.
0 votes Thank Flag Link Wed Aug 12, 2009
so did you end up buying the property? it looks like i am looking for similar properties in hudson county. if you did buy it, how tough was it to rent the units?
0 votes Thank Flag Link Wed Aug 12, 2009
so did you end up buying the property? it looks like i am looking for similar properties in hudson county. if you did buy it, how tough was it to rent the units?
0 votes Thank Flag Link Wed Aug 12, 2009
Walter is exactly correct. Bring in a home inspector or contractor you trust for their opinion before making an offer, if you wish to take things that far. Position your offer to reflect the cost of the additional work you'd have to put into the home to correct the flaws. Since it's a multi-family home, you should also get a clear idea of current market rents in the area so you can calculate your net income and the percentage of return you can expect to earn on your investment. A realtor with experience in investment properties should be able to guide you through the process and calculations.
0 votes Thank Flag Link Sun May 10, 2009
Berny,

You may want to consult with a professional home inspector or a structural engineer and bring them to the property. They will be able to best answer the questions that you asked. It would probably be worth the cost of their services and give you some peace of mind before you purchase.

Please let me know if you have any additional questions.

All the best in your home search,

Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
walterburns@gmail.com
http://www.livingonthehudson.com
0 votes Thank Flag Link Sat May 9, 2009
Extra information: the house has been on the market since '07 unsold. It was listed at $599,999 in '07. It is now listed at $399,999 in '09. It is located at 64th street.
0 votes Thank Flag Link Sat May 9, 2009
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