Northern New Jersey has beautiful, charming homes, most of our communities, like summit were built in the early 1900's. So it is wonderful to get a charming older home but the reality is, it can be expensive to fix. Nothing is standard in these older homes and renovations can be exhausting. If you just purchased in July , you will most likely break even or maybe even come out on top. The real estate market does not consider how long you owned a home. Noone really cares, people get transferred, things happen. So don't worry about the time.... more
The City of Summit will allow you to close with a TCO: temporary certificate of occupancy, however there are two items they will require: proof that there is no asbestos anywhere and certification that the grounds are clear of insect and or proof of treatment.... more
Keep in mind that there is a large market in Summit for rentals and short term stays. One of my listings is an Inn in Summit's Northside - it's a huge 13 bedroom, 13 bathroom Victorian (The Yorkshire Inn) and they always have demand for 1 week, 1 month or even longer stays. You could keep it as a two family and I don't think you would ever have trouble renting out the second unit, or both.