I am looking to buy a family home in the Chatham / Millburn area. My budget is in the 700K range. Should I?

Asked by Alun, spain Sun Jun 22, 2008

be looking for 4 bedrooms or 3 with regards to future resale. Also should I only consider properties with 2 full bathrooms and does a 2 car garage versus a 1 car make a difference in resale in these areas. Anything else I should consider. Thanks.

Help the community by answering this question:

+ web reference
Web reference:

Answers

10
Robert Northfield’s answer
Robert North…, Agent, Maplewood, NJ
Fri May 1, 2009
You should be able to achieve a nice home in this general price range. Both towns are very desirable and known for their quality schools, good commute to NYC, and acceptable real estate taxes. You should be open to see what you will get in the general price range first then narrow your search based on your initial search. Ask your agent about desirable streets and desirable home styles. If you are worried about re-sale then buy what people want but remember you will live there for a while so you should like it too. Good luck.
1 vote
James Boyer, , 07960
Mon Jun 23, 2008
Hi Alun,

Great question, I have been showing buyers homes in and around this price range for a while now in Chatham, Summit, and Millburn. I would be happy to help, and yes I would be looking for 2 or more bathrooms, and 2 or more garage parking spaces in this price range. 3 full baths is even better but 2.5 baths is fairly common.

You can see all the homes that are availible in Chatham at http://www.jboyerhomes.com/Chatham.php All that are availible in Summit at http://www.jboyerhomes.com/Summit.php and all the homes that are availible in Short Hills/Millburn at http://www.jboyerhomes.com/ShortHills.php

Please search the website as much as you like. As you have questions or would like a private showing I am more than happy to help. Jim@JBoyerHomes.com 973-647-0253 Jim
Web Reference:  http://www.jboyerhomes.com
1 vote
Roger Bediner, Agent, Roseland, NJ
Mon Jun 23, 2008
The more bedrooms and baths you have the better for resale value. The 3rd bath is not essential for resale. What I mean by this is 2.5 is ok. If you can a 4 bed 2.5 bath home with a two car garage in chatham for under 700k you are certainly taking advantage of the market.

If you have any questions you may call or email me at 973-818-7575 or you may go to my website http://www.rogerbedinerhomesales.com.
1 vote
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Jun 22, 2008
Hi Alun, Jeannie Feenick back as promised with a bit more detail on the choices you may have in your price range in these two terrific communities. An important consideration as you begin your search is that you will face compromises - you are right to focus on factors that affect value and resale, but as you'll see the ideal is difficult to achieve. As you move through the process, your priorities will become clear and you will recognize that the home that best meets them is the one for you. Because in the end, this is your home!

Both Chatham and Millburn are older communities, developed along the train lines. Bedroom, bath and garage count will vary.

Let's start with Chatham - I've included both Borough and Township in the count:

4 Bedroom minimum, 2 full bath minimum, max list price: $750,000 (assuming some room for negoation): 8 homes availabe, 5 with a 2 car garage, 3 with 1; Same search, but removing the bath count: opens up a bit to 14 homes on the market; Moving down to 3 bedroom minimum, removing bath & garage limitation: 47 homes available.

Now on to Millburn: 4 bedroom, 2 full bath, max list price $750,000: 8 homes, 2 with 2 car garages, the others with 1; Same search, remove bathroom limitation: 9 homes; 3 bedroom minimum, no restriction on baths or garage: 22 homes available.

I'd be honored to assist you Alun. You can reach me via my website http://www.feenick.com, via email jfeenick@weichert.com or cell 908-337-0943.

Best,
Jeannie Feenick
Weichert Realtors
Web Reference:  http://www.feenick.com
1 vote
Susan Zanzon…, Agent, Morristown, NJ
Mon Jun 23, 2008
Hi Alun,

I know all the inventory in your price range as I've been showing these homes for the past 4 days. Give me a call on 973-214-5872 to discuss. I am wondering what timeframe you desire to make your move.

Best,
Susan Zanzonico
Weichert, Realtors...Top 2%
http://www.HouseBeautifulNJ.com
0 votes
Sharon and K…, Agent, Livingston, NJ
Mon Jun 23, 2008
Dear Alun,

the two towns you consider are good options both for living and for their resale value. With that said, there are some options that may fit your budget and still will be great "train" towns that usually keep their value. I am not sure if you have been pre-approved yet as far as finances but you should take care of that part first. There are plenty of houses on the market still and you will have much to look at. 3-4 bedrooms are great for resale and anything over 1 bath makes it easier when you are ready to move on to the next venture. Sharon and I work quiet a bit in both those town and many others in the area. If you are still not set on anyone particular to help you with your search please check our profile. We also just finished helping Andrew who posted a question on trulia himself. I beleive that if you brows though the questions you can find his review of our performance. He did buy a condo over one weekend in Montclair. Wheather or not you choose us as your representatives, we wish you luck in your search.

Sincerely,
Sharon and Karen - Your real estate connection!
Sharonandkaren@prunewjersey.com
0 votes
Gina Chirico, Agent, Fairfield, NJ
Sun Jun 22, 2008
Alun,

Chatham and Millburn two great choices. I see you are already thinking ahead to resale...at this time you should focus on your current needs and desires in a home. Perhaps a 1 or 1.5 bath now can be later on converted to 2 full baths, or the lot is large enough to add an addition, if need be (whether it be done by your or a future owner). I've seen quite a few homes in my town convert from a one car garage to a two car garage just as I've seen many 2 car garage homes, convert to a one car garage and use the other garage as a family room.

You've made a good selection as far as towns to live in but focusing on your family's needs and desires should prevail over the future resale value. With that being said, 3 bedrooms are more desirable than 2, just like 1.5+ baths are more desirable than a single bathroom. Every person, every family have different needs.

Good luck. Please feel free to contact me further and I would be happy to assist you in finding the right home.

Gina Chirico, Sales Assoc./Realtor
Prudential New Jersey Properties
West Essex Regional
973-715-1158 cell
973-239-7700 ext 132
GinaChirico@PruNewJersey.com
0 votes
Susan Zanzon…, Agent, Morristown, NJ
Sun Jun 22, 2008
Hi Alun, I see you've done a good job on picking out two of the top towns. Schools are rated high, they both have town centers and train stations for NY commuters. Regarding home selections, there are many factors to consider. More bedrooms, bathrooms and garages will most likely increase the value, however I wouldn't discount a home with less. Think of this...the lot size, perhaps the home can be expanded at some point, perhaps a bathroom can be added, look at the street....busy or not...proximity to the train can be a big factor. I sell real estate in both those towns on a regular basis and would be happy to meet with you to discuss your needs. My job as a realtor is to understand your needs and advise you ...I will make sure that you get the best home for the best price. Please give me a call on 973-214-5872 or email: szanzonico@optonline.net. I have reports on schools and home sales for both towns that I would be happy to provide. Visit my website: http://www.HouseBeautifulNj.com

Best, Susan
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Jun 22, 2008
Hi Alun, All of the features you mention will affect value and are important to resale. Stay tuned, I am going to give you more specific feedback on what your choices may look like under the various scenarios in the price range you have specified.

Other considerations - location - watch out for busy roads, high tension wires, terrain - essentially factors you cannot change.

Overall, the area you have mentioned is terrific. Likely you are already tuned in to the quality of the schools and relative ease of the commute to the city. These two factors affect value and will impact price today and resale price and time to sell in the future.

Back soon with more....

Best,
Jeannie Feenick
Weichert Realtors
http://www.feenick.com
Web Reference:  http://www.feenick.com
0 votes
Bill Eckler, Agent, Venice, FL
Sun Jun 22, 2008
Alun,
Since this is a very high vacation traffic rental area , our recommendation is to consider 4 bed rooms and at least 2 baths. Most people coming to the area on holiday come as an extended family and are looking for additional space. An outdoor shower and larger dining area would also be positive features.

We will be heading in that direction in a couple of weeks. If you would like us to check anything out, we would be happy to do that.

Good luck,

The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
ecklerteam@comcast.net
941-408-5363
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Millburn Zip Codes

Email me when…

Learn more