Bergen County NJ Real Estate Blog

As Written by Our Daily Newsletter of Realtytimes

No More Dark Rooms: How You Can See the Light
by Phoebe Chongchua

There are times when most of us have walked through a home and thought this would be a great room if only it had more light.

Leaving the dark side behind doesn’t have to mean that you have to have a window that lets you see the light. There are plenty of times when a window to the outside either isn’t possible or would still not reveal enough daylight. That’s where Solatube International can literally shed some light.

“It really looks like a light fixture, only it’s sunlight,” says Cynthia Sener, Director of Marketing for Solatube International.

But don’t confuse these devices with the more massive skylights. Instead, these dome-shaped products that sit atop homes direct light to specific areas inside.

Basically domes on the roof transfer light through highly-reflective tubing into various selected rooms creating diffused lighting.

These Tubular Daylighting Devices (TDDs) are gaining in popularity because of the ability to effectively capture even low-angle light and transfer it inside a room.

“It’ll even capture moonlight. … That’s actually one of my favorite things about it is that you can put it in your bathroom and you always have a nightlight,” says Sener.

If it’s daytime and you want to turn down the lights, it’s just as easy as turning off an electric light. Using a Daylight Dimmer switch, homeowners can dim out the light. This comes in handy especially when homeowners place this type of lighting in major entertainment areas such as family rooms where people might want to watch TV or movies during the day.

Where are the best places to put these devices? Any room that you would want to let the light shine in. Sener tells me the most popular rooms are bathrooms, especially ones that may not have a window. Also, showers, laundry rooms, workrooms, closets because the devices provide enough light to identify your brown from your black or purple clothing and hallways.

“Take a hallway, for instance; suddenly you can add art to the wall because now you can really see the art versus having to add a lot of lighting there,” says Sener.

The company works to creatively bring light to any area. The product can bring light into a room through tubes that even have to turn sharp angles.

Sener says that the company recently installed TDDs in two areas for a client. However, the client had solar panels all over his roof making it hard to find a spot to put the systems in place.

“So we had to go quite a distance across for one of these two rooms; he put one in the bathroom and then in the hall immediately outside. Well, the bathroom was easy because we could get to the roof and angle it down through his attic space and then drop it into the bathroom. But the hallway was tricky because it was right underneath all these solar panels. We actually went about 10 feet over to where the area had light again — it wasn’t in the shade from the solar panels. We took that tube and two 90-degree and a 45-degree angles and it literally just shot down his hallway through his attic space and then dropped down and I’ll tell you, you could not see the difference between the bathroom and his hallway and they were right next to each other; only the distance of the tubing was significantly different.”

Sener says the TDD is engineered for the homeowner’s peace of mind about a common concern. The domes don’t leak because of their unique design. “We have a seamless flashing which allows it to have weep holes and such that takes that water right down the roof like you would any other rain; it wouldn’t come into the diffuser or the product itself,” says Sener.

So if you’re tired of being in the dark, maybe it’s time to go tubular and let the light shine in. For more information visit solatube.com.

Published: July 30, 2007

Use of this article without permission is a violation of federal copyright laws — http://www.loc.gov/copyright.

Oakes Park has come a long way. I remember sitting with the Committee and planning use of this space. The Oakes Park space was property owned by the Oakes family. The house still sits on the property. We have built a handicap bathroom with a ramp and refurbished the home for future use. We are still debating how we will use the home. The Committee members of the park include: Paula Clark, chairperson, Diane Broderick, Steven Broderick of Magnolia Landscaping, Patrick Gambuti, Maryann Kovitz, and Hugh Knolton. Our Committee worked on this project for close to three years, meeting weekly. We painstakingly chose the right landscaping, setting, gazebo, and pavers. When the park was completed we were amazed at how beautifully it turned out. Now its so nice to see Old Tappan residents using and enjoying the park. Below are a list of events happening throughout the rest of the summer:

Aug. 1- Singer/songwriter Phil Benson will perform. Benson hails from South Jersey and got his start playing for small crowds at The Stone Pony is Asbury Park. He now opens for acts like Nick Lachey, Teddy Geiger, and the popular rock trio, The Jonas Brothers.

Aug. 8- Silk City, an acappella vocal group from Manhattan, specializes in the sounds of the ’50s and early ’60s. The dynamic doo-wop group has performed throughout the metropolitan area as a five-man group in the classic street corner harmony configuration.

Aug. 15- The Caribbean with the Tropical Beat Steel Drum Band will perform.

Aug. 22- Hometown Broadway Bound will play showtunes. The group will feature Amanda Binaghi, Ron Binaghi III, Morgan Collins, John McKenna and Veronica Polce. All hail from the Northern Valley and have performed local musical productions including Pippin, Wit, Little Me and Sweet Charity.

Aug 29- Nikki Armstrong and her Whole Lotta Blues Band will perform. Armstrong’s blues are mixed with jazz, pop, and folk rock.

We are in our third week of July for Summer of 2007.   The Weather has been Sunny, bright, and delightful.  Sure we have had some very humid days, but statistically we have had less rain, and more cool evenings than previous Summers.

How does this affect the Real Estate Market in The Northern, and Pascack Valley, and All of Bergen County?  How busy are Real Estate Agents?  Are Buyers buying? Sellers selling? How many Open Houses are there throughout New Jersey?   You can’t drive through New Jersey on a Sunday without passing by the numerous Real Estate signs with Balloons, Flags, and arrows pointing in the direction of which Open House you should visit.   I had appointments to show homes to my Buyers today, and as I drove by all of these signs, and homes for sale, there wasn’t much activity.  It was a magnificent day.  No humidity, Sunny, just perfect!  After showing several homes of which only one one was having an Open House, I decided to stop by a few Open Houses to visit my Realtor friends, and preview some of the homes I haven’t had a chance to see. I visited a home in Norwood. It was 3:30, and So far The Realtor had one visitor. They saw the sign, and were curious, but the house was out of their price range.  I got back in my car, and passed by another Realtor Friend in Old Tappan.  It was now 3:45.  There had been 2 visitors.  Their Realtors had sent them because they didn’t have the time.  My last stop was in River Vale.  There were 2 visitors who said they were passing by.

 The Internet is changing the way Buyers’ are buying homes.  With all of the web sites, NJMLS.com, Realtor.com, Coldwell Banker.com, Homes.com, HarmonHomes.com, Craigslist.com,PaulaClarkRealtor.com, NorthernNewJerseyHomes.com, Buyers are logging on to the Internet, and previewing Virtual Tours, clicking on all of the pictures….  You can look at the homes from the side of your pool, lake, or beach house.

If you wait to see a home at an Open House, Chances are you will miss it.

Serious about looking for a Home?  Call a Top Realtor.  How do you know they are a Top Realtor?  Check out the Internet, do your homework.  E mail them, and see how long it takes them to respond. Interview them.  You must enjoy working with them.  First, and foremost, Once you decide to work with them,  Do they call you about a house that just came on the market? Are they returning your calls?  Or are you noticing that there are many homes you see on the Internet that they haven’t called you about? 

Your Realtor should be a full time Realtor.  If you are going to find the perfect home, you will need a perfect Realtor.

Do Realtor Open Houses Sell Homes??  I think not.
Realtors sell homes!

Call The Paula Clark Team, of Coldwell Banker.

Log onto www.PaulaClarkRealtor.com

Whether you are a Buyer, or a Seller looking to sell your home, You will want Paula Clark on Your side….

Why Coldwell  Banker is Number One

• The Relocation Division and its partnership with Cartus, the largest relocation organization in the world, funnels new business into the market.
• Our Previews Division give you the advantage in the luxury market. Your exclusive marketing materials and signage distinguish you as a premier sales associate. Coldwell Banker is the single largest advertiser in Unique Homes, servicing 100,000 affluent households three times a year. You also have the opportunity to reach affluent consumers through two additional magazines: Homes & Estates and The Gallery.
• The New Homes division has partnerships with leading home builders and provides another resource for new and repeat business for you.

You offer tremendous marketing exposure for your clients through our internet partnerships with Realtor.com, OpenHouse.com, NewYorkTimes.com, and ColdwellBankers.com. In addition, Coldwell Banker provides you with your own personal website.

At Coldwell Banker Residential Brokerage, you have premier services and tools that position you to proide maximum exposure and superior services for your clients. You are fully prepared to succeed in any market.

BUSINESS SUPPORT

With 80% of all homebuyers using the internet to being their property search, Coldwell Banker Residential Brokerage made a tremendous investment in a Rapid Response System.

• LeadRouter ensures that no inquiry is ignored and that you do not miss business. You have the competitive edge in receiving all online requests via your cell phone within seconds.

Our Education Department has revamped its curriculum and programs in response to your requests.

• An extensive new program including comprehensive business development will be rolled out later this year. We solicited your comments and concerns and have tailored classes, training, and course instruction to enhance and support your business.

You have access to free, personalized and comprehensive training and instruction to support your business.

BENEFITS

We care about your overall well-being and have partnered with providers who offer you competitive medical, dental, and vision, long term and disability insurance, and retirement plans.

In addition, I’d like to offer these reminders:

WORKING WITH SELLERS IN THE MARKET

• Realtors and sellers do not set the market, buyers do. Sellers tend to remember peak seasons - like last year - when sale prices soared as a result of low inventory and extremely high demand.
• Work with your sellers to place more emphasis on current versus older comparables. If a seller prices their home competitively, they could see multiple offers and achieve optimal results. Buyers are doing more research and are critically discerning. Homes prices above market may not get any activity because buyers see the seller as unmotivated, particularly with such abundant inventory.
• At Coldwell Banker Residential Brokerage, you have the experience and tools to negotiate the highest possible new return on a homeowner’s most important investment.

WORKING WITH BUYERS IN THIS MARKET

• In recent year, buyers have purchased properties and witnessed great appreciation. Today, buyers might need to wait a little longer to see a significant return on their investment.
• It is still a good time to buy a home: interest rates are still historically low; low interest rates mean lower monthly payments; there is a large selection of inventory; more homes are prices to sell; and a home is an asset which appreciates value.
• The National Association of Realtors reported that people are not “buying for the right reasons. Sellers no longer hold all the cards, which is creating a more balanced market.”

A GOOD PLACE TO BE

It’s a good time to be a Coldwell Banker Residential Brokerage Sales Associate because you receive unparalleled and uninterrupted support as part of a family of strong businesses.

In this challenging market, rest assured knowing that you are part of one of the most supportive real estate companies in the world.

A NEW VISION

As a driving force of our company and the face of our business, your have inspired our new company mantra: Leading Agents, Leading the Way… to an exceptional real estate experience. Your professionalism has defined customer service and your sales and marketing expertise delivers maximum results for clients and our company.

I am proud to be on the winning team and I hope you are too.

Sincerely,

Ronnie

Here’s an eye- and garage- opening fact: Replacing your garage door can boost the resale value of your home.

A recent online survey revealed that 71 percent of homeowners who recently replaced their garage door with an attractive new design believe it definitely increased the value of their home.

Fortunately, garage door manufacturers have hundreds of new designs to add flair and personality to any home.

INCREASING CURB APPEAL

To help, GarageWowNow.com shows you how to increase your home’s curb appeal - and, potentially, its resale value - by replacing your old garage door with a stylish new door.

The new Web site features pictures, a variety of doors, along with before - and - after photos of homes that have received a dramatic new look. A news and design section, updated on a regular basis, offers articles written by home improvement and design experts that discuss trends and offer design tips

“THE NEW FRONT DOOR”

It also features the latest in garage door openers and accesories.

Americans now use the garage door as a main way to get in and out of their homes, lieterally making the garage door “the new front door.”

Another survey revealed that 71 percent of homeowners use their garage door openers too get in their homes every day, transforming the garage door’s remote control into “the new key to the new front door.”

DO IT RIGHT

Installing the door can be a complex and dangerous task, but with professional installation, a new garage door can be put in quickly, correctly and safely.

A professional door dealer can not only install your new door, but can help you find the right look for your homoe. You can find garage door professionals by using the site’s zip code search function.

Sponsered by the garage door industry, the site offers other perks. You can enter a sweepstakes, with a grand prize of a trip for two to Walt Disney World in Orlando, Fla.

No products are sold on GarageWowNow.com, but the site includes links to door and opener manufacturers that can help you get the best garage door for your home.

Article from the Pascack Press, June 4, 2007 Issue

In some homes, summer living revolves around the swimming pool. The kids dive in after school or sports, parents take a dip after work, family and friends drop by to swim on weekends. Pretty soon, it hardly seems worthwhile to trek back into the house - dripping water and strewing wet towels - just to get a snack or freshen up. The solution? A pool house. This can be a modest cabana that offers seating out of the sun and a place to get a cold drink. But where space and resources permit, it can turn into a scaled-down version of the main house, with most of the same amenities. Sometimes the pool house grows so lavish that the pool can fit inside it, as in the case of one North Jersey structure with modest beginnings. “Originally, I was going to build a shed for my tractor,” recalled the homeowner, Jim. “Then I got the idea to add a porch for my grill. My wife suggested a hot tub around a fire pit. Then I thought why not an exercise pool…?” He installed the hot tub and the 8-by-16-foot “river pool” - a kind of watery treadmill that allows you to swim laps while staying in one place - beneath a trellis of rustic logs. It links to a solid, seamed roof with 16-foot, wood-beamed ceilings that shelters a fire pit, a fireplace, a bar and a snack counter with a stone pizza oven. All of this connects with a fully enclosed den, a small but complete kitchen and a full bath. Jim, in the commercial real estate field, designed the project with input from both his wife, Lisa, and his landscaper, Jan Borzecki of Classico Landscape Construction, Rockaway. “Without a doubt, this project would not have succeeded without Jan’s artistic vision,” he said. “Classico did all the stone and masonry work, pavers and landscaping. He put his heart and soul into this project.” The homeowner wanted the building to blend with its wooded surrounding. Landscaped with a pondless waterfall in front, it is constructed of real, chiseled stones and enormous logs - dead timber from Yellowstone Park. A few naturally shaped “character logs” form a dramatic, pediment effect over the main entrance. “The Original Lincoln Logs Ltd. (www.lincolnlogs.com) provided the entryway character logs, as well as the beautiful white pine logs and trusses used for the roof system,” Jim said. For appropriately rustic furniture and accessories, he called upon Karen Arakelian, owner of Uptown Country, Wayne, and White House Furniture, Fairfield. “Jim walked in and said he was furnishing a pool house,” she remembered. “I don’t have outdoor furniture in my stores, but when I saw his design, I knew this wasn’t your average pool house!” To carry through the natural theme, she brought in a dining set with a hand-hewn cherry table and hickory wood chairs with woven cane backs and leather seats. Near the fireplaces, she added a hickory Morris chair with a woven leather seat and back. The den, with walls painted terracotta, features an entertainment console, sideboard and etagere in distressed, Mexican wood. Arakelian added a roll-arm leather sofa with a plaid seat in earthy tones. The rugs and thrown pillows repeat leafy patterns, and aged-looking Vietri urns and vases hold plants and flower arrangements. An amateur metalworker and carpenter, Jim made the den’s rustic pine coffee table that rises, by hydraulics, to double as a poker table. He also designed most of the chandeliers and lighting systems from such materials as plumbing pipe and rebar. Their industrial look coexists well with the rugged, outdoor ambience. So far, Jim has found the pool house “pretty functional for entertaining.” In fact, he voiced his only regret: “I still need a shed for my tractor!” Written by Eileen Watkins, from The Record, June 3, 2007 Issue

A lawn tractor can be a handy tool to keep your yard looking great. As with any tool, you must respect its power and use caution during operation.

For lawn tractors, these precautions are especially critical if children are in the area. Tragic accidents can happen in an instant.

You can severely injure or kill by running over a child with the riding mower- in forward or reverse - with the blades engaged, or when objects are hit and thrown by the spinning blades.

“The first step to reducing accidents is to have the mind -set that the lawn tractor is a powerful tool, not a toy, :” said Roger Leon of Husqvarna Outdoor Products, Inc. “It should be used only to accomplish outdoor chores and tasks when children are not present in the mowing area.”

As part of an industry-leading initiative, the world’s leading manufacturer of lawn mowers, Husqvarna, is including a bright yellow card and a “Kids and Mower’s Don’t Mix” key chain with each of its newly manufactured lawn tractors.

The card includes these guidelines for operating a mower:

“Know where your kids are. Keep kids away from the mowing area. Have adult supervision to prevent them from approaching the mower before you have finished. Stop mowing if a child approaches the mowing area.”

“Never give rides. A child may fall off the mower and into spinning blades. Giving rides may also cause the child to be attracted to the mower and the child may later approach without being seen.”

Use extreme caution in reverse. Keep alert for anyone who may enter the mowing area. Always look down and behind before and while backing up.

You should also read and follow safety instructions in your owner’s manual and remember to keep the keys to your mower away from children.

The brightly colored cards, with a replacement tractor key and key chain with a reminder that says, “Where are your kids?” are available at Husqvarna dealers and major retailers.

For more information about “Kids and Mower’s Don’t Mix” visit www.husqvarna.com

Article from Pascack Press, June 4, 2007 Issue

It’s a painful position — mounting credit card debt with increasing interest rates and no real vision of how to crawl out from underneath all that financing.According to the Consumer Credit Counseling Service of Santa Clara and Ventura County, California, (CCCS) what got most people in financial troubles are: overspending (25 percent), reduced income or unemployment (31 percent), medical reasons (11 percent), divorce or separation (8 percent).

The non-profit agency helps people alleviate their financial burdens and provides financial education and counseling on preparing to buy a home. Last year 7,043 households were counseled and received financial education, which included developing a budget, a debt payout plan, analysis of assets and liabilities, and an action plan to solve their financial concerns. An additional 1,604 households received pre-discharge education and another 1,014 received reverse mortgage counseling.

Those figures are from just one non-profit of the many agencies throughout the country that aim to help consumers with their finances. It’s no wonder many wannabe homeowners are finding themselves locked out of the housing market. But there is hope.

“We help anybody who has a debt with as little as $3,000 up to $100,000. We’ve seen it all,” says Sonie May, Counseling and Education Manager, of CCCS.

May says the average consumer that the agency sees has approximately $30,000 of debt. She says what tends to happen is the credit card companies rapidly increase consumers’ interest rates when they miss a payment and that causes the downward financial spiral of paying out more money and not being able to save to buy a home.

“It’s hard to get out of that cycle because the minimum payments are so high; it’s hard to get out of that hole that they’re in,” says May.

The most important advice if you are considering purchasing a home is to find out exactly how much money you bring in, how much money is spent each month, and how much money you can pay out for a monthly mortgage.

The CCCS helps you understand and assess your financial position and what can be done if you have credit card debt.

“We have relationships with most of the creditors,” says May. When clients come in, “we develop a repayment plan to get the consumer debt-free within a five-year period with low interest rates and low payments.”

May says most of the interest rates negotiated for clients are between seven and 18 percent, but she says some are as low as zero percent. “From 30 percent that’s a big, big difference — we save them thousands of dollars not only on a monthly basis but also over the long run we will save them thousands of dollars of interest that they would have paid if they hadn’t come to see us,” says May.

The CCCS collects the payment from the client and then disburses it to each of the creditors. A monthly fee is charged by CCCS for participation in the payment program.

Of course, while working with the CCCS, clients are strongly urged to not use credit cards or incur any more debt. Once the program is completed, clients are free to borrow again including taking out a mortgage.

“We have heard success stories from many of our clients who were able to purchase homes after they have completed the program,” says May.

The CCCS can help with planning to purchase a home. The agency has its clients evaluate and analyze what their future expenses will be once they own the home. They remind clients that homeownership expenses include more than just the mortgage, property taxes, and homeowner’s insurance. The agency promotes savings for the unexpected expenses: needing a new roof or the loss of a job.

Always be sure that when you calculate your expenses, you set a portion aside to pay yourself in addition to paying for your new home and other necessities. The other very important advice the CCCS gives is to completely understand the type of mortgage you are getting. May says it’s important for homebuyers to know if the monthly mortgage payment will increase.

“If it’s a variable rate loan, when will the interest rate go up — after six months or a year? — and would they be ready if that mortgage payment were to increase,” says May.

Too often, as we’re seeing now, in the housing industry, consumers either weren’t informed or didn’t consider the result of an increase in their mortgages’ interest rate and thus are forced to financially buckle down or, in worst case scenarios, foreclose. Another CCCS company in the San Francisco area says help is available for homeowners who are facing foreclosure.

Written by Phoebe Chongchua

Even though real estate has changed substantially in recent years with the use of new technologies, the fact remains that buying a home still requires a series of traditional protections and defenses. Why? Because buying a home is inherently complex and professional assistance is both appropriate and reasonable.In practical terms, this means that if you’re a buyer there are steps you should take to protect your interests. As a place to start, here are several basic issues to consider:

Get a home inspection. Don’t let the stiff competition in seller’s markets persuade you to forego a home inspection on a home you want to buy.By misusing a home inspection as a negotiating tool, the house you succeed in buying may cost you a fortune in the long run as you rush to correct problems a qualified home inspector would have easily been able to point out.It is not the inspector’s job to tell you whether or not you should buy the house. That is your decision alone. The inspector’s job is to provide you with thorough and accurate information to help you make the decision.What about new homes? You certainly want a home inspection as part of the final walk-through — make sure you allow several hours for this process. But, even better, use a three-step process for new homes: Inspect once the foundation is in place, inspect when the walls are up but not closed, and inspect before closing.

Get an appraisal. An appraisal satisfactory to the lender is required when a home is financed by a traditional mortgage source. Consumers pay for this appraisal, but lenders get to choose the appraiser.Independent appraisers assure lenders that a home is not over-priced and thus that they are not making an inflated and risky loan. If you’re buying with seller financing (where there is no outside lender) or all-cash, you still need to make your offer dependent on an appraisal satisfactory to you. Speak with your real estate agent for details.

Get a termite inspection. Wood-boring insects cannot demolish a home with cartoon-like speed, but they can cause damage. Before or at closing, lenders will want evidence showing that the property is free and clear of active termite infestations.It’s sometimes asked why a termite inspection is needed for new homes. It may seem like an odd requirement at first, but the concern is that lumber may be infested before it’s cobbled together to create the home.

Get a title examination. A home purchase is a huge investment, so it makes sense to make sure that the seller actually owns the property and has a right to sell it. A title inspection looks at the property’s history as it is shown on public records to establish a trail of ownership.

Get title insurance. About that title examination — it’s based on a check of public records, but those records may be wrong or incomplete. It could be that a former owner was insane, an alcoholic, drug-addicted, a bigamist, or not legally competent — factors which may all make it difficult to offer good and marketable title when it’s time for you to sell, thus reducing your ability to make a sale — or a profit.Title insurance is a one-time charge that protects against title claims. For details, ask your broker and the party that conducts closing. Ask about “re-issue” rates (you may be entitled to a discount under certain conditions), endorsements, limitations, and exceptions. If you’re in Iowa, be aware that title insurance is generally not used there — ask how you are protected in the event of title problems.

Get a survey. A survey shows the quantity of property being sold and it’s location. A survey will show whether “your” plot improperly includes someone else’s land — think of a garage or fence that extends six inches over a property line and the ability of a neighbor to charge for the use of that land or to order the removal of your improvements. A survey can also show “encroachments,” the improper use of your land by someone else.

Get a limited “warranty.” There are warranties for new homes, and service contracts for existing properties. What individual policies include varies by state and by program, so you need to ask your agent for details — what is covered, what is not covered, how long coverage lasts, what costs you face if you have a claim, whether you can continue an existing home policy after the initial term, etc.Do these various inspections and checks cost money. You bet. Are they worth it? Sure.Written by Peter G. Miller

“Top,” “Best,” and “Most” lists rarely tell the whole story, but they do serve a useful purpose.As literary distillations of larger stories, lists offer the kind of on-the-go information we need so we can pocket more time — the real currency of the New Millennium.

The best of the best of these lists are presented with a pinch of intrigue, turn of phrase, or perhaps a dash of humor. They hold our interest captive for the few fleeting moments we have to spare, but then leave us sated with pointed information.

Craig Venezia, author of the new, “Buying A Second Home: Income Getaway or Retirement,” offers one such list for the second home crowd.

Venezia is a contributing real estate writer for the San Francisco Chronicle who telecommutes to work from his Boston-area home. He also served as a Wells Fargo executive, worked closely with ETrade Financial and knows the ins and outs of structuring private loans between family and friends.

No matter how time-starved you may be, a full read of the book — from deciding why you want a second home to the forms you need should you decide to hire a property management firm — will send you to the head of the class.

Instead of saving the best for last, Venezia makes the read easy by getting you quickly into the tome with his “Seven Secrets About Buying a Second Home.”

Here’s what he says.

Know the right time to buy. One of those times is now. The correcting real estate market is shining on the second home sector. More properties on the market, relatively low interest rates and motivated sellers have combined to put the buyer back in the driver’s seat.

Know if a second home purchase makes financial sense. A second makes sense in the first place if you can create a realistic, affordable budget in advance so that you buy within your means. Stretching here is not very healthy. Take stock of your current and projected income, expenses and rental income (if you plan to rent out the property) and do the math. You accountant and financial planner can help you weigh the financial risks.

Know where to go. Venezia says choose a location based both on the potential for property’s value to appreciate — especially if you aren’t going to rent it — and guest-preferred destinations. Real estate agents can provide the market research you need.

Know and understand the tax consequences. In some cases, buying a home across the city border can trim your annual property tax or any occupancy or “hotel” tax collected by some local jurisdictions, but you’ll still bask in the glow of the location.

Know about nontraditional financing. This isn’t about those risky nontraditional loans that are costing homes, but relative loans — loans from your family bank. A loan from a family member can save you thousands in interest over the life of the mortgage with cheaper family rates and, perhaps, keep the money in the family instead of sending it to the bank.

Know about rental income that can offset your expenses. Rent your property out for just part of the year and you can subsidize the cost of owning a second home, says Venezia.”Keep in mind that being a landlord doesn’t mean sitting back and watching rent checks roll in. It takes time, money and commitment. Know what you’re getting into before you venture too far down that path,” he says.

Finally, know how to protect your investment. Whether your second home is a pure investment, a weekend getaway, or a place to eventually enjoy when you retire, real estate is an Investment. Maintain the property, keep it fully insured, have it inspected regularly, and watch your equity grow.Written by Broderick Perkins