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If you’ve recently purchased a fixer-upper, you may be wondering: what’s next? Where others saw a money pit, you saw potential. But achieving that potential can be a long road. Purchasing an old or abandoned home can be an excellent way to minimize the cost of becoming a homeowner. Many folks who have been priced out of new builds are turning to fixer-uppers as an entry into homeownership. But once you sign on the dotted line and get the keys, you may find yourself second-guessing your purchase. Restoring an abandoned home is a massive undertaking physically, financially, and mentally. If you are a recent homeowner of an abandoned property, here are some next steps to set you on a path for success. 1. Prioritization When it comes to turning an abandoned house into a beautiful home, the path to success lies in planning. You need to determine which fixes are critical and which can wait. You also need to determine which projects you can do yourself and which projects will need to be done by professionals. Sweat equity is a great way to reduce your overhead after purchasing an abandoned home, but knowing your limits can also prevent costly mistakes. Keep your expectations realistic. You probably won’t get all your renovations done within the first, second, or even third year of homeownership. Be patient with the process. Focus on the things you absolutely cannot live without. 2. Funding You bought the house, but that is just the first financial hurdle. Now you need to find a way to fund all the repairs and renovations needed to make your dream come to life. Depending on how much work is needed for your specific property, you may have secured the funding up front with your mortgage. Or you may be funding your renovations as you go. If the latter, you need to determine where these funds will come from. Here are some ideas: Personal Savings: If you have been planning this purchase and project for some time, you likely already have some solid savings to fund your home repairs. If you haven't already, move any savings you have into a high-yield savings account to help your money work for you. 401(k) loan: Borrowing from your 401(k) can be a great way to utilize a resource you have built up for years. When you borrow from your 401(k) through a loan, you pay it back and avoid the tax consequences of taking money out of your 401(k) before the minimum age. Personal Loans: A personal loan can also be an option to fund your repairs and renovations; just be sure not to take on more debt than you can handle. You need to factor in your mortgage and other home costs before you commit to a personal loan. 3. Budget If you are funding the project as you go, it is crucial to develop a solid budget. How much money can you put aside for home repairs every paycheck? You will need to determine whether you can afford to rent while you repair the home or whether you will need to live in the home while renovations are underway. This may also shift your priorities for which repairs need to be done first and which can wait. Determine which big-dollar items need to be addressed and consider working on them first, while you are still likely to have savings and financing money for the home purchase. If the home needs a new roof to prevent further water damage, that should be the first thing you budget for. If you need more wiggle room in your budget, look to other areas of your life where you can cut back. Downgrade your vehicle, spend less money on going out or entertainment, or find new income streams to help boost your funds. Even if these changes are temporary, they can offer some financial relief as you take on this major project. When you need an experienced real estate attorney in New Jersey, Veitengruber Law can help.

Downsizing is on the minds of many NJ homeowners right now. Boomers and retirees may want to downsize to adjust to a fixed income. Younger folks may be realizing they got in over their heads financially with a larger home. In a Homes.com survey, 69% of homeowners cited financial reasons for choosing to go smaller. Regardless of your specific reason for downsizing, there are a ton of excellent reasons to invest in a smaller space—if you do it right.  Here, we will explore some of the common pros and cons of downsizing in NJ.

75,000 New Yorkers relocated to New Jersey in 2024. Individuals, couples, and families from all income levels ditched the Big Apple in favor of the Garden State. With the cost of living rising sharply across the country, it is no wonder folks are looking to exit one of the most expensive cities in the world. The draw of NYC is obvious. Folks around the globe dream about living in this cultural epicenter. But calling NYC home comes with many sacrifices. Whether you are being priced out of the city or simply looking for a different lifestyle, New Jersey offers a best-of-both-worlds alternative to city living. You are still close enough to the city to enjoy all NYC has to offer while taking advantage of the perks of the suburbs. If you are an NYC resident considering a big move to NJ, here are some things you should consider. Space Lack of space is a huge factor motivating NYC residents to pack up and head across the river to NJ. NYC has the densest population of any US city, with about 29,300 people per square mile (and 74,780 per square mile in Manhattan). Because of this, real estate is priced at a premium, and you will pay more money for less space. When you outgrow the space you can afford in NYC, you can find yourself priced out of the city. In general, NJ real estate offers more space for less money. Growing families, pet owners, or those looking for more space could benefit greatly from moving to New Jersey. Outdoor Activities Outside of Central Park and a few other small parks scattered across the city, outdoor spaces in NYC are limited to concrete and the hustle and bustle of city life. One of the most commonly listed reasons for relocating out of the city is more access to the outdoors. Most NJ properties either include their own backyards or have quick access to local parks and recreational areas. Easy access to larger outdoor spaces opens up all kinds of opportunities for new activities, exploration, and relaxation in peace and quiet. School Systems Several northern NJ towns have nationally ranked school districts, offering educational opportunities for families with children. These New Jersey schools are well-funded, offer smaller classes, more individualized attention, and a strong sense of community. School systems in the suburbs can offer vigorous academic curricula, strong extracurricular activities, and a wide range of services to support student development. Cost of Living New Jersey has the highest property taxes in the country at 2.23%, with an average tax bill of $10,570 per year. While the actual tax bill the average New Yorker pays will vary widely depending on location and type of residence, the property tax rate is 1.64%—significantly lower than in New Jersey. But while you can expect to pay higher property taxes in NJ, the cost of living is generally lower in all other areas. You will typically pay much less in NJ for goods, services, dining out, entertainment, rent, utilities, and many other expenses. Commuting If you work in the city, your move to NJ will mean you need to commute farther. Your commute will look very different depending on which part of New Jersey you prefer. While you may be used to public transportation, not all NJ towns have the infrastructure to rely on it alone. In many areas of NJ, you will likely need a car not just for your work commute but also for errands and exploring outside your workweek. That said, many northern NJ towns and cities are connected to NYC via NJ Transit. A quick 5–10-minute car ride can get you to a train station or bus terminal. While your commute may take longer than walking a few city blocks or hopping on the Subway, NYC is still very accessible from most of the surrounding NJ counties. Lifestyle NYC is one of the busiest cities in the world. You have instant access to a wide range of art, entertainment, history, culture, sports, and restaurants within a few blocks of your residence. Giving that up can be difficult. You won’t be able to Uber Eats dim sum at 2 AM in the suburbs. Given that access to NYC's cultural pulse is one of the main aspects of its appeal, this can be a major factor. Adjusting to life outside of the city can be a huge culture shock. But local amenities and a slower-paced life mean more free time and a more relaxed day-to-day. Sure, you are not swept up in the bustle of city life every day, but you may have more time to relax and enjoy a book in your hammock out back. Where in New Jersey?  Where you choose to settle in New Jersey will depend entirely on your specific needs and preferences. NJ is a diverse state with small rural communities, walkable towns, and smaller urban cities. Deciding why you are moving to NJ will help you determine what you are looking for in your new home. If you value quiet and have been wishing for more space and privacy, you may be considering moving a bit farther into a smaller town or rural community. This will come with the trade-off of a longer commute into the city, which can be a major sacrifice if you still work there. If a long commute isn’t for you or you plan to rely on local transit options instead of driving, you can look for towns or cities along NJ Transit lines. This will give you quick access to public transportation that can get you to the city quicker than driving. Choosing to live in these areas likely means living in a more populated area with a bustling downtown and quieter residential areas. If you are looking to ditch NYC prices without sacrificing the bustling lifestyle, consider places like Hoboken or Jersey City for quick access to Manhattan, along with bars, restaurants, and nightlife. Regardless of your preferences, New Jersey has it all. You just need to find the spot that supports the lifestyle you are seeking. Working with experienced NJ real estate professionals is the best way to ensure your move to NJ is a success. A local NJ real estate agent can help you find the perfect place for your relocation based on the unique needs of you and your family. Real estate agents are knowledgeable about local culture, school districts, public transportation, and so much more. They can help you find the perfect home in the perfect spot. Like any major life change, moving from NYC to NJ will have trade-offs. Understanding what to expect can help you adjust your expectations and be better prepared for the change. Veitengruber Law is an experienced NJ real estate legal team. We have worked with many families moving to NJ from NYC and are well connected with other local NJ real estate professionals. We think New Jersey is a great place to call home, and we would love to call you our neighbor!

Back in January, real estate experts predicted we would see major improvements in the housing market throughout 2026. Early projections showed mortgage rates falling, slower price growth, and a boost in home sales. Since 2021, real estate insiders have been watching and waiting for the year the market levels out. At the halfway point in 2026, it doesn’t look like this is going to be that year. As an experienced real estate attorney in New Jersey, Veitengruber Law works with local real estate professionals every week to help NJ residents achieve their real estate goals. Here is the insider’s scoop on the real estate market halfway through 2026. Mortgage Rates Remain High In 2025, mortgage rates for 30-year fixed loans went down from an average of over 7% in January to 6.66% in December. In 2026, those rates were predicted to drop as low as 6.12% by June—but that isn’t happening. Now, the average rate for 2026 is expected to be 6.37%. And while that does not seem like a huge difference, that small percentage can price out some hopeful homebuyers. The higher the interest rate, the higher the monthly payment. Even a few hundred dollars can make a difference. Slower Sales Buyers are out there—but they are being cautious. Homes are not flying off the market. Buyers are taking their time to ensure they are getting the best deal on a home within their budget. Buyers and sellers face different affordability challenges. For buyers, it can be difficult to find a home in their budget or justify the cost of homeownership in rocky economic times. On the other hand, sellers are holding onto their property to avoid entering the market themselves and losing the low interest rates of years ago. Home Prices Still Rising Despite slower sales and high rates, home prices are not expected to drop throughout the rest of 2026. Over the last five years, we have seen home prices skyrocket. While early in 2026, some experts anticipated a stronger slowdown in price growth, that has not happened. Median home prices are expected to increase by 2.6% this year. Home values are still growing. While this is good news for sellers, buyers may find it difficult to afford the homes they are interested in. What Should Buyers Focus On? Buyers looking to purchase a home in 2026 or early 2027 should find a more stable market than in the last few years—but that doesn’t make it totally ideal. Take your time to assess the value, location, and monthly payment of any home you are considering. A slower market means you have space to compare properties, get all your questions answered, and make unrushed decisions. Affordability is a huge factor that buyers need to consider. Set a defined budget and stick to it. Once you have your budget, you can move towards achieving your real estate goals, no matter what the market looks like. Focus less on trying to time your purchase to the market. Instead, focus on understanding the costs of buying a home and how much your budget can afford. What Should Sellers Focus On? For sellers, pricing matters. Buyers are grappling with major affordability challenges due to high interest rates and home prices. A home that is priced reasonably will do better on the market right now than a home that is overpriced. Buyers are cautious. Work with experienced real estate experts to determine how to price your home to sell. They will be able to guide you to a listing price that protects your investment while quickly moving your property off the market. Another important factor is marketing. Do not skip crucial prepping that can make your home look more appealing. If you are seeking top dollar for your home, make sure you put in the work ahead of listing. Fresh paint, necessary repairs, curb appeal, or even some minor updates could improve your home's performance on the market. The better the product you are offering, the more serious buyers you will attract. Working With Real Estate Professionals  While headlines about the chaotic market might be attention-grabbing, the best way to get the most up-to-date information about your local housing market is to work with experienced local real estate pros. Real estate agents and real estate attorneys can help you decide how much house you can afford and help you find the best property for your needs. Timing the market perfectly matters much less than working with trusted professionals and staying true to your budget. As the real estate market adjusts in 2026, we can expect to continue seeing high rates, slower sales, and moderate home price growth. But if you are knowledgeable about the market, you can still achieve your goals as a buyer or a seller. Veitengruber Law is ready to help you achieve your 2026 real estate goals.

Purchasing an abandoned home in New Jersey is a fantastic way to grow equity by securing a cheap property—but it can be risky. Neglected or empty homes often come with physical defects and legal and financial entanglements. Back taxes, municipal liens, and structural issues can drain your funds. If you are debating purchasing an abandoned property, it is important to think through the decision well in advance of signing on the dotted line. Veitengruber Law is an experienced real estate attorney in New Jersey. We have worked with many homebuyers to successfully purchase abandoned NJ properties. Here are some things to consider: You Need Cash While the sales price of an abandoned property may be low, the cost of renovations can be astronomical. Most abandoned home renovations cost between $50,000 and $200,000. When you are determining if you can afford an abandoned property, you need to consider a few things: 1. Sweat Equity : You can really bring down the cost of your project with some hard work and skill. If you have the skills and physical ability to do many of the repairs and renovations yourself, the work needed to get the home up and running can become much more affordable. Be realistic about the tasks you can tackle versus those you should hire professionals to do. Trying to cut corners to save money now can result in damage or bigger expenses down the line. 2. Financing Troubles : Traditional mortgages will require a home to be livable. Because most abandoned properties are uninhabited and in disrepair, it can be difficult to secure traditional financing for your purchase. Instead, you will need to consider other funding options, such as personal loans, specialized construction loans, or cash savings. These funds need to cover not only the purchase of the property but also the renovations that will follow. You Need Experts Purchasing an abandoned property comes with unique challenges. It is crucial to have a team of experts on your side to ensure that your best interests are guarded throughout the purchasing process. Some of the experts you need include: 1. Real Estate Agent A real estate agent can help you find abandoned properties for sale by searching through vacant property lists and municipal tax sales. Experienced real estate agents have a keen knowledge of the properties and real estate practices in the area. They may be able to give you an insider’s scoop on a property. Real estate agents are also well-connected to other real estate professionals in the area who can assist you in achieving your goals. 2. Home Inspector: Most abandoned homes are sold “as-is,” which means the home is being sold in its current condition, and the seller or owner will not make any improvements. When you agree to purchase the property, you agree to accept the condition of the property. You need to work with an experienced home inspector to get an idea of the repairs needed. While entry to the home for an inspection is sometimes not possible with abandoned homes or homes sold at auction, you can typically still get an inspector to take a look at the areas of the property they can access. 3. Real Estate Attorney A real estate attorney can help you do crucial research on the legal and financial entanglements of an abandoned property. They can search the local tax assessor’s office records for the deed and tax history of an abandoned home. This research will help you identify who owns the property and the extent of any debt associated with the property. An attorney can also perform a thorough title search on the property to ensure you are not inheriting a mountain of debt. If you are thinking about purchasing an abandoned property, Veitengruber Law is ready to be part of your team!