Gina Chirico - Blog

Keeping it All in the Family ~ West Essex Multigenerational Homes (a/k/a West Essex "Mother/Daughter homes" or West Essex "homes with In-Law Suite")

Gina Chirico — Fri, 01 Jan 2010 01:01:19 GMT

In 2008, there were 3.8 million multigenerational households in the United States. According to the United States Department of Commerce's Census Bureau, multigenerational households are defined as households that consist of "three or more generations of parents and their families" living in the same house.

Multigenerational homes are often referred to as a"mother/daughter home" and/or an "in-law suite", basically both have the same meaning...keeping the house "All in the Family".

There's no doubt that many varieties of multigenerational homes exist but the most common are families which consist of grown children, grandparents and grandchildren all living under the same roof:

the homeowner, his/her children and grandchildren; or
the homeowner, his/her children and his/her own parents.

There are many reasons as to why a single family home houses more people.

Baby boomers are now caring for elderly parents;
Another group consists of younger families who live with their parents in order to pool finances in expensive housing markets or so they both can afford to live in a nicer home. Having live-in grandparents available for babysitting is an extra bonus;
The empty nest sometimes becomes the crowded nest when parents welcome their grown children back for a period of time to help them get on their feet financially after graduating from college, losing a job or going through a divorce; and
Home foreclosures have also caused many families to pool their resources with relatives and live together.

There are also several variations of what a multigenerational home consists of. Some will have its own entrance, include a full second kitchen, bathroom and living area where others may just have an extra room or two with a private bath, without its own kitchen, with or without a separate entrance.

Typically families under the same roof still desire own privacy and independence however zoning rules can forbid a property owner to create a multigenerational (a/k/a mother/daughter or in-law suite) type home with separate entrances and kitchens in a single-family zone.

There are a handful of multigenerational (a/k/a mother/daughter or in-law suite)homes for sale within The Communities of West Essex (Caldwell, Cedar Grove, Essex Fells, Fairfield, North Caldwell, Roseland, Verona and West Caldwell) located within Essex County, New Jersey. Some of these homes offer the convenience of two kitchens (i.e., second kitchen) which may attract multigenerational families or perhaps just a single family who desires two kitchens. When a second kitchen is not present in a multigenerational home, the families share the kitchen in the main living area of the house.

For more information on multigenerational homes also known as mother/daughter or in-law suite homes for sale in Caldwell, Cedar Grove, Essex Fells, Fairfield, North Caldwell,Roseland, Verona and West Caldwell (i.e.,"WEST ESSEX"), please contact Your Resource for West Essex Real Estate, Gina Chirico.

COMMITTED TO OUR SCHOOLS!

COMMITTED TO OUR COMMUNITIES!!

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Communities (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield and Nutley.****

When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

West Essex At a Glance ~ The Communities within West Essex

Gina Chirico — Sat, 28 Nov 2009 12:29:04 GMT

Thinking of moving to the West Essex area of Essex County, New Jersey but not really sure what or where West Essex is? West Essex is located at the far northwestern region of Essex County, bordering both Morris and Passaic Counties.  West Essex is comprised of eight amazing towns, each with a little bit of their own style, character and history. West Essex offers the perfect combination of living and working environments for both singles and families.

Among the Communities of West Essex are Caldwell, West Caldwell, Roseland, Essex Fells, North Caldwell, Fairfield, Verona and Cedar Grove. All eight of these West Essex Communities share a history together having all been part of the Horseneck Tract over 300 years ago (as were portions of Livingston, West Orange and Upper Montclair).   All the West Essex Communities, including Livingston, West Orange and Montclair have been voted in the Top 20 Best Places to Live in Essex County by New Jersey Monthly in 2008.

The Borough Caldwell is a full-service community with small-town charm. Housing styles and sizes range from early Victorians to fully-modern condos to an array of multi-family homes. Caldwell boasts an abundance of local stores and shops on Bloomfield Avenue that reflect the upscale mood of the community, a movie theater, restaurants, as well the Caldwell Community Center complete with gymnasium, pool and fitness center which has a little of something for every age group. Caldwell is also home to the 7th largest park in the Essex County Parks system…Grover Cleveland Park. This 42-acre park boasts a tennis courts, baseball fields, a playground and a pond perfect for families to enjoy fishing or ice skating. Caldwell, New Jersey was voted #7 Best Place to Live in Essex County by New Jersey Monthly in 2008. Search for Caldwell, NJ homes.

The Township of West Caldwell, shares the Caldwell name but maintains its own unique character. A town of predominantly single-family homes and approximately 11,500 residents, its streets are filled with colonial, split-level, ranch and Cape homes. Shoprite and Kings are amongst West Caldwell’s four shopping areas. West Caldwell, New Jersey was voted #6 Best Place to Live in Essex County by New Jersey Monthly in 2008. Search for West Caldwell, NJ homes for sale.

Presently Caldwell and West Caldwell share a public school system consisting of four grammar schools, Grover Cleveland Middle School and James Caldwell High School in West Caldwell. Caldwell and West Caldwell have a combined population of approximately 18,000 and are located within 25 miles or so from New York City.

The Borough of Essex Fells, the smallest community in Essex County, is almost entirely residential with a variety of well-designed and spaciously located homes and estates. Essex Fells has approximately 2,100 residents and covers approximately 1.5 square miles. Although maintaining its own grammar school for kindergarten through sixth grade, Essex Fells is part of the West Essex Regional School District, along with Roseland, North Caldwell and Fairfield for Middle School and High School. Essex Fells, New Jersey was voted #2 Best Place to Live in Essex County by New Jersey Monthly in 2008. Search for homes for sale in Essex Fells.

The Township of Fairfield (my hometown) is among the least densely populated towns in Essex County. Housing styles for its approximate 7,000 residents range from cape and bi-level styles to colonials and townhouses. A town with a large commercial and industrial base, including the Essex County Airport and Target, Fairfield provides plenty of opportunities for employment and is conveniently located near Routes 46 and 80 for the New York commuter. Like Essex Fells, Fairfield maintains its own grammar schools, but is one of the four sending districts of the West Essex Regional Schools. Fairfield, New Jersey was voted #17 Best Place to Live in Essex County by New Jersey Monthly in 2008. Search homes for sale in Fairfield, NJ.

The Borough of North Caldwell situated at the highest point of land in Essex County is comprised of mainly single family homes and townhome complexes for its 5,800 residents. The tree-lined streets of North Caldwell boast an array of large estates and well-maintained homes. Although maintaining its own grammar school, North Caldwell is part of the West Essex Regional School District, serving the sending districts of Essex Fells, Fairfield, North Caldwell and Roseland. North Caldwell , New Jersey was voted #5 Best Place to Live in Essex County by New Jersey Monthly in 2008. Search homes for sale in North Caldwell, NJ. Although separate from Caldwell and West Caldwell, all three towns share the same zip code (07006). Search for all homes in New Jersey zip code 07006.

The Borough of Roseland, originally known as the “Centerville Section” of Livingston is a well blended residential and executive area of West Essex. With an estimated population of 5,300, Roseland covers 3.6 square miles. The Roseland School District serves students from kindergarten through sixth grades. Students in grades seventh through twelfth attend the West Essex Regional School District. Communities served by the West Essex Regional School District are Roseland, Fairfield, North Caldwell and Essex Fells. Roseland, New Jersey was voted #3 Best Place to Live in Essex County by New Jersey Monthly in 2008. Search homes for sale in Roseland, NJ.

The Township of Cedar Grove described by the Star Ledger newspaper as “Beautiful Suburbia” is located just between the first and second chain of the Watchung Mountains. Although Cedar Grove is primarily a residential community with a great mix of colonial, ranch and split level homes, with a small number of townhomes and condos. The North End of Cedar Grove consists of mostly homes. A notable part of the north end of town is the Park Ridge Estates, which contains million dollar homes. The central portion of the town contains Cedar Grove’s business district, including the Essex County Hospital Center, Mills Reservation and the Cedar Grove Reservoir. The South End of Cedar Grove heading towards Verona is where you can find a mixture of houses and businesses like Burger King, the Pilgrim Diner and the movie theater. Cedar Grove maintains its own public school system. Cedar Grove, New Jersey was voted #4 Best Place to Live in Essex County by New Jersey Monthly in 2008. Search homes for sale in Cedar Grove, NJ.

The Township of Verona is primarily as an upscale residential community. Due to its natural beauty and proximity to New York, Verona has appeal as an affordable residential community with a mix of single-family homes, town-houses and garden apartments. One of the most favorable features of Verona is Verona Park, which is part of the Essex County Park system. In addition to this 54 acre park being a favorite location for wedding pictures, it offers boating, fishing, tennis courts and playgrounds. Verona students attend the Verona school system. Verona, New Jersey was voted #1 Best Place to Live in Essex County by New Jersey Monthly in 2008. Search homes for sale in Verona, NJ.

There are some who consider Livingston, West Orange and the Upper Montclair section of Montclair to be part of West Essex. They are connected to West Essex not only because they border the West Essex Communitiesbut small portions of all three towns were once a part of the Horseneck Tract which is now known as West Essex. Their connection to West Essex is duly noted and recognized. Livingston, New Jersey’s local newspaper is, after all, called the West Essex Tribune. Livingston, New Jersey was voted #14 Best Place to Live in Essex County by New Jersey Monthly in 2008. Montclair, New Jersey was voted #15 Best Place to Live in Essex County by New Jersey Monthly in 2008 and West Orange, New Jersey was voted #16 Best Place to Live in Essex County New Jersey Monthly in 2008. Search homes for sale in Livingston NJ, West Orange NJ and Upper Montclair NJ.

See current West Essex Real Estate Market Reports and Stats for the West Essex Communities.

COMMITTED TO OUR SCHOOLS!

COMMITTED TO OUR COMMUNITIES!!

Proudly serving the Communities of West Essex AND a Resident too,

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

First-Time Homebuyer Credit Extended and Expanded in NJ to Include Qualified Homeowners/Repeat Buyers!

Gina Chirico — Wed, 18 Nov 2009 08:00:00 GMT

With the Extension and the Expansion of the First-Time Homebuyer Credit...there's never been a better time to make your move in New Jersey.

If you are like many other people -- you may be thinking...What's the Big Deal or the tax credit only benefits First-Time Homebuyers, yada yada yada....

Let me tell you what the big deal is!!

Let's back up a minute....for starters, the original tax credit of up to $8,000 for first-time homebuyersdid not only benefit first-time homebuyers -- think about all the sellers who sold their house to first-time homebuyers. Those sellers benefited too from the sale of their house to first-time homebuyers.

Moving forward....not only has the tax credit of up to $8,000 for first-time homebuyers been extended from November 30, 2009 through April, 2010, the income limits have been raised thus allowing more first-time homebuyers to take advantage of the tax credit being offered. Some key points to the $8,000 first-time homebuyer credit include:

To qualify as a "first-time homebuyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase and must purchase a home between November 7, 2009 and April 30, 2010. As long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until June 30, 2010 to close.
The income limits to qualify for the full credit are $125,000 for a single person and $225,000 for a married couple. Individuals earning up to $145,000 and married couples earning up to $245,000 are eligible for partial credit. (The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.)
The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Not only will Move-Up Buyers and Empty Nesters (i.e., REPEAT BUYERS) reap the benefits from selling their house ONLY to First-Time homebuyers (i.e., the old tax credit), but current homeowners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight may be eligible for the new tax credit of up to $6,500 ($3,200 for those filing separately). Some key points to the tax credit expansion include:

To qualify, you must have owned your home and used it as a principal residence for at least five consecutive years of the previous eight years. (E.g. If you sold a home you owned and lived in for five years two years ago, and have been renting since, you'd still be eligible for the credit.) As long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until June 30, 2010 to close.
The income limits to qualify for the full credit are $125,000 for a single person and $225,000 for a married couple. Individuals earning up to $145,000 and married couples earning up to $245,000 are eligible for partial credit. (The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.)
The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Your new house does not need to cost more than your old house for you to be approved for the credit.
The credit cannot be used on homes costing more than $800,000.

For more special tips on how buyers and sellers can take advantage of the First-time Homebuyer Extended Tax Credit of up to $8,000 and the New Tax Credit of up to $6,500 for qualified move-up/empty nester/repeat home buyers (i.e., existing homeowners) and close escrow before July 1, 2010, please read my post Tips for First-Time Homebuyers, Repeat Buyers and Sellers to Close Escrow by July 1, 2010 (The Extension and Expansion of the Homebuyer Tax Credit) .

In addition to the tips I posted in my blog, you basically need to:

Find a Realtor;
Get a pre-approval;
Look at homes;
Choose a home and make an offer;
Negotiate terms;
Complete attorney review, conduct inspection, property appraisal, homeowners insurance BEFORE April 30, 2010;
Get financing and close the deal BEFORE July 1, 2010.

(Keep in mind that steps 3-6 may have to be repeated...several times).

Even with the extension there is no reason for New Jersey buyers and sellers to still be waiting on the fence. It takes time to buy and sell your New Jersey home. Don't wait until the last minute...wouldn't you like to be in your new house before we spring forward?

Gina Chirico, Sales Associate

973-715-1158 (cell)

973-992-6363 ext 116 (office)

Gina.Chirico@PrudentialNewJersey.com

http://GinaChiricoRealEstate.com

When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

Verona Welcomes New Neighbors

Gina Chirico — Tue, 06 Oct 2009 19:59:45 GMT

I am thrilled to announce that I have JUST SOLD 25 Westland Road located in Verona, New Jersey.

Did you know that New Jersey Monthly Magazine ranked Verona as the #1 place to live in Essex County and the 3rd best place overall to live in New Jersey in its 2008 rankings of the "Best Places to Live" in New Jersey.

So...where do you want to live? If you want to join the approximate 14,000 residents who already live in Essex County's #1 town, VERONA, click here to get started and search for your Verona home.

YOUR RESOURCE FOR NORTH JERSEY REAL ESTATE,

Gina Chirico, Sales Associate

973-715-1158 cell

973-992-6363 ext 116

Gina.Chirico@PrudentialNewJersey.com

www.GinaChiricoRealEstate.com

****With deep roots in the Essex County, I service buyers and sellers throughout many Essex County communities and neighboring Morris, Passaic and Union Counties, specializing in the entire West Essex Area (including Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove) and my hometown areas of Belleville, Bloomfield, Nutley and Little Falls.****