Baby Boomers Approach 65 … Glumly

Baby Boomers Approach 65 … Glumly

Purchasing Vacant Land 2

Are you considering buying property near tidal water Building a home, a retail center, or marina? Are you proposing a development? Or maybe an addition to an existing structure in a coastal town? If so, here are things to consider

Waterfront Development Permit

The Waterfront Development Law, passed in 1914, seeks to limit problems that new development could cause for existing navigation channels, marinas, moorings, other existing uses, and the environment.

The Waterfront Development Law regulates not only activities in tidal waters, but also the area adjacent to the water, extending from the mean high water line to the first paved public road, railroad or property line. This extends at least 100 feet but no more than 500 feet inland from the tidal water body.

Other reasons you need a Waterfront Development Permit docks, piers, pilings, bulkheads, marinas, bridges, pipelines, cables and dredging.

Coastal Wetland Permit

The land immediately adjacent to tidal water often contains coastal wetlands. The Wetlands Act of 1970 requires the DEP to regulate coastal wetlands. Any time land is located near tidal water there is a good possibility of coastal wetlands on the property.

Some signs of wetlands are tall reeds and grasses, or ground that is often soggy. The regulated coastal wetlands are shown on maps prepared by the DEP. These maps are available for public inspection at each county clerk's office.

You must have a coastal wetlands permit to excavate, dredge, fill or place a structure on any coastal wetland shown on the maps.

There are two types of wetlands (Isolated) when the water within the property is not connected to a larger body of water and (Un-isolated) meaning there is a finger or stream running within the property that is connected to a larger protected body of water.

Isolate wetlands may qualify for a general fill permit. Visit http://www.nj.gov/dep/landuse/

Tidelands License

Tidelands, also known as "riparian lands" are lands now or formerly flowed by the tide of a natural waterway. This includes lands that were previously flowed by the tide but have been filled and are no longer flowed by the tide. These lands are owned by the people of the State of New Jersey. You must first get permission from the State to use these lands, in the form of a tidelands license, lease or grant, and you must pay for this use.

Always remember Take time for due diligence and make sure you have a knowldegable realtor. You can loose a lot of money if your lead in the wrong direction and your not aware of these laws & permits.

Vacant Land Financing

Unimproved land, or raw land, with no plans for improvement is the hardest type of property to secure a loan on because it is in essence a speculative investment. Raw land has no added improvements like sewers, utilities, streets or structures.

A raw land loan will have higher down payment requirements and a higher interest rate than an improved property loan. Some lenders require a 50 percent down payment, but you should be able to find a lender that will only require a 20 or 25% percent down payment. A local lender that is familiar with the property will be more willing to work with you on the loan than a lender unfamiliar with the area.

When purchasing the property, insist on a warranty deed and title insurance to make sure you'll have clear title to the property.

Improved property, zoned for your intended use, will be easier to get a loan for than unimproved property. Buying land with immediate plans for construction is the easiest type of land loan to secure because the lender will be paid off when you get a mortgage on the structure.

Construction Loans

Construction loans are story loans. That means that the lender has to know the story behind the planned construction before they're willing to loan you money. Because it's a story loan, it's not going to be standardized like mortgage loans underwritten to Freddie Mac or Fannie Mae guidelines. There are some common features to a construction loan. Construction loans typically require interest-only payments during construction and become due upon completion. Completion for homeowners means that the house has its certificate of occupancy.

A construction loan finances the land, land improvements (such as clearing, grading, utilities, driveway, etc.), actual construction costs, finishes in the home (such as carpeting, appliances, etc.), architects and engineer's fees, permit fees, interest payments on the construction loan while the home is under construction (so you don't have to make payments on your present home plus the home under construction if you do not wish to) and closing costs on the transaction.

A construction perm loan is a loan performed at the end of the construction phase that refinances the 'construction' loan to a common mortgage. Typically a construction loan is 'interest only' for the build period and most 'construction' lenders require that their 'construction' loan be paid off at home completion. The major drawback to this scenario is that the homeowner has to incur an additional set of closing costs when they are required refinance the construction loan. The good side is that you have the option and time to find a very good final mortgage.

As an alternative, there is what is known as a 'one-time-close' construction loan. This type of loan finances the construction period and has a loan program (30 year fixed, 3/1 ARM, etc...) already in place for when the loan 'converts'. The 'pro' is that you only have to pay closing costs once. The 'con' for these types is that you must lock in the final rate prior to closing. Many lenders offer a 'floatdown' (when rates drop during the construction period, they will reduce your rate), but that often has a fee associated with it.

Owner financing is always a good option to consider if the seller is willing to hold paper. Somtimes the terms may be more favorable to the buyer since interest rate & closing costs can be minimal with this type of loan.

Purchasing Vacant Land

One might think that buying land is a simple process, but in actuality it can be complicated and in many ways is more difficult than buying a home. Despite the challenges, many Developers, small builders and Build your own entrepreneurs decide that vacant land is the right real estate investment for them.

Zoning regulations vary greatly from area to area, so carefully study the local zoning rules that apply to any prospective land purchase

Zoning Limits and restricts buildings and structures to specified districts and regulates to type and extent of their use, trade, industry, residence, open space or other purposes.

Zoning also Regulates the bulk, height, number of stories, orientation, size of buildings, accessory structures and the percentage of lot coverage.

If you do not conform to any one municipal zoning regulation / ordinance you may be required to pursue a Variance.

Variance:

Permission obtained from zoning authorities permitting the construction of a building or structure that is forbidden by present zoning ordinances.

It is not guaranteed, but a township can not cause you undue hardship by denying your application. In NJ if you can acquire any additional property around you to make your lot conform to current zoning laws you must make an effort to purchase that property at fair market value. If you can not purchase additional property the town then must grant your variance in accordance with NJ Land Use Laws. They can however put certain restrictions on the home they allow you to build or a deed restriction a clause that will run with the property forever. An attorney who specializes in Land Use Law will be an important resource when considering undertaking a variance application.

Keep in mind that this law applies to bulk requirements on a single building lot. If your are sub-dividing or asking for a set back variance the town may reject you at their own discretion

Other Things To Consider When Purchasing Land

Utilities
If the land doesn't have hookups for water, sewer, electricity and/or telephone, your engineer and or Builder will check with the municipality regarding plans to extend the road and specifications for accessibility. If sewer utilities are not available, your Engineer will need to order soil tests to see if the land can support a septic system and to determine the depth needed for a proper well

Topography
The grade and slope of the land will determine how much you can build and the costs you will incur. Varying elevations in land requires careful water drainage management.

Raw Land / Road Access
If the land isn't accessible by a public road, there should be a paper street or a deeded right-of-way this gives you the right to access your land. You will either share or be solely responsible for the costs of road improvement.

Wetlands, Pineland & CAFRA are other considerations will be touched on in another article.

Opening files on your computer

Sometimes your not sure of which program to use when your opening a file. The information provided will show you which progams to use when down loading a contract, fax, text file, picture, word document , power point presentation, video, movie or spread sheet. Take note of the file extensions.

After downloading a document make sure you right click and use the OPEN WITH to open your program in the correct format.

	Images (.gif, .jpg, .bmp) - Web Browser or graphics program
	Documents (.doc, .txt) - Word Processor, Microsoft Word
	Video (.mov, .avi, .ram, .qt) - Media Player, Quicktime, RealPlayer, etc
	Web Page (.htm, .html) - Web Browser
	Presentation (.ppt) - PowerPoint
	Faxes, Forms, Contracts (.pdf) - Adobe Acrobat Reader, Adobe Acrobat
	Spreadsheet (.xls, .wbk) - Excel

Success Quotes

Permanence, perseverance and persistence in spite of all obstacles, discouragements, and impossibilities: It is this, that in all things distinguishes the strong soul from the weak.

We choose our state of mind, just as we choose our behavior and our path in life. So choose to do something great today for yourself and others - be positive!"

The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those which fail."

-- Napoleon Hill, 1883-1970

Even if you're on the right track, you'll get run over if you just sit there."

-- Will Rogers

Point Pleasant Boro

Point Pleasant Borough year round residents enjoy the calm and serenity of traditional, Jersey Shore small town living in the winter months and the eventful fast paced life during the summer months. Point Pleasant Beach combines the architectural charm of past eras with the trendy, fun amenities of today. Its continuing attractions to year round residents can be seen in its thriving downtown business district which boasts fine antique shops; small boutique clothing stores, street side café's and small restaurants. The expansive family boardwalk is one of the nicest in New Jersey, boasting Jenkinson's Aquarium, amusements, rides, games of chance, arcades, and great food.

Point Pleasant Borough was originally settled by people of English decent who were mainly farmers and boat builders. At one time the community was a booming logging center where trees were shipped out of the Beaver Dam Creek. The Point Pleasant Canal was built about three quarters of a century ago. That two mile ditch had been a dream of local planners since the early part of the nineteenth. During WWII the canal was used as a thoroughfare so marine ships could safely pass through the Manasquan Inlet to the Barnegat bay. The Canal & Beaver Dam Creek are now an alluring favorite of homeowners who appreciate boating, fishing and the waterfront throughout the year.

Home to more than 20,000 residents Point Pleasant Borough commuters find the NJ Transit rail line station that runs services to New York and northern Monmouth county towns daily extremly convenient.

The Pont Pleasant Borough school district consists of Ocean Road Elementary, Nellie Bennett

Elementary, Memorial Middle and Point Pleasant Borough High School. The Point Pleasant Public School system consistently ranks among the best in New Jersey