with Andrea Hoffmann

Answers to your home and real estate questions.

Q: My husband and I are buying our first home, but the mortgage will be in my name only. Is he still considered an owner?

A: While a mortgage is a financial instrument, it’s the deed of a property that establishes ownership. Ideally, you’d both sign your deed. However, it’s good to know that in NJ, even if he failed to sign the deed, the primary residence of a married couple is considered joint property. It is best to consult an attorney to make sure everything is legally as you wish. 

Q: What is the “mansion tax” and does it apply even if the home I’m looking for isn’t a mansion?

A: In New Jersey, sellers pay a Realty Transfer Tax that is calculated according to the sale price of the home. When the sale price is over $1,000,000, a supplemental 1% “mansion” tax kicks in which is the responsibility of the BUYER. That’s why we see homes closing for $999.999––it saves the buyer $10,000 of taxes! Home size has nothing to do with it.  I know, it stings, and the bragging rights of owning a “mansion” aren’t much consolation. It’s been a long time since this tax was levied, and based on the current market, it deserves reexamination.

Q: Is gold the new silver in home fixtures?

A: Home decor trends change all the time. It’s a great way to keep spaces refreshed (and keep interior decorating stores in business!). Benjamin Moore has announced that the 2022 color of the year is October Mist, so you can expect to see sage being put to bountiful use soon. 

Changing the color of your walls or accent decor (think pillows or curtains) is easy and inexpensive. Changing your fixtures is a different story. It’s true that gold fixtures had given way to brushed nickel for quite a while, but they’ve definitely been showing back up more and more. The right decor choices are the ones that make you feel happy and comfortable in your home. If you love gold fixtures, go for it!

Get your own question featured in The Home Zone! Email me at Andrea.HomeZone@gmail.com.