120 Terrace Drive

Local assessors in Chatham, NJ have categorized 120 Terrace Drive as a residential type of property. The home was built in 1989 and is 35 years old. The property's lot size has been calculated to be 14,985 square feet. If we look only at the heated or air conditioned part of the building, then 120 Terrace Drive has a total of 1,247 sqft of living area. Note that this number does not include the square footage of the garage, basement, and/or porch into its calculations.

Curious to learn more about the home? Our team of data engineers have sourced the most up-to-date information from the local assessors office to share with you. We've gathered and summarized the following transaction history in an effort to provide more transparency and up-to-date information for our users. According to our sources, 120 Terrace Drive sold most recently in Jan 26, 2021 for a total of $390,000. If you work out the math, that's approximately a cost of $312.75 per sqft. Before that, the property was also sold for $340,000 in Jan 17, 2017. There could be many factors that caused the property to sell at a higher price and increase in value. Tax-wise, the current owner is expected to pay close to $6,803 in taxes each year. 120 Terrace Drive was most recently assessed in 2023. During this assessment, the property's total value was estimated to be about $347,800. If we break it down further, the land itself was valued at $150,000. Improvements to the property, however, were assessed at a total of $197,800. Homeowners who care about taxes, will be happy to see that the property's total assessed value has been marked as less than the total market value. If possible, try to put down at least 20% towards the down payment during your home purchasing process. While you may be able to buy a home with less than a 20% down payment, your lender may then require you to pay for a private mortgage insurance (PMI). PMI protects the lenders and lowers their financial risk in case the borrower defaults. Generally, you'll need to pay more PMI when your total loan amount is higher. However, certain factor such as your credit score, loan type, loan term, and loan-to-value ratio can all impact your PMI as well.Sadly, this property is not available for sale but we are constantly updating our inventory in real time. Sign up for a RealtyHop account and add this property to your favorites to get updates on when this property is back on the market. Or alternatively, you can check back frequently for updates.