Sold Jan 08, 2019
$200,000
Seller
$160,000
by Visions Fcu
Mortgage Due Jan 01, 2049
56 Lake Road in Morristown, NJ was first built in 1954 and is 70 years old.
This has been categorized as a residential property type.
It is a single story home.
56 Lake Road has 960 sqft of living area. This is typically the area of a building that is heated or air conditioned and does not include the garage, porch or basement square footage.
In total, the area measurement of the land is 6,220 square feet.
Learn more about the property and building on this page. Fun fact, did you know that buildings can move due to weather changes? That's why, the type of control joints used in the construction of your home is extremely important. Based on our data, we know that the home was built with frame control joints. 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, 56 Lake Road sold most recently in Dec 17, 2018 for a total of $200,000. If you work out the math, that's approximately a cost of $208.33 per sqft. 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 $7,907 in taxes each year. 56 Lake Road was most recently assessed in 2023. During this assessment, the property's total value was estimated to be about $272,100. If we break it down further, the land itself was valued at $189,500. Improvements to the property, however, were assessed at a total of $82,600. 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.
Learn more about the property and building on this page. Fun fact, did you know that buildings can move due to weather changes? That's why, the type of control joints used in the construction of your home is extremely important. Based on our data, we know that the home was built with frame control joints. 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, 56 Lake Road sold most recently in Dec 17, 2018 for a total of $200,000. If you work out the math, that's approximately a cost of $208.33 per sqft. 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 $7,907 in taxes each year. 56 Lake Road was most recently assessed in 2023. During this assessment, the property's total value was estimated to be about $272,100. If we break it down further, the land itself was valued at $189,500. Improvements to the property, however, were assessed at a total of $82,600. 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.
This property description is generated based on publicly available data.
56 Lake Road, Morristown, NJ 07960
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