A retiree who has maintained a single-family home in Tenafly for over 20 years recently expressed concerns about maintenance costs after receiving a roof repair estimate. After listing items such as window replacements, boiler aging, and landscaping management, they felt that the monthly HOA fees were less burdensome compared to these expenses. It's important to consider these calculations as retirement approaches.

The first thing to check is the current property tax level of the home. The effective property tax rate in Tenafly is around 2.21 percent, and the average property tax bill for 2025 is $25,123, up from $23,833 in 2024 (Ownwell). Compared to Bergen County's average effective tax rate of 2.4 percent, Tenafly falls within that range. The representative value of Tenafly homes is estimated at $896,668 (Zillow), but tax variations can be significant based on school district assignments and lot size, so it's essential to check based on individual addresses.

The second item to consider is heating and cooling costs. As of May 2026, the average residential electricity rate in New Jersey is 23.27 cents per kilowatt-hour (EIA), and multiplying this by the average monthly usage of 687 kilowatt-hours results in an electricity bill of about $160 per month. Additionally, PSEG gas rates have increased, and since the rate hike in October 2024, the average combined bill for electricity and gas has risen by about $15 per month. Older single-family homes often have poor insulation, making these costs feel even higher.

Within Tenafly, areas with larger lot sizes and multi-family homes have different heating and cooling efficiencies. Larger single-family homes tend to have larger window and roof areas, leading to higher heating and cooling costs unless insulation improvements are made. If a home has recently replaced windows or insulation, the cost burden may be relatively lower, so checking recent renovation history when viewing properties can be a practical comparison method.

The third item to address is the HOA fees when moving to a condo or townhome. HOA fees typically cover exterior walls, roofs, and landscaping management, but the included items can vary by building, so it's important to check the management fee details when viewing properties.

In summary, the items to check before retirement are as follows:

• Current property tax bill and effective tax rate, along with the annual increase
• Total of the last year's electricity and gas bills
• Existence of major items needing replacement within the next five years, such as roofs, boilers, and plumbing
• Included and excluded items in HOA fees when moving to a condo or townhome

It's also worth considering the market conditions at the time of sale. Recent market trends show that areas like Tenafly, which have good school districts, maintain steady buyer demand, making it not too difficult to sell. However, the condition of the home can significantly affect negotiation prices. If the home is listed needing a roof or boiler replacement, it often leads to lower negotiation prices, so it's worth calculating whether it's better to complete repairs before selling or to sell as-is and use the funds for a condo purchase.

Finally, it's important to check New Jersey's Senior Freeze, ANCHOR, and Stay NJ programs. Starting in 2026, applications will be accepted through a single PAS-1 form, targeting those aged 65 and older or Social Security retirement benefit recipients. Income thresholds change annually, so be sure to check the latest criteria before applying. Stay NJ adds up to 50 percent of property taxes to the ANCHOR grant, so qualifying couples can receive a significant amount back each year from these programs.

Another item to check is insurance premiums. Homeowners of single-family homes must obtain their own homeowner's insurance, while condos often have the HOA cover insurance for the building's exterior and common areas, allowing individuals to only insure their interiors and personal liability. This difference can lead to hundreds of dollars in annual insurance premium savings, so if you're weighing a move, it's worth getting side-by-side insurance quotes for both scenarios. Tax and maintenance-related figures can vary based on county and building conditions, and this article does not constitute investment or legal advice, so consulting a professional before any contracts is recommended.