According to experts, New Jersey was recognized as one of the most actively developing states with attractive conditions for investors. Buying real estate for business or personal use is a serious decision. However, such an investment can bring good returns in the future.
Even if you are a home buyer for yourself, you can make money by reselling it later. To do this, you need to buy an object in the area under construction when prices are still low, but there is a growing trend. In a few years, the same house can cost 2 or 3 times more. In this article, we will outline the essential steps to buy a house in N.J.
Preliminary assessment of indicators
In the real estate market in New Jersey, supply now exceeds demand. A house is sold on average within 41 days from the date it was put up for sale. But over the past year, real estate, in general, has risen in price by 2.7%. Of course, the prices for new buildings and houses that have already had owners are different. Also, the cost of housing is highly dependent on the area. 39 Cornelison complex in Jersey City is not the most affordable, but the level of comfort meets the highest requirements. The interest rate on mortgage loans for 15 years is 2.74%, and for 30 years – 3.16%. This figure is considered below the U.S. average.
Establish A Budget
Buying a house in New Jersey, evaluate your financial capabilities in the most careful way. To get a bank loan, you need to have a high credit rating. If earlier, to obtain a mortgage, it was required to score 620 points, then after the start of the coronavirus pandemic, this figure increased to 700.
Buying a home in New Jersey, you must also:
- Make the first part of the payment in the amount of 20% of the total cost of the house for the transaction to take place;
- Pay for organizational expenses and paperwork 2-5% depending on the price of the property.
The average cost of a family home in this state is $ 350,000.
Find a Great New Jersey Real Estate Agent
The main answer to the question: what do I need to buy a house in N.J. – will: hire a professional realtor! Just as a financial advisor helps you get the best mortgage interest, and a lawyer enables you to draw up a sales contract, a real estate agent will choose the best home for you!
An experienced realtor will tell you what you need to pay attention to and what is not worth your efforts. The professional will also point out unexpected options that you might like. Finally, deals with realtors help buyers save 10-15% of the original home value. Realtors know how to work with sellers and developers, while ordinary buyers do not know the intricacies of the process.
Create Must-Haves, Needs & Wish List
Before you start looking for a home, make a list of property requirements. For example, it can be:
- Sleeping area or, conversely, the city center;
- The presence of a right school and kindergarten nearby;
- Short distance to your work;
- Developed infrastructure (there is a metro station, fitness centers, park, beach nearby);
- Number of floors in the house;
- House area;
- Layout of the house;
- A particular style;
- Availability of built-in household appliances and furniture.
Arrange these criteria in descending order of importance. If the house matches 8 out of 10 points – it’s a great deal!
Choose A Neighborhood
Before buying a property, it is imperative to assess the area in all respects. Your neighbor can become your best friend, or they can become your worst enemies. Check for student residences nearby that might disturb the silence at night. Nightclubs and restaurants are also considered a bad neighborhood for the same reason. Some developers sell apartments only on the condition that the buyer will live in this house. Other companies construct buildings for investors to rent out. If you buy an apartment in a home where it makes no difference to the developer, whether you live there or rent it out, get ready that the neighbors will change often.
For those who value comfort, a stylish building with modern interior decoration in a quiet location is ideal. Check out all the delights of Murphy Varnish Lofts on iNew-Homes. On our website, you will find a detailed description of the object, and you can also ask additional questions.