How To Buy a House in New Jersey?
Call Matthew Killea (732) 749-8700 :: From finding properties with specific criteria to the negotiations and complicated real estate paperwork, our real estate professionals go the distance for our clients.
From finding properties with specific criteria to the negotiations and complicated real estate paperwork, our real estate professionals go the distance for our clients.
Whether you are a first-time home buyer or a repeat home buyer in New Jersey, it’s helpful to go over the steps of buying a home because the laws and processes can change over time. Working with Gateway Realty and Home Services will benefit you in many ways. From finding properties with specific criteria to the negotiations and complicated real estate paperwork, our real estate professionals go the distance for our clients.
Before you begin daydreaming about the purchase of a new home, it’s essential to review some of the steps on how to buy a house. By considering the following steps, you will be able to make the right decision for you and your family.
How To Buy a House
Determine where you want to live
Most people already have a general idea of where they want to live. Other potential homebuyers will use various methods to determine the area that is best for them, depending on the schools, work, commuting, and other important factors.
If you are still trying to determine the right area for you and your family, there are several things you can do which will greatly help with your decision. Some of these things include:
- Drive around potential neighborhoods at night and during rush hour to see what they are like at those times.
- Decide how long you want to commute to work and map out neighborhoods within that radius.
- Many websites have access to demographics, home listings, photos, and more, which will help pinpoint an area.
- Ask friends, family, and colleagues what their outlook and experiences are in certain areas. If you ask enough people, you will get a well-rounded idea.
- If applicable, look up what school district you want to live in, this will help narrow your search.
How Much House Can I Afford?
Several factors fall into this category. First of all, you need to establish a budget. This takes into account other expenses besides just your mortgage payment. For instance, what is it going to cost monthly for:
- Home insurance
- Trash services
- Utilities – gas, electric, etc.
- Home repairs
When determining how much you can afford for a mortgage payment, online calculators can help. Also, contact us for a list of qualified mortgage professionals who you can consult about mortgage financing.
Create a needs, wants, and must-haves list
Once you have established where you want to live and what you can afford, you will begin looking at a lot of possible houses. So it’s important to outline what is essential to you and what you like but don’t necessarily need at this time. It is good to sit down and make this list because you will find houses that may seem to fill all of the right requirements but may not actually be the right fit.
Find a buyers real estate agent
A buyer’s agent is a licensed, professional real estate agent who works on behalf of a home buyer. They represent the buyer in all aspects of the home purchasing process. Some of the many advantages of working with a buyers real estate agent include:
- Immediate access to more homes in New Jersey
- Help with negotiating the right price
- Access to a network of professionals
- Advice during tough or stressful moments
Get pre-approved for a mortgage
A pre-approval is when you submit your information upfront to your lender so that they can complete the process and verify your loan before you get your offer accepted. Once you are pre-approved, you will get a letter that you will be able to show the sellers. This letter lets the sellers know that you have already begun the process of working with a lender and that the lender is prepared to work with you. It also allows the sellers to know that they won’t be wasting their time, and this gives you a notable advantage over other potential buyers.
Look for your home in New Jersey
This is the best part of the entire process. Now that you have your ducks all in a row, so to speak, you can start looking for the right house to call home. At Gateway Realty and Home Services, we will help guide you through the entire home finding process.
The final steps
Once you looked at all the contenders and you choose the perfect one, the offer must be made in writing. After this, the final steps include:
- Contract negotiations
- Acceptance of the contract
- Attorney reviews it
After these steps, you’ll officially be under contract. Remember, we will be with you through the entire process so that you’re always a step ahead.
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