NJ Real Estate First-Time Home Buying

6 things to expect during your first NJ Real Estate purchase

The home buying process can seem confusing at first glance. The main thing to remember is to always be organized and have a plan to guide you through your purchase. A number of things should be considered before you begin your search such as your lifestyle needs and how much you can afford. Owning a home can be the best investment you will make in your lifetime, so it is important to always choose where you want to live wisely. The following provides what the average NJ Real Estate home buyer should look forward to when during their house hunt:

First-Time Buyer Advantage

In an effort to address the economic challenges and to stimulate the US housing market, Congress has enacted legislation granting a tax credit to first-time home buyers of up to $8,000 purchasing a home between January 1, 2009 and April 30, 2010. This is a guaranteed federal tax credit that directly reduces the tax amount owed for a year. In order to qualify, the buyer must meet certain criteria including anyone who has not owned a home in the previous three years, will not sell the home within the next three years, will use the home as a principal residence, has a combined income of $225,000 or less is filing as a couple and the purchase price of the home is $800,000 or less.

Typical Time Frame

Before actually going out with a Realtor who will be showing you homes, it is a good idea to search the internet for the type of home you might be interested in since 80% of searches start there. This will help familiarize you with the areas and neighborhoods you prefer as well as styles of homes such as condos and townhomes. Many sites offer detailed listings with multiple photos and virtual tours. By the time you are viewing properties with Realtors, generally you will find a home in 2-8 weeks that you wish to submit an offer on.

Choosing a NJ Real Estate agent

When you are ready to actively search for a home, one of the best decisions you can make is to hire a professional Realtor you trust. An experienced NJ Real Estate agent can be a valuable resource and will help determine how much you can ultimately afford. They will do the remainder of home research for you, such as location, and be able to show you homes that meet your specific needs therefore expediting the home buying process. Remember that you will most likely be selling the home within the next seven years, so consider certain aspects such as future needs and resale values.

Tips to choose a home easier

While out viewing homes, pay close attention to the home itself and the surrounding areas. How will the resale value be affected with homes located on a busy street? Next to a liquor store or school? Take notes of every home with your likes and dislikes, and bring a digital camera to take pictures of each home. These things will make the process much easier for you when it comes time to choose a home.

Costs to own a home

You may find the cost of actually being a NJ Real Estate homeowner quite surprising when all is said and done. Cash requirements such as down payments, home inspections, loan fees, appraisal fees and attorney fees are only some of the costs incurred in a home transaction. Once you are settled, monthly expenses in addition to mortgage payments need to be accounted for such as property taxes, utilities, insurance and any other necessary repairs.

Selecting the home you want

After seeing a number of homes, your Realtor will help you decide which home suits your needs best. For the most part, buyers know which home they like best as soon as they walk through the door. It is then the agent’s job to follow through with contracts, inspections and anything else to guide you through the closing process smoothly and make your dream of NJ Real Estate home ownership a reality.