In 2016, the average property tax bill in New Jersey was $8,549 (USD). This was the highest in the US. But despite the high property tax in the Garden State, a lot of people still prefer to live there. Why? It’s because New Jersey is not only blessed with fantastic beaches, but it also has the finest schools and hospitals. The crime rate is low. The culture is good. And, the restaurants serve some of the best dishes in the country.
If you’ve decided to live in the Garden State, you’ll see that finding a new home in Middletown, NJ may be easy. But how do you ensure that you’ll get the best deal? Follow the tips below:
One: Determine What You Want In A House.
What are you looking for in a house? List down the things you want to find in your new home. Be specific. How many bedrooms do you require? Is one bathroom enough? What’s the best location to be? When you’re in a home tour, make sure that you focus on your priorities.
Two: Know What You Can Afford.
Before you consult a real estate agent and browse houses, you need to know exactly how much down payment you can make. There are online calculators available if you don’t want to consult mortgage financing professionals. Remember that the higher your downpayment is, the lower your monthly mortgage payments are.
Three: Review Your Credit History.
Your credit report has information that will help the seller determine whether or not you can pay your bills on time. If you have a good credit history, you might be able to get a mortgage loan and an advantageous interest rate. Federal Housing Administration (FHA) credit score requirement to buy a home is 500 to 579 for 10% down payment and 580+ for 3.5% down payment. If your credit score is below 500, it might be difficult to buy a house in New Jersey.
Four: Get A Mortgage Pre-approval.
Even if you are not yet sure if you’ll be able to find the house that you like right away, you need to have a mortgage pre-approval. This will give you leverage when you start negotiating for the price. The process of getting mortgage pre-approval is long and tedious. Finishing it early on will give you the chance to resolve any financial issues without anyone rushing you. When you finally find the house you want to buy, the negotiation process will be quicker and easier.
Five: Look for a realtor.
The real estate game is tricky especially in a large purchase like an NJ home. While you can look for houses in the Garden State on your own, you might not find the best deals. Thus, you need someone who has experience in navigating around the home-buying business. It is essential that you find someone you can trust and who has your best interest in mind.
Overall, New Jersey is a great place to raise your family. So even if the property tax is a burden, the cost is worth the public education your children and the safety your family will be getting. You always get what you pay for. So start looking for the best house in the Garden State. Just follow the tips and above, and you’ll have little to no problems in purchasing an NJ home.