Ready to search for your dream NJ home? Over here, we have outlined the next steps for you to ensure that you do not miss out on anything. Whether it is your first time buying a new home or not, we have got you covered with practical tips you can refer to when you intend to purchase a new home.
Choose the Location of Your New Home
The first step is to choose where you want to stay in New Jersey. Research on the communities, the schools and the facilities near each town and decide which is the best option for you. You can also ask around, especially people who live in places that are on your list. In addition to reading online resources, you can even drive around the neighborhood to see how the location is like in person.
Decide on Your Budget
Engage professionals about a mortgage loan if you require one. Alternatively, you can use online calculators to determine how much money you need to save.
Get a Pre-Approval for Your Mortgage Loan
Regardless of whether you can find a property immediately, get this done up front. This gives you the advantage of being able to better negotiate the terms and the price you want as a qualified buyer. Furthermore, it gives you the chance to settle your finances early, and gets this time-consuming process out of the way, thus reducing stress for you.
Decide on Who to Engage as Your Realtor
Engaging the right realtor makes all the difference and can save you thousands of dollars. Choose a realtor you trust, someone who has your interests in mind and who has relevant experience. The most important things to look out for in a realtor is their experience, their knowledge in the real estate field and if they are someone who is able to represent you and have your interests at heart.
Determine Your Time Frame
What is the time frame in which you decide to move? Finding your new home can range from 2 weeks to 3 months, sometimes even longer. All these depends on buyer and seller schedules.
Search for Your Dream Home
A fun process for all home-seekers. Look for the home that best suits your needs and your preferences within your planned budget.
Negotiate with the Seller
When you have found the most suitable home that meets your needs, make an offer. This offer will be made on paper with a contract for your realtor to fill up with the necessary details. Oftentimes, the seller will counteroffer and terms and prices can be verbally negotiated through your realtor. When you have reached an agreement, the contract will be revised and both seller and buyer have to sign it.
Review by Your Attorney
Attorneys of both the buyer and seller will review the contract. During this period, you are still able to cancel the contract without any penalty. When selecting an attorney, you should choose someone who is knowledgeable and who is experienced in real estate transactions. When the review is done, you have to process your mortgage and conduct inspections with a licensed inspector.
Presence of Defects
The inspector will advise you on what requires maintenance. If there are any major defects present, repairs will be negotiated with the seller.
Tie Up Loose Ends
Obtain your homeowner’s policy from your insurance agent to start the closing day. Title search, flood certification and survey will be ordered by your attorney. For the first year’s insurance, a paid receipt is required at the closing.
Inspection
The final walkthrough should be done 48 hours prior to closing the deal. Wait for the sellers to move out before conducting the inspection.
Closing Day
Your attorney will advise you on the amount needed for closing day. This needs to be in the form of bank check or wire, or in certified funds. Once everything is settled, you can receive your keys to your dream NJ home! These are the important steps you should take when looking for a property in NJ. If you are in search for your dream NJ home, you can browse through our real estate listings for some of the best properties within New Jersey and the surrounding regions!
