Before Buying a Home in NJ, Here's What You Need to Do:

by Scott Zielinski

Buying a home can be an exciting and rewarding experience, but it also requires a lot of preparation and planning. Before you begin your home search in the South Jersey area, there are several important steps you should take to ensure that you're ready to make one of the biggest and most fulfilling investments of your life!

1. Check your credit score: Your credit score will play a significant role in determining your financing and financing options. It will also play a role in your mortgage interest rate and the amount you're able to borrow. Be sure to check your credit score and address any issues or errors before applying for a mortgage. When you are in the best financial scenario as you can be to finance, you will have more options to consider for your first (or next) home!

2. Determine your budget & Get pre-approved: If you're planning on financing, reach out within your network for referrals for a great lender. They will be able to provide you with a pre-qualification and give you a better idea of your budget. It doesn't hurt to also consider working with a financial advisor to discuss how much you can comfortably invest on a home. You will also need to factor in financial items into your budget like property taxes, HOA fees, and maintenance costs... in addition to your monthly mortgage payment.

3. Research neighborhoods: NJ has a wide variety of neighborhoods to choose from, each with its own unique charm and character! Do your research on different towns and neighborhoods to find the one that best suits your needs and preferences. If you have kids, you'll also want to consider the school district and whether they will be going to public school or private school. In any neighborhood you're considering for your home, we recommend driving through at different times during the day to see how the day-to-day suits your needs!

4. Find a trusted real estate agent: A knowledgeable and experienced agent can guide you through the home-buying process and help you find the right home at the right price. Ask for recommendations from friends and family, or do some research online to find a reputable agent. Within our team at the Zielinski Real Estate Group, we have several reputable agents who would be happy to guide you through the process - smoothly and with confidence!

5. Evaluate before making final decisions: Even if you've already started your home search or are getting ready to start - evaluate your situation. If you're expecting to make big changes (or purchases) in the near future - now would NOT be the time to buy a home. Buying a car after getting a pre-approval, for example, is not something you should be considering before purchasing a home, as it can affect your financing. Same goes for changing jobs! While big life changes are certainly understandable and often unexpected, you should be sure you are in a "steady" position in every way prior to purchasing a home.