If you’re in the market to buy a home in this hot market, there are three major mistakes that you’ll want to take extra care to avoid:
- Failing to factor in your daily commute. Love it or not, traffic can be heavy in Northern New Jersey, and that needs to be taken into account when you’re looking for homes to buy. I’ve seen many people make the mistake of buying their home far from their workplace, only to find themselves stuck in traffic for an hour or more on their way to and from their jobs. While you’re searching for homes, plug in the home’s address on Google Maps, as well as your workplace, and find out how long your daily commute will be.
- Focusing too much on getting a "good deal". So many people are fixated on finding that "good deal". So much so that they forget about the fact that they'll actually have to live in the home once they purchase it. Don’t just go and buy a house because of the final price—buy a house because it’s the right fit for you and your family. You’re buying more than just the four walls and the features inside of it; you’re also buying the lifestyle that comes along with it.
- Putting the cart before the horse. In other words, we frequently see buyers who begin the home search without ever having spoken to a lender. Realtors often emphasize the importance of being pre-approved before looking for homes, but not everyone explains why it's so important. The benefits of a pre-approval are that you’ll know how much you can afford in a home, which price point to look in, and how much your monthly payments will be. There’s nothing worse than getting excited about a $500,000 home, only to learn from your lender that your budget would have allowed you to buy an $800,00 home or finding out you can only finance $350,000 and coming out of pocket for the rest. Additionally, many lenders have special programs and incentives available that could help you save some money in the long run. They will also help you create a plan to improve your credit, if it’s not currently ideal.
If you’re looking to buy a home in New Jersey this year or if you have any questions about real estate whatsoever, feel free to reach out to us. We’d love the opportunity to help you reach your goals.