Consistently ranked as one of the best places to live in New Jersey, Morris County boasts charm at every turn. With a rich cultural history dating back to the colonial era, the region is just as classical as it is innovative. From lush parks to trendy boutiques to delectable dining and much more, the community truly has something to offer everyone. Opportunities for entertainment, recreation, and leisure within its neighborhoods are endless. Plus, with a convenient location close to major cities like Manhattan, embarking on day trips and commuting to work is a breeze.
As a fabulous area of the state with so much to offer its residents, it’s no surprise that the housing market in Morris County is always hot and shows no signs of slowing down anytime soon. Many families and professionals live in the area, and people from across the country aim to call its neighborhoods home, appreciative of the high quality of life and abundance of amenities available to them.
The property selection is phenomenal, featuring an array of up-to-date and well-maintained homes ranging from chic condominiums to grand estates. When purchasing a home in the community, the competition for buyers can be fierce. However, when the final day comes and buyers sign on the dotted line at closing, many consider their Morris County property to be one of the most rewarding purchases they’ve ever made.
To help you prepare to purchase a home in the Morris County real estate market, the Dougherty Group has put together a complete home-buying guide on the essential steps every buyer needs to take as they search for properties. With these tips in mind, you’ll be on the right track to owning a home you’ll love for years.
Establish a financial plan
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Before officially embarking on your home-hunting journey in Morris County, it’s critical to have a well-thought-out financial place in place. There are many expenses that accompany making an initial purchase and owning the home long-term, so be sure to familiarize yourself with these in advance so you can choose a property that’s comfortable for your budget. You’ll need to make a downpayment before the sale is finalized, which typically amounts to 20% of the home’s total value. While putting down a smaller payment is possible, this usually results in homeowners having to pay private mortgage insurance until they achieve 20% equity, which appears in the form of another monthly bill. Moving into the property will come with costs as well, such as hiring a moving company and furnishing the space.
Once the home is officially yours, you’ll be responsible for additional expenses on a regular basis as the owner. You’ll have to cover the mortgage, property taxes, homeowners insurance, utility bills, and any ongoing maintenance or repairs the home may need. Before starting your search, be aware of these costs to ensure you’re not viewing properties that will stretch your budget too tight in the long run. Most financial advisors recommend selecting a living arrangement that equates to no more than 25-30% of your gross income.
Develop a safety net
Once you’ve developed a coherent financial plan and have an idea of your overall budget, it’s important to ensure you’ll still have a safety net to fall back on after making your offer. Draining your bank account to make the down payment without having a nest egg to fall back on can land you in trouble down the line if any problems arise, so be sure to avoid this situation as best you can.
Getting a home inspection is an excellent way for buyers to get a complete picture of the property they’re interested in and gain an awareness of its current condition. Still, even with the “all clear” from a home inspection, there’s no guarantee that a major issue won’t arise. A major appliance could break in the home that requires a pricey replacement, or an unexpected life circumstance can occur, such as a head of household losing their job and having to search for a new one. You don’t want to find yourself in crisis mode, so determine how much you’ll need to cover roughly 6-8 months of expenses and have this money set aside in an emergency fund.
Know what you’re looking for
After having a clear picture of your financial situation and enough left over in the bank to cover any unexpected issues, it’s time to determine what a property needs to be your perfect match. Buyers have many options when it comes to choosing Morris County, NJ, homes for sale, which can feel overwhelming if you’re unsure of what you want. By knowing what you’re looking for in a home, you’ll be able to narrow down the listings more efficiently and develop a selection of choices that adequately satisfy all your needs and desires.
Determine your must-haves and your wish list, and plan your property search around these aspects. Consider your lifestyle and daily habits when evaluating your options to get an idea of what your home will need for you to live comfortably. Along with the number of bedrooms and bathrooms you require, specific amenities may be very important to you. For instance, if you love to cook a homemade meal each night and gather around the dinner table with your family, you may want an open layout or ample dining space. If you have pets or young children, a backyard where they can run around might be essential. The location is crucial as well, so figure out how long your commute would be to get to work or visit loved ones and see if the distance is practical. Having a full idea of what you’re looking for will allow you to distinguish between homes that are nice to view and those that are truly a good match.
Find a real estate agent
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To give yourself the best chance at buying the perfect home, it’s best to find a local real estate expert to team up with. Real estate agents are experts on the communities they serve and know all the ins and outs of the housing market. With extensive insight into its property selection, they’ll be able to show you all the best condos, townhomes, and houses for sale in Morris County, NJ, with all the features you’re looking for. They’ll also be able to connect you with local service providers if you need them, such as a contractor for renovations, and their negotiation skills will land you the best deal possible at closing.
Purchasing a home is an enormous commitment, but with the right preparation in advance, you can set yourself on the right track to owning a property that’s an excellent fit for your needs, lifestyle, and budget. There will be plenty of fantastic properties to choose from in Morris County, so take your time selecting a home, and don’t rush into a purchase that isn’t a good fit. By establishing a financial plan, developing a safety net, knowing what features you’re looking for, and partnering with a top-tier real estate agent, you’ll be able to make a responsible decision and bring yourself one step closer to your dream home.
If you’re planning to buy a home on the Morris County real estate scene and are in need of professional guidance, contact The Dougherty Group today. With years of experience matching buyers with properties they love in highly desirable neighborhoods across the region, their skilled team will happily assist you throughout your home-buying journey.
*Header photo courtesy of Shutterstock
*Header photo courtesy of Shutterstock
