Buying a family home in Mendham, NJ
Are you thinking about buying a family home in Mendham, NJ? You don’t need to think about the rental properties, anymore, your mind is set on buying a home for you and your family. It’s a process that can have serious financial consequences. That’s why you need all the tips you can get, in order to go through this process smoothly.
Do your research
You need to get familiar with the housing trends in a certain area. Go online and find the real estate listings. It’s important to see how long certain houses stay on the market and the asking prices change.
Know what you can afford when buying a home in Mendham, NJ?
The financial aspect is extremely important for this process of buying a home for your family in Mendham. You need to plan your finances carefully, and this is what you should do before anything else. First of all, you should know that the median home price here is $723,634. Next, you should know that lenders usually recommend home buyers should look for a home that doesn’t cost more than three to five times their household income per year. And also, you should keep in mind, that there are other expenses you should save your money for, not just for the price of your new home.
Get prequalified for the mortgage
You need to know how much money you have to spend on your new home. That’s why you should get prequalified for the mortgage. You need to provide your financial information and your lender will let you know how much they can lend you. Also, you need to check your credit score and remember not to do anything in this period of time that could affect your credit score.
Plan your budget when buying a family home in Mendham, NJ
There are going to be other important expenses when buying a family home in Mendham. Here are some of the expenses you can expect:
- Downpayment
- Deposit
- Recording fee and legal fee
- Cost of the survey
- Closing costs
- Relocation costs
That’s right, in order to have a move stress-free in this area, you should consider hiring a moving company. So that’s also one of the things to have in mind when planning your moving budget.
Find a good real estate agent
It’s more than useful to have a good real estate agent by your side when buying a family home in Mendham, NJ. An agent has some listings, that aren’t available to you yet and can give you useful information on neighborhoods and homes in the area. And of course, the fact they’re so familiar with the house process of buying a property is extremely useful. And what’s great is that they get the commission from the seller, so you don’t have to pay the agent.
Home touring
It’s time to start for home viewing, of course, within your price range. However, nowadays, virtual home staging is popular, given the pandemic and all the circumstances around it. Take notes of the homes you visit, because you’ll start forgetting all the details after a while. Even if you think you’re going to remember everything, after the third home, you’ll see that it’s good to have notes. And not just notes, take photos and videos so that you can remember all the details. This what you should pay attention to:
- Don’t forget the plumbing to see that everything is in order
- Turn the switches on and off
- Don’t forget to open and close the doors and windows
- Open and close the windows and doors to see if they work properly
- Check out the other homes in the neighborhood and the traffic in the street
- Will you have enough street parking?
- Do you have all the necessary street amenities nearby?
Take your time and find just the right home. Then talk to your agent to work out the fair that’s based on the comps in the neighborhood. After you agree on the price, the house will go into escrow, giving you the time you need to complete all the steps.
Home inspection
It’s not a problem if your new home requires you to do some home improvement, as long as you’re aware of it and as long as you can afford it. That’s why it’s important to have a home inspection, and the real estate agent should help you arrange it a couple of days after your offer is accepted. Usually, offers are contingent on the home inspections. This means you are protected in the case the inspection brings to light some significant damage. In that case, you’ll be able to renegotiate your offer or withdraw it.
After the home inspection
Once you receive a report, you’ll see what needs to be fixed and remodeled. Then you should decide whether to ask the seller to fix something before the sale or not. During the walkthrough of the house, you should confirm if the repairs that you have agreed upon have been finished.
When choosing a mortgage
Home-buyers have their priorities when choosing a mortgage, some are interested in low monthly payments, others in monthly payments staying fixed. However, some choose a mortgage knowing they’ll be moving again in a couple of years.
Home appraisal
A home appraisal is good since you will make sure that you’re paying the right price for your home. A third party company will appraise the property and provide you with an independent estimate of the property.
Paperwork
There is a lot of paperwork to do when buying your family house in Mendham. The title company will handle the paperwork, but you should remember to read the fine print before you sign anything.
Time to close the sale
When it’s time to close the sale, you need to sign all the paperwork and return the loan documents to your lender. After a couple of days, your loan will be funded. And when the seller gets the check, you can move into your new family home.
Lisa Roberts has been engaged in writing blog articles for the last 7 years. Although she started off her career in the moving industry, her experience brought diversification to the content topics she covers. Today, her range of topics spans from moving across the globe to everyday lifestyle tips, marketing, real-estate news, etc. In her spare time, Lisa enjoys running, reading books and spending time with her dogs Lue and Sill. As a great lover of life, she finds something practical and useful in every experience, which contributes to her portfolio as well.