Despite being close to New York, NY, New Brunswick, NJ, is a more affordable place to live. The cost of living is 31.9% lower here, and the median price of homes for sale is 48% cheaper than in New York, NY.
So, if you're considering buying a home in NJ with access to big-city amenities, look into New Brunswick real estate. We've shared practical home-buying tips to help you get started, so read on.
Factor in Your Homeownership Goals
Before checking out NJ property listings, determine what you want from the house you wish to buy. Will it be for your and your family's use, or will it be a real estate investment you'll rent out to tenants?
If it's the former, factor in your household's needs and preferences, such as:
- Being big enough and having the appropriate number of bedrooms and bathrooms
- Being close to your workplace and your kids' schools
- Being near essential services, like healthcare facilities and fire/police departments
You should consider the same factors even if you're looking for a rental property in the NJ real estate market. However, you must also assess the rental's potential profitability by performing a rental valuation. An experienced property management company can help by giving you a free rental analysis.
Research New Brunswick's Best Neighborhoods
Once you have a list of what you need and want from your New Brunswick home, the next step is to look for properties for sale in the city's best neighborhoods. There are several, with the top contenders being the following:
- Douglas Campus Historic District
- Raritan Gardens
- New Brunswick West
- New Brunswick South
- Livingston Historic District
Neighborhood Scout says those neighborhoods are among New Brunswick's safest areas.
Obtain a Mortgage Pre-Approval
The last thing you want is to find a home in New Brunswick and fall in love with it, only to get disappointed because you couldn't get a loan to match its price. So, before you even go to home showings, it's best to determine your home-buying budget by getting a mortgage pre-approval.
With a mortgage pre-approval, you'll have an idea of how much lenders will likely lend you. It also serves as an assurance to sellers regarding your readiness and qualifications to buy.
Lenders have varying requirements for mortgage pre-approval, but they typically ask for the following:
- Verifiable employment documentation
- Pay stubs
- Bank statements
- Identification documents (e.g., your driver's license)
Also, remember that you're more likely to get pre-approved (and approved) for a mortgage if you have good credit. So, ensure your credit score and credit report are accurate and error-free.
Explore Homes for Sale in New Brunswick
After following our tips above, you'll soon be ready to explore homes for sale in New Brunswick. If you want to simplify the process further, our property management company, PMI Central New Jersey, will gladly help.
We're a full-service real estate asset management company committed to helping home buyers, investors, and tenants find their dream properties. So, whether you're looking for a family home or a rental property investment, we have the skills, knowledge, and network to assist you.
So, speak with us if you're ready to begin your home-buying adventure or want to learn more about our free rental analysis!
