New Jersey attracted active investor attention in early 2017. Why? Because developers have noticed a lot of vacant land on the banks of the Delaware River and the Hudson Bay. And, indeed, they can become some of the best places to invest in real estate in N.J. Older homes in various cities across the state generally do not meet the needs of modern buyers. Therefore, large companies have decided to invest in the construction of new residential and commercial complexes. If you are also looking to buy property in this state, our page contains the best new homes in New Jersey. (Image Credit: 1778011/Pixabay)
What defines an area as being suitable for buying?
For several years in a row, the state of New Jersey ranked first in the United States with its number of millionaires. At the same time, the state’s real estate has traditionally been considered inexpensive. Recently, developers have begun to build residential complexes and skyscrapers to accommodate offices actively. This trend has led to a rise in prices. However, in 2020 there are still many reasons buy house in New Jersey.
Best places to buy a home in New Jersey
Visit http://inew-homes.com/nj for detailed information on prices, developers and available offers. And now we offer you a list of the top 10 best places to buy a house in N.J.:
- Wildwood. The overall user rating was 6 out of 10 points. The population of the city is slightly more than 5 thousand people. The average home price is $ 224,700.
- Englewood Cliffs. Customers rated this place with a 10 out of 10 points (It is the best place in N.J. to buy a house). The population is approximately 5.5 thousand people and the average home value is $ 1 million.
- Somerdale scored 8 out of 10 possible points in life comfort. The city also has about 5.5 thousand inhabitants. The median home price was $ 168,800.
- Hight. Investors rated the city with 7.5 points out of 10. The number of residents is a little short of 5, 5 thousand. Moreover, the price of a standard house does not exceed $ 278,000.
- Mount Arlington. The city’s rating is 9.5 out of 10 possible points. A little more than 5.5 thousand people permanently live in the city. The median home price is $ 333,000.
- Union Beach. The overall rating of the city is 9 out of 10. The population is slightly higher than the previous item. And the average home price is almost $ 70,000 lower at $ 263,000.
- Morris Plains. The residents estimated the level of comfort at 9.5 points out of 10. The population is 5.6 thousand people. The average home price does not exceed $ 505,700.
- Belmar received a rating of 8.5 out of 10. The number of residents is the same as in Morris Plains, but the average house price is already $ 600,800.
- Oceanport. Investors rated this place 9.5 out of 10 points. The number of residents is 5.7, and the average home price is $ 150,000 lower than in the previous variant. You can count on a good buy up to $ 453,000.
- Manasquan. The city earned a rating of 9.5 out of 10. According to the census, the number of inhabitants was 5.8 people, and the standard price of a house is $ 654,000.
How do you determine the best places?
To assess the quality of life in the city, realtors suggest using the following categories:
- Change in population;
- Rising real estate prices;
- Growth in demand for houses and apartments;
- Prices are on the national average.
Buyers should be cautious if prices have dropped steadily in the past year and before. If prices are 20% or lower than the US average, there is a high risk that they will continue to decline. A decrease in demand encourages investment outflow. This means that the area will not develop, and the number of jobs will be reduced.
How to Buy a New Construction Home in N. J.?
Before buying a new-build apartment or building to rent, you should do your niche research. New Jersey has been actively developing in recent years. Investors’ attention is attracted by a convenient geographical location and high demand for real estate. The proximity to Manhattan has expanded the market. Many people from New York are seriously considering moving to New Jersey or the surrounding area. This is due to lower prices and developed infrastructure.
Buying an investment property in New Jersey, you need to go through several steps:
- Determine the purpose. If you are buying a home for yourself, it makes sense to choose a quiet area close to Port Authority Trans-Hudson Station. Thus, you will enjoy the delights of a quiet life in a one-story America, and at the same time, you will not lose touch with the big world. If you are developing a business, decide whether long-term or short-term investment is closer to you. Short-term investment involves the purchase of a finished object or a project under construction and its quick sale. Long-term investments mean that you are buying property to rent.
- Find a professional realtor with extensive experience. Practice shows that developer companies are trying to earn extra money from new investors. Cooperation with a realtor and a lawyer will allow you to save at least 15%, taking into account all additional costs that arise. With a properly drawn up contract, you will also protect yourself from protracted construction periods. At the final stages, you will already be able to advertise the object and look for clients without fear of force majeure delays.
- If you need a mortgage loan, you should take care of a high financial rating in advance. In connection with the coronavirus pandemic, lender companies and banks have increased requirements for borrowers. You must have a minimum of 700 credit rating points. Also, the borrower is obliged to pay at least 20% of the property’s cost from its funds. Some financial companies also require solvent guarantor.
It is not difficult if you approach the process carefully. As a result, you receive a new construction home in New Jersey. This state is developing dynamically, and the cost of housing is growing steadily. Such a purchase can be a significant investment, as you can sell the house for more in the future.