Tips for Buying a New Home Today

Here are a few pointers to help prepare you for a successful and responsible home search.

Once you have identified a town(s), a call to town hall is a must to inquire about any special or new tax assessments.  The last thing you want is a surprise!

Have an idea of what your closing costs are going to be.  There are numerous fees, but these are the ones you should focus on:

• Title insurance
• Bank fees
• Attorney fees
• Homeowners insurance
• Escrow fees - homeowners & property taxes
• Condo applications & special assessments
• Inspection costs - structural, radon & infestation

Determine your affordability.  How much of a payment do you want to carry each month combined with other current debt?  How much of your savings will you put down, while still leaving you with a cushion for unforeseen expenses?

Shop around for a mortgage by calling a few banks and brokers.  When comparing each offer, make sure you are given a “Good Faith Estimate,” which clearly outlines every expense and terms of their offer.  This is a legal document and should be retained in the event the terms are modified without notification.

Now determine a price range to focus on.  Remember to look at property taxes for each listing since tax assessments are different from town to town.

Align yourself with an agent who works full-time, is actively engaged in the market and knows how properties are moving.

Martha McDonnell
Broker/Sales Associate
Summit, NJ

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