Ridgewood is a fantastic neighborhood in Bergen County, New Jersey. With a laid-back vibe and excellent amenities, this lovely community is known for being one of the most sought-after neighborhoods in the state. If you are considering buying a property in Ridgewood for the first time, you are in for an exciting experience. As you prepare to tour Ridgewood houses in search of the ideal home for you, here 5 things you should keep in mind.
- There Will Be Upfront Costs
As you get ready to buy your first home in Ridgewood, you should be aware of the upfront costs associated with buying the home, particularly if you are a first-time homebuyer. You will have to make a down payment, which generally accounts for 20% of the home’s total cost.
While you can put down less than 20%, it will probably lead to higher private mortgage insurance until you achieve the 20% equity of the property. Besides, it can also result in higher interest charges from your lender. Before looking for Ridgewood homes, have a clear picture of the upfront costs.
- You Need a Financial Plan
As a homeowner, you will bear a huge financial responsibility; thus, you should have a strategy before you buy in the Ridgewood real estate market. For instance, you will be responsible for covering the cost of all necessary upkeep, repairs, and renovations.
You will also cater for homeowners insurance, property taxes, utility bills, and mortgage payment insurance if you pay less than 20% down payment. Financial experts suggest establishing a budget that guarantees you spend a maximum of 30% of your gross income on housing.
- Having a Safety Net is Important
Before buying a home in Ridgewood, it is important to have a safety net in place. Although the upfront expenditures are high, you want to avoid falling into a financial disaster if a costly problem arises later.
For instance, the head of household might lose their job, and you will need money to keep up with the payments. A solid financial approach is saving away 6-8 months of housing expenditure you can readily access.
- The Market is Competitive
Ridgewood real estate is in high demand, and homes hardly remain on the market for long. When viewing properties, there will be other potential buyers, so you should ensure you are prepared to make an offer if you find an ideal property.
Obtaining a mortgage pre-approval is a great approach to convince sellers that you are serious and committed to your home hunt.
- Numerous Housing Options are Available
When browsing Ridgewood homes for sale, you have a lot of alternatives. From condos and upscale single-family homes to chic townhomes, the selection is impressive.
Irrespective of your taste, there is something for you. Determine whether you want a low-maintenance lifestyle of homes in community complexes or the seclusion of single-family properties.
Work with The Ann and Melinda Group to Find Your Dream Ridgewood Home
When buying your first home, partnering with a top-tier real estate agent is strongly advised. You want to engage with experts in the local market, who can show you all the homes that meet your criteria. The Ann and Melinda Group has completed countless transactions in Ridgewood, and possesses the expertise and experience necessary to help you find the home of your dreams. Contact The Ann and Melinda Group today to begin working toward your dream of homeownership.