Precisely because of its favorable location and relative vicinity to NYC, New Jersey real estate isn’t always affordable. New Jersey offers what the vast majority of New York City residents can’t find in Big Apple – peace and quiet. Within driving distance from this megalopolis, New Jersey has emerged as an ideal landing spot, especially for professionals and families. All those who can’t live without the NYC hubbub during the
day but crave tranquility in the evening will choose the Garden State for their new home. If only they can decide if renting or buying in New Jersey is the right thing to do.
Renting vs Buying in New Jersey: pros and cons
Every choice has its advantages and disadvantages, and so does the decision between home buying and renting. If we focus solely on the affordability of the options, there are few things you should bear in mind.
● Initial costs vs long-term expenses. Is making mortgage payments better than the rent?
● Return on investment. Will you worry as a renter if home value depreciates?
● (Absence of) maintenance costs. Can homeowners buy peace of mind?
● Long-term vs short-term plans. What do you wish to invest in first?
Whatever option you settle for, once you find that perfect NJ property, you will need all the help you can get to move there effortlessly. The most affordable and financially sound solution is to hire professionals to organize and carry out your relocation. With a contract and moving insurance, there won’t be any hidden costs, you’ll get covered against risks, and you’ll be able to focus on what’s ahead without worries.
Homeowner train: if you can afford, get aboard
Besides being part of the American Dream, home-ownership in New Jersey can be attainable, even by average-income earners. Sure, a single buyer will need above-average earnings and credit score to afford a home, but a couple may find the goal more easily achievable. With so many available loans for first-time homeowners and assistance with the down payment, the only remaining concern is mortgage repayment.
On the flip side, renters may feel like they’re throwing their money through the window. While monthly rent equals more or less the monthly mortgage payments, they don’t
seem to yield the same result. Or do they? Home-buyers often forget that with ownership come more significant responsibilities, something that renters mostly don’t have to think about. Once you pay the rent, you’re done with building maintenance, repairs, and some (if not all) utility bills.
What’s ROI to you?
Every investor expects a good return on investment. But just as there are different forms of investment, so there are different returns. When it comes to renting vs buying in New Jersey, the return on investment is seen as home value appreciation. Even if you consider inevitable fluctuations in the housing market, homes do appreciate over time. The trick to buying an ideal home is not buying the one you fantasize about but the one that works for you. If you can afford to buy it and maintain it regularly, its cost appreciation over time will become an excellent foundation for expansion, even possible business projects, and more.
Those who opt for home renting have different things in mind. Often, it is the lifestyle that makes a person choose to rent over buying a home. People who prefer to uproot easily, travel a lot, or don’t require a permanent home for professional reasons, find home-ownership a waste of money. It is also quite common for new couples or young professionals to rent at first and later in life move toward home buying. Weighing the pros and cons is often based not only on facts but numerous personal factors. This is why return on investment, in this case, makes a decision process unique for every person.
The liberty to make alterations
Out of all NJ homes for sale, you are bound to find one that suits you and your family. Whether you intend to rent it or make it your permanent base depends on your way of life. If you dream about remodeling and personalizing your living quarters, know that as a renter, your hands will be pretty much tied. Even the most basic alterations to your rented residence will require permissions, either from the landlord or the board.
However, once you purchase a home, you pay for the right to do as you please (as long as it complies with building and safety standards and policies, that is.) While some people couldn’t care less about the home layout or wall colors, others find the whole point of settling down in the ability to customize their living space. Liberty to make their home authentic and reflect their own style is worth the investment and all other expenses and effort that go hand in hand.
A few final notes
The most affordable way to settle in NJ is to determine which kind of lifestyle suits you best, not only at the moment but at least five years from now. It can have a significant effect on your choice between renting vs buying in New Jersey. Making a medium- and long-term plan is the first step toward proper budgeting. Only timely, honest, and realistic considerations will lead to a financially sound decision.
Should you ever require help along the way, don’t hesitate to ask professionals for assistance. From expert real estate agents on the locale, over experienced movers, to your own financial advisor, there are professionals whose job is to assist you in making the best possible choice.
