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Rent to Own Homes in New Jersey
The below results are primarily rent to own homes in :
New Jersey is one of the smallest and most expensive states in the United States. Residents enjoy access to the Atlantic Ocean off the southern coast, and New York is located directly to the north and east. If you take I-95 and don’t run into traffic, you can reach New York City within two hours. Pennsylvania and Delaware also border the state, so residents have access to fun attractions in several states.
Jersey City is located just across the Hudson River from New York City, making it one of the most popular residential areas for city dwellers of all ages. Many New Jersey residents live here while commuting to the Big Apple, which is why this area of New Jersey state is often referred to as a NYC borough. The cost of living is more affordable here, and the area is home to some family-friendly areas with larger homes than you will find in New York City.
The New Jersey Statehouse is located in Trenton, and that is where the New Jersey State Legislature meets. The legislature consists of the General Assembly and Senate, and all state laws are created and enforced through these government bodies.
Buying a Home in New Jersey
The home-buying process in New Jersey is a bit different than the process followed in many other states. For instance, an attorney review stage is legally required for all real estate transactions. This requires both parties to secure a real estate attorney, and they both have the right to cancel the contract at any point during the process. This makes many sellers nervous that a buyer will back out of the deal while it’s in review, so they are likely to leave their property on the market until the review is complete. Many homes in this state do sell for above asking price, so it’s best to work with a real estate agent familiar with the area in which you want to live.
Popular Neighborhoods in New Jersey
Two of the best neighborhoods in New Jersey are Hoboken and North Bergen. These areas are perfect for families searching for desirable schools and pleasant outdoor recreation areas, but you can expect to pay high prices for homes in these areas. If you want to pay less without sacrificing your outdoor time, consider moving to the Toms River neighborhood. The cost of living is more reasonable in this area, and you benefit from a large selection of pizzerias and small diners. If you’re concerned mainly about safety, consider making your home in the city of Wayne.
Buying vs. Rent to Own Homes
The traditional home-buying process requires you to secure prequalification or preapproval for a mortgage loan before you start looking at properties for sale. While you may feel ready to jump into that intimidating process now, you may also give yourself a break by entering into a rent-to-own agreement. This allows you to start out as a renter, but you maintain the right to purchase the property in the future.
The exact terms of the deal will vary, but you can sometimes have part of your monthly rent set aside for later use as your down payment. This is a less stressful way to buy your own home, especially if you’re not ready to apply for loans right now.
Cost of Living in New Jersey
When you start to browse homes for sale in New Jersey, you may feel slightly feverish. The cost of housing is substantially higher than the national average, and you can expect to pay more than national averages for everything from a cup of coffee or loaf of bread to parking and utilities. The cost of living in this state is comparable to that of California, so you can’t expect to move from another state without increasing your housing budget substantially. There are a limited number of single family homes on the market, so expect to pay above asking price for the most desirable houses.
New Jersey is one of the most expensive states in the United States, but it’s also more affordable than living in New York City. It’s located across the Hudson River from NYC and is connected to Pennsylvania and Delaware. The southern edge of the city is also connected to the Atlantic Ocean, so you can spend your free time on the water if you choose your home carefully. There are some family-friendly communities with nice homes for sale in select areas of the city, but the cost of those homes is substantially higher than comparable homes in most other states.