Live like a King in a New Home in New Jersey

When you are looking to buy a vacation home in New Jersey, there are some principles you should follow to get the right house. The rule of thumb is to get a home that is suitable, available and affordable. Here are some tips you should keep in mind when searching for new homes in New Jersey.

Price

The price of a vacation home is affected by the demand in the market together with other variables. The vacation home market has been on vacation for quite some time due to economic constraints that began during the middle part of the last decade. However, sales of vacation homes are on the upswing. Vacation homes sales increased in 2011 to 502,000 units, a 7% increase from the previous year.

Currently, market experts are expecting another increase in 2012, with the number of sales up again in the single-digit percentage. This is perceived due to the belief that a “once-in-a-lifetime” low price is appearing in many different valued vacation spots.

What it should Look Like?

Consider the neighborhood where the vacation home is located. In most cases, the price of a home will be similar to that of similar homes in the neighborhood. Your real estate agent can help you with historical home prices data and vacancy rates of the neighborhood you are interested in.

Do you imagine your dream home as a rustic wooden cabin in the middle of the woods that is lake-side? Or do you imagine taking a step off of your front porch onto a 5 star golf course? How big should it be? Is it for family and friends, or just immediate family? These are all very important elements to consider when researching your vacation home.

Suitability

Even if the home you want is in a great location, there are other factors that may make it unsuitable for you. Some of the things you should consider include availability of facilities like shops, restaurants, parks and others in the neighborhood, accessibility of the neighborhood, the space available in the house, and the crime rate of the area among others.

home

Photo source: http://www.flickr.com/photos/epsos/4152919570/

Affordability

Traditional mortgage companies will allow you to borrow up to three times your gross annual income. The amount of mortgage you will qualify for can be determined by your income, your partner’s income or the joint income with your partner. It is important to remember the word; “Long-term” because this is something that might be a consideration when determining whether or not you can afford a vacation home. Take your time, you have plenty of options throughout the world and it is important to not rush this process.

The above are some of the things you should consider when searching for new homes in New Jersey. Do your homework well to get a vacation house that will fit your requirements.

Brendan Kenny is a part of an elite team of writers who have contributed to hundreds of blogs and news sites. Follow him @Beekayyyyyy.

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