Buying a home is one of the biggest decisions you’ll ever make. Before you commit to purchasing a new home in New Jersey, ask yourself these questions: 

Am I Ready to Settle Down in One Place? 

If the idea of moving to a new city at a moment’s notice sounds appealing, buying a home might not be the best idea right now. On the other hand, if you’re ready to put down roots or are tired of living in rentals, a home purchase makes a lot of sense. When you own your home, you can paint the walls neon green if you want or adopt a pet without asking for permission. If you plan to live in the area for the foreseeable future, homeownership is a good decision. 

Can I Afford a New Home? 

Homeownership may seem out of reach if you only consider the total price of a new home. When you take a look at your monthly housing costs, you may discover that you’ll actually pay the same or less per month than if you lived in a rental.  

Your mortgage payment will stay the same for the length of your loan if you choose a fixed-rate loan, while rental prices usually go up every year. If you’re not sure if you can afford a new home or how much you can spend on a home, enter your information into one of the many online mortgage calculators. 

Do I Have a Good Credit Score? 

Your credit score determines how much you’ll pay in interest when you apply for a mortgage. The lower the rating, the more interest you’ll pay. Your credit rating is affected by: 

• Payment History: Do you pay your credit card bills, loans and other bills on time? 
• Credit Mix: Your score may increase if you have a variety of different types of credit accounts, not just credit cards. 
• Credit History Length: You’ll earn a higher score if you have an established credit history. 
• Debt-to-Credit Utilization: You can determine this number by dividing the amount of the debt by the credit limit. Realtor.com notes that debt-to-credit utilization rates higher than 30 percent are viewed negatively.  

If you’re planning to buy a home soon, don’t open new credit card accounts until after you close on your new home. Opening new accounts may affect your debt-to-credit utilization and lower your credit score. 

You don’t need a perfect 850 credit score to qualify for a mortgage. Depending on the type of loan, you may be approved with a score in the upper 500s. Of course, a higher score will net you a lower interest rate on your loan.  

Do I Wish I Had More Room? 

When your current home or rental is too cramped, it’s time to consider a move. If storage is an issue, buying a brand new home is an excellent idea. New homes, like the ones you’ll find in Country Classics’ communities, offer plenty of room to spread out. Walk-in closets in master bedroom suites, spacious kitchens that allow room for multiple cooks, large family rooms and garages, and expansive basements provide all the space you and your family need.  

You’ll also have your own private outdoor space if you buy a home. You can turn your backyard into the ultimate outdoor entertaining area, or grow your own produce in your vegetable garden. 

Is My Life Changing? 

Buying a new home can be a good decision if you’re getting married, downsizing, accepting a promotion, starting or expanding your family, or retiring. As your lifestyle changes, so do your housing needs. If your current home no longer meets your needs, why not buy a new home that includes the features you want?   

When you’re ready to purchase a home, let us know. We’ve been building new homes in New Jersey communities for more than 30 years and can help you find the perfect home for your family.