Buying a property in Pompton Lakes – A quick guide

Though it resides in Passaic County, NJ, Pompton Lakes is considered to be a suburb of New York, with Manhattan and its fast-paced lifestyle only a stone throw away. On the other hand, if you’d like to relax or just get away from the chaos of the big city, you’re just a few minutes away from nature. If you like living in small, tightly knit communities, where everybody knows everyone, we can see how buying a property in Pompton Lakes may be an appealing move.  A plethora of bars and restaurants will give you plenty of opportunities to meet new people and socialize. And due to low crime rates and highly rated public schools, it is one of the best places for families.

That being said, here are some general guidelines you should know before hiring our Pompton Lakes NJ movers to help you with the process.

Audit the budget

Buying a property is one of the biggest investments of your life therefore, you don’t want to rush into it.

Mother and father with the baby happy for buying a property in Pompton Lakes
Pompton Lakes, NJ is a good place to raise your family

This is why you’d want to include these in your early estimates:

  • Savings – Usually, this is a starting point for every large purchase and is much more than just cracking open your piggy-bank
  • Current debts – if you’re already paying off debt, make sure to include installments in your estimate
  • Credit score – When applying for a loan, your credit score will have to meet a minimum requirement of 620. This too can vary, based on different circumstances
  • Down payment – This can vary, but it’s usually around 20% of the property value. Although, on occasion, it can go up to 30%
  • Additional expenses – Make sure you include added costs, such as utilities, insurance fees, and potential repairs or upgrades to your early estimates.

All of the above should give you a rough estimate of your long-term plan but it never hurts to get advice from someone more professional. After carefully going through these steps, and before hiring moving services NJ, there are few more things to do.

Hire a good real estate agent

This is a person that will guide you pretty much through the entire process of buying a property in Pompton Lakes. Make sure you find the best real estate agent you can, preferably a professional with experience. They will represent you and your interests. Work closely with them and be sure to share your expectations and ask them anything you want and need to know.

Businessman sitting at the desk
Hire the Best Real Estate Agent you can to help you through the process

Mortgage pre-approval

Getting pre-approved early on in the process can give you a good idea of what you can afford. This will lead to realistic expectations and lessen the risk of disappointment. It can also be a lengthy process. Get it out of the way early, so you can get to the exciting part of buying a property at Pompton Lakes:

Scouting for a property

Once you know your possibilities, it’s time to contact your agent and get the listings. Be sure to know what you’re looking for, and set your expectations accordingly. Schedule appointments and visit each property and take notes on what you like or don’t like about it. Drive around, get yourself familiar with the neighborhood and your future residing place.

Making an offer

Once you decide on a property you want to buy, it’s time to make an offer. Your agent will fill out the necessary forms and submit them to the seller. More often than not, your offer will be met with their counter-offer. This will lead to a sort of “push and pull” situation, where your agent will negotiate the terms on your behalf and it usually continues until you’re both satisfied.

Home inspection

This is a crucial stage for you as a buyer. Before you start checking on the things you can do once you’ve moved to Pompton Lakes, you must complete the home inspection process. It implies a thorough inspection of the property, including the electrical grid, plumbing, structural integrity, etc. Usually, the buyer pays for the home inspection, but you may want to try and negotiate it with the seller.

During this time, you should expect a bunch of, mostly minor and easily fixable problems to come up. But, if major problems are revealed, your agent can try and re-negotiate the terms of the deal to include necessary repairs. If problems are severe, or the seller refuses to repair them or renegotiate, you should reconsider buying the property altogether. At this point, you can still back out of a deal.

Attorney Review

After the home inspection is complete, you can move on to signing your contract. That said, in the state of New Jersey, you have 3 days to hire an attorney. This doesn’t mean that you have 3 days to complete the review, it relates only to the time window for hiring. Attorney review can take anywhere from a few hours to a few weeks. During this time, another buyer may still place a better offer, so it’s best if you demand of your real estate agent to press the attorney for quick completion of the process. Once the review is complete, both sides are obligated by law to carry on the transaction. Neither you or the seller can back out from the contract past this point.

Closing the deal

On the day of closing, or day before, your real estate agent will usually schedule a walkthrough inspection. This is basically for you to make sure that the seller is keeping his end of the deal. And, after that comes closing. There will be a mountain of paperwork for you to sign, and it may take a long time. Make sure you have all the documents and forms prepared beforehand.

Handshake and signature in the background
Signing a contract is the final step of buying a property in Pompton Lakes

The move

Finally, the final day of buying a property in Pompton Lakes has come! You got keys to your new property, and the only thing left to do is hiring our professional packing services to make sure everything gets there in top shape. And now, after you’ve settled, it’s time to check some of the many things to explore in Pompton Lakes. Or just to fire up a barbecue and invite your friends and new neighbors to a housewarming party.

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