Ridgewood is a marvelous neighborhood in Bergen County, New Jersey. With a relaxing atmosphere and outstanding amenities, this charming suburb has a reputation for being one of the most desirable communities in the state. If buying a home in Ridgewood for the first time is in your future, the experience is certainly exciting. As you get ready to tour Ridgewood properties in hopes of finding the perfect home for you, there are a few things you should consider.
As professionals in the Ridgewood real estate market with years of experience serving the community and its surrounding neighborhoods, the Feagles Team knows about all the best homes for sale in Ridgewood, NJ. Founded by Jeff Feagles and operated alongside his sons, Blake Feagles and Zachary Feagles, the family-owned dream team has matched tons of buyers with Ridgewood homes they love.
While you prepare to buy your first home in Ridgewood, check out these 10 things to consider to ensure you’re prepared and confident moving forward.
There will be upfront costs
As you prepare to purchase your first home in the Ridgewood real estate market, you should know the upfront costs associated with buying a property, especially if you are a first-time homeowner. A down payment will need to be made, which typically contains 20% of the home’s total value. While putting down less than 20% is possible, it will likely result in having to pay private mortgage insurance until 20% equity in the property is achieved and may cause higher interest rates to be offered by your lender. It’s important to be aware of these upfront costs before beginning your search for Ridgewood homes.
You need a financial plan
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You’ll have great financial responsibility as a homeowner, and you should have a plan in place before purchasing property in the Ridgewood real estate market. Once you buy your first home, you will be required to pay for all maintenance, repairs, and renovations needed. You will also pay utility bills, property taxes, homeowners insurance, a mortgage payment, and private mortgage insurance if you put less than 20% down. Financial advisors recommend setting a budget that ensures no more than 25%-30% of your gross income is spent on housing to ensure you have enough money for life’s other expenses.
Having a safety net is crucial
It’s important to have a safety net to fall back on before purchasing your first home in the Ridgewood real estate market. Although the upfront costs are expensive, you want to guarantee you won’t slip into a financial crisis if a costly problem occurs down the line. In a worst-case scenario, a head of household may even lose their job, and you’ll need savings to stay up-to-date on the bills. Setting aside six to eight months of expenses in a safe account that you can easily access is a good financial strategy to follow.
The market is competitive
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Ridgewood properties are in high demand, and homes don’t stay on the market for long. When viewing homes, there will be other interested buyers, so you want to make sure you can jump at the opportunity to make an offer if you see a property that is perfect for you. Getting a mortgage pre-approval is an excellent way to prepare to show sellers you are serious and invested in your real estate search.
You will be in a convenient location
Ridgewood is situated in a convenient location that offers easy access to major cities across the northeast. For example, Manhattan can be reached in about an hour, with both driving routes and public transit options available. Coastal enclaves like Long Branch are only an hour and a half away for weekend getaways, and the Newark Liberty International Airport can be reached in only 50 minutes for frequent flyers. Loads of commercial districts are also located nearby, such as the fabulous shopping centers 10 minutes away in nearby Paramus.
Many housing options are available
When viewing Ridgewood homes for sale, many options are available to you. From chic townhomes and condos to upscale single-family properties, the selection is incredible. Determine whether the low-maintenance lifestyle of homes in communal complexes or the ample privacy of single-family properties suits you best.
The properties are impressive
There is no shortage of impressive properties in the Ridgewood real estate market. Gorgeous architecture can be seen all over the neighborhood, and many houses are built on large lots of land with magnificent backyards and luxurious elements. Historic influences are prevalent in many houses in Ridgewood, with Victorian, Tudor, and Colonial styles being quite popular.
You can prioritize your must-haves
Think about what you need in a home, and set up in-person showings for listings that match what you’re looking for. Whether it be a large backyard space, an open floor plan, lots of storage space, or enough room for a home office, you don’t have to settle. By working with an expert real estate team to connect you with properties, you can find a home that checks all the boxes.
Learning the details of the property is important
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Once you decide to make an offer on a property, make sure to learn all of its details. Having a home inspection done to search for potential problems is critical, and including a home inspection contingency in the offer contract is often recommended. Look at the home appraisal as well so you know you’re purchasing the property at a fair market value.
Finding a real estate agent can help
When buying your first property, working with a top-tier Ridgewood real estate agent is highly recommended. You want to work with experts in the local market who can show you all of the properties that possess the qualities you’re looking for. The Feagles Team has handled countless transactions in Ridgewood, and they have the skills and experience required to find you the property of your dreams. Connect with the team today to get started toward your goals.
*Header photo courtesy of Shutterstock
Recommended Reading: Real Estate 101: Understanding the Home Appraisal Process in Ridgewood, NJ
