7 Signs You Are Ready to Stop Renting and Buy in Bergen County
Renting is not a mistake, and buying is not always the right move. But some signs tell you the math and the timing may have shifted in your favor. Here are seven worth checking.
1. Your rent is close to a total monthly ownership cost
Add a mortgage payment, property taxes and any condo fee. In some Fort Lee and Palisades Park one-bedroom buildings, the fee covers heat and hot water, which narrows the gap further.
2. You have a down payment plan, not just a hope
FHA starts at 3.5 percent down for eligible buyers, and NJHMFA offers up to $15,000 in assistance in Bergen and Hudson County, or up to $22,000 for qualifying first-generation buyers. My down payment guide breaks it down (https://sellecksellsnj.com/blog/down-payment-guide-bergen-and-hudson-county-nj).
3. You would still have reserves after closing
Draining every account to close is its own risk. A buyer who keeps a cushion is in a stronger position than one who stretches for a bigger down payment.
4. You plan to stay at least a few years
Buying and selling both carry costs. The longer you stay, the more those costs spread out.
5. Your credit and income are steady
Lenders look at both. Get preapproved before you look so you know your real number.
6. You know which town fits your commute
Many towns near the George Washington Bridge have no train station, so the bus, ferry or bridge decides the commute. Choose the commute first.
7. You are tired of renewal surprises
If rent increases and lease renewals are driving your decisions, owning gives you more control over your housing cost.
Who this is for: renters in Fort Lee, Cliffside Park, Palisades Park, Edgewater and nearby towns who are weighing a first purchase.
Start with the Seven-Question Assessment, then read how to choose the right agent for the purchase (https://sellecksellsnj.com/blog/how-to-hire-a-real-estate-agent-in-northern-nj). Current one-bedroom listings in Fort Lee and Palisades Park are on my featured properties page (https://sellecksellsnj.com/featured-properties), and you can compare towns in the Palisades Park community guide (https://northernnj.sellecksellsnj.com/towns/palisades-park/).
Plan Your Next Move in Three Steps
1. Take the Seven-Question Assessment, about 90 seconds (https://quiz.sellecksellsnj.com/)
2. Explore the Northern New Jersey Community Guides (https://northernnj.sellecksellsnj.com/towns/)
3. Visit the advisory site (https://scott.sellecksellsnj.com)
Scott Selleck, REALTOR, Broker Sales Associate
The Selleck Group | KW City Views Realty
SRES, e-PRO | Licensed since 1993
2200 Fletcher Avenue, Suite 502, Fort Lee, NJ 07024
Cell or text: 201-970-3960 | Office: 201-592-8900
[email protected] | SelleckSellsNJ.com
Schedule a conversation: tidycal.com/slselleck
AI Assistant: https://www.delphi.ai/scottselleck
NJ Real Estate Broker Sales Associate License #9236275
Keller Williams City Views Realty. Each office is independently owned and operated.
Equal Housing Opportunity (https://sellecksellsnj.com/blog/equal-housing-opportunity-scott-selleck-and-the-selleck-group-at-kw-city-views-realty)
