How much savings do we need to buy a one bedroom house in New Jersey?

New Jersey is America’s most densely populated state and has some of the highest taxes in the country. New Jersey home to two of America’s 10 richest countries, Somerset Country and Hunterdon Country. The answer to the question how much money one need to buy a one bedroom home in New Jersey totally depends on the area where you are going to move. In the wealthiest countries there are not lots of one bedroom homes. You can find one bathroom homes but builder try to stretch the number of bedrooms. Still if you looking for one bedroom homes in New Jersey start by doing two things. First of all meet with a mortgage broker to figure out what you can afford. And after that meet with a residential real estate agent who shows you what is available in your price range. Whether you buy a big or small house, it is not every day activity, so do what you can to enjoy the process of buying your own new home. Take a time to investigate what it is you want to be close to and why.

To buy a one bedroom house you need 20% down payment. At Princeton, one bedroom would cost around $150 to $ 200. And if you are in Hoboken you need $500k. You can still get mortgages with 10% down payment and not have to pay mortgage insurance. With this estimated cost don’t forget the additional costs such as furniture, transport and minor repairs in your new house. You also need some admin fees and moving costs. Figure having a buffer of at least $5k helps you avoid stress. As I already mention NJ has high property taxes so don’t forget property taxes. Having a good credit score at the moving time, upward of 750 will also help. Because if your credit score below 650 you will not get very good deals and may struggle to get approvals. Before moving research about everything to avoid any hassle after moving to your new house.