Here are the top home buying fears when buying a home in Nutley

1. Is a home really a good investment, what happens if there is a financial crisis?

Unlike the stock market selling a home is not like selling a share of stock it just does not happen that fast and during a financial crisis home owners don’t usually tend to usually panic selling it does not set into the Real Estate market in Nutley or anywhere for that matter, over the last 100 years Real Estate in the country has gone up and down its usually a 17-20 year cycle the one good thing about home ownership is that everyone needs a roof over their heads whether it’s a bad economy or good economy.

2. I don’t know what to buy? there are so many different choices out there

Well now that depends on your lifestyle, are you a single person that is bust with their career and social life? then a nice townhouse in Cambridge Heights in Nutley may be what you need, low maintenance, gated community with Gym, Pool and Tennis Courts or maybe you have a family already and a nice 3 Bedroom 2 Bath home in the Spring Garden section of town may be what you want either way we are your trusted source as a Realtor office we can guide you consult with you and help you find the perfect home.

3. How do I know if I qualify for a mortgage?

That is rather simple we work with qualified mortgage companies that can review your finances and determine what would be the best mortgage for you and also it well help you decide how much of a home you can afford, we work closely with your mortgage rep to help you find tat perfect home within that perfect budget, your mortgage person can also help and qualify condo complexes as well to make sure they are financially stable. The best part is we can sit down with you and your mortgage person and pre-qualify you all for FREE.

4. How do I come up with a down payment for my new home in Nutley?

There are some many different mortgage payments out there from VA no down payment loans, USDA loans which are for rural areas and also 100% financing, there there are FHA Loans, Conventional Loans, Adjustable Rate loans and more, the best thing to do is sit down with your mortgage person and have them explain all the different programs, my advice would be to do a 20% down conventional loan, now  you can get the money as a gift from a relative you can save it and you can also ask for a concession when you put an offer on a home as well.

5. What happens if  I sign a contract and then change my mind?

Initially you have 3 days to change your mind, you can also direct your attorney to kill the deal during attorney review at that point you are not Under Contract, there are a lot of safety nets when buying a home these days, Attorney Review, Home Inspections, Appraisals, etc. so you don’t need to be fearful when you purchase a home you should have a team of trusted advisors Realtor, Attorney & Mortgage person helping you every step of the way.

6. What about home repairs? I know nothing about taking care of a home

Quite frankly you learn! you are now a home owner and now you have to learn some basic maintenance tips, of course there will be times when you have to call in a professional from Plumbers to Painters and your local Realtor is a great resource. I also recommend to my first time home buyers that they should purchase a home warranty as well at least for the first year to learn about your new home.

7. What if the home I buy is too expensive for me?

That should not happen your mortgage company will not give you a loan if it is going to be more than you can afford, the loans of today are not like the loans pre 2008, the banks are now very tight with their lending practices these days, of course they may be other circumstances that may make the home unaffordable any longer, like a job loss, change of income etc. but we help many home owners that get stuck and we help them work with the bank to short sale the home as well you do have options if that does happen.

Matthew De Fede Broker/Owner of Realty Executives Elite Homes in Nutley