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Monday, November 11, 2019

Hot Spot for Those Looking to Buy or Rent in New Jersey

Q: Where can I find an affordable house or apartment in New Jersey, but close to Manhattan?

Whether you work in New York City or would just love to live nearby so you can easily visit more often, buying a home in the city can be challenging. For that reason, New York real estate attorneys often help clients, who can’t afford to purchase a home in Manhattan, with leases for apartments in and around the Big Apple.

New York and New Jersey real estate attorneys have found that in recent years clients have looked for homes in Staten Island and other boroughs--as well as New Jersey neighborhoods near Manhattan. 

If you’re looking to buy or rent in New Jersey, real estate brokers and residents claim Montclair is a hot area that appeals to a wide range of people because of its many desirable features and relative affordability.

Only 12 miles west of Manhattan, Montclair, New Jersey was reportedly “intentionally constructed with walkability to railroad stations and travel to Manhattan in mind”. Two bus routes and 7 stops on the Montclair-Boonton New Jersey transit line make the fast trip to New York City extremely convenient, whether for work or pleasure. According to brokers, the area is a good mix of urban and suburban, attractive to families concerned about good schools for their children and a draw for the millennials who love its arts and culture vibe.

In Montclair, one-bedroom apartments can be had for approximately $1,500 per month and the “true entry point price” for a single-family home is reportedly between $550,000-$750,000 while condos range from $200,000-$700,000 – obviously depending upon other factors like location, size, and condition of the property.

What do first-time home buyers need to know?

Homes are often sold quickly after they are listed, so prospective buyers should consider getting their documentation and other requirements in order to the extent it’s possible, so they are ready when they find that perfect home. Looking into what type and amount of mortgage they may need (and possibly prequalifying for it), their budget for the purchase price range, the school options, and other important factors in advance can prevent delays that may cause a seller to choose to go into contract with a different buyer. First-time homebuyers may be interested in our “Real Estate Purchase Roadmap” to understand what typically happens when buying a home.

If you are interested in buying or selling a house, condominium, or co-op apartment in New York or New Jersey, the real estate attorneys at Merlino & Gonzalez can help you. Contact us today to schedule a consultation. 

From our offices in Staten Island, New York, and East Brunswick, New Jersey, we represent clients in both states in all aspects of real estate law.

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