What Is The True Costs of Owning a New Jersey Home?

Owning a New Jersey house sounds interesting. It’s one of the most interesting cities in the world, and with the skyrocketing prices of real estate all over the United States, it’s certainly understandable that you think that it’s a wise financial decision. But that’s before you consider just how much it truly costs to own a house that you’re not actually going to live in or fully utilize.

Below, we’ve laid out some facts to help give you a better idea of how much it really costs to own a New Jersey house.

1.     Mortgage

This is the most obvious cost of owning a house. If you live there, that’s okay. It’s kind of just like paying rent, but you own the house, which is good. However, if it’s just sitting there, then you’re basically paying for nothing. Although that nothing will eventually become something, it’s still a huge cost for a house that you don’t even really like or use.

2.     Insurance

This is another cost that you have to worry about. Whether it’s property insurance, or mortgage insurance, the fact is, it’s a premium that adds up eventually.

3.     Property Taxes

Property taxes aren’t uniform, so it may cost more or less depending on where your property is. But, they very rarely set you back less than a couple of thousand dollars every year.

This is another added expense that, just like insurance and mortgage, are mandatory and you’re obliged to pay.

4.     Utilities

Even if you’re not using a house, there are still going to be utility bills that need to be paid. Without cable and internet, you’re still looking at electric, water, sewer, and maybe even trash. Those could easily add up to a thousand or so dollars a year, which is money that you could have put to better use.

5.     Maintenance and Repairs

Owning a home is a financial blackhole, unless you’re renting it out. Even then, maintenance and repairs cost a lot. Paint jobs, repairing cracked tiles and replacing stained carpets are just a few things that you’d have to worry paying for if you own your own home. Not to mention, there’s always going to be the occasional major repair that’s going to cost you more money than usual that you have to always prepare for, otherwise, your house won’t be livable at all.

If you’re renting, you avoid all of these since the rent, maintenance, and repair costs are all covered by the landlord.

6.     Your Time

Time is invaluable. If you own two homes, going back and forth between both can be time consuming and tiring. You’re essentially wasting your time doing something that you could’ve spent doing something different and more productive.

As annoying as it is to own a New Jersey home, there’s a quick solution to this – sell it to a direct buyer.

Key in “we buy houses NJ” on Google and you’ll be taken to multiple websites of cash buyers who will buy your New Jersey home at a fair price. This way, you don’t have to worry about all of the costs involved about owning a home anymore.

This is great if you plan on sticking to just owning one property, or if you want to cut down on costs and just rent instead.

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Estefania Castaneda
Estefania Castaneda
17:24 04 Sep 21
Extremely pleasant, attentive to all my needs always. It was a pleasure renting an apartment from Ken.
Vichai Soysouvanh
Vichai Soysouvanh
14:17 03 Sep 21
Can't say enough about Ken and his team. This was the most seamless sale I made. I didn't have to deal with all the... nonsense that comes with selling your home. They bought my house as is, I didn't have to declutter and pay a broker commission. All in all great experience, will do business again.read more
Niki Keser
Niki Keser
17:46 06 Aug 21
I had a wonderful experience renting one of their properties for 7 months. The apartment was beautifully remodeled and... Ken and his team were always responsive to any needs. I would recommend to anyone looking to sell or rent.read more
15:13 02 Aug 21
Ken and his team were professionals ,they promised and they delivered or anything
Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
Vishrut Patel
Vishrut Patel
23:27 19 May 21
Ken was referred to us by someone who had sold their home thru Ken last year. From the first meeting to the last... transaction, Ken and his team were professional, efficient, easy to work with, and above all.... caring. Each seller's situation is different, and Ken truly understands that. We were treated with respect each time.Since we were in a time crunch situation, selling our home with a cash offer from Ken was the best decision we could have made. We were perfectly okay with getting slightly less money for our home as compared to selling it via an agent. But if you consider the money saved on agent commissions (both buyers and sellers), closing costs, repair costs, attorney fees, and most important of all... time and headache, you can't beat the option to sell your home with a guaranteed cash offer from a reputable buyer like Ken.My wife and I were very pleased with our experience with Ken. If you are in the market to sell your home fast for a cash offer, I highly recommend giving Ken a call!Best of luck!Vishread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy process.read more
Chelsea Grant
Chelsea Grant
15:36 03 Jan 21
I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair transaction.read more
Joseph Tricarico
Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
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