New Jersey homebuyer gets $575K home for $545K, saves $350 a month with incentives
A New Jersey homebuyer successfully navigated the housing market by prioritizing new construction over older homes to avoid hidden repair costs. By negotiating builder incentives, he was able to secure a better financial deal on a townhouse in Pennsylvania.
Why it matters
It illustrates the financial strategy of leveraging builder incentives to offset high interest rates and maintenance costs in the current real estate market.
Jonathan Ayala began looking for a home in Hoboken, New Jersey, without considering new construction. The real estate agent and owner of a photography and marketing business instead focused on the costs involved in buying and owning a property. After viewing 10 homes in person, however, he found that none made enough financial sense to buy.Ayala looked beyond the asking prices of the properties. He also considered their condition, the repairs and upgrades they might need, and the financing involved. “I wanted to see the condition of each property, what repairs and upgrades were recommended, and the financing and overall cost of owning each property,” he says, as quoted by Realtor.com.Some of the older homes needed major work. Several required new roofs, while one had water damage.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in