What to Consider when Buying/Renting in Sussex County

If you’re looking to move to Sussex County, you’ll need to decide whether or not you’re renting or buying a home. There are apartment complexes available in areas like Vernon, Sparta, and Franklin, while homes are popping up for sale across the county. They say things are currently a seller’s market, so if you’re looking to sell or looking to buy, now might be the time. Here are a few things to consider when deciding whether to rent, buy, or even rent to own in Sussex County.

Renting

If you’re looking to rent, here are the main things to consider.

Can I make it my own?

Before moving in, check what changes you can make to the space. If it doesn’t meet your needs or style, can you make adjustments to the decor without penalty? And if so, do these changes need to be reversed prior to moving out? Some landlords have stipulations surrounding things as simple as hanging wall art or putting a nail in the wall. View the apartment with the idea that you may need to leave it as is.

Do they allow pets?

If you have a furry, four-legged friend, they may not be welcome at some apartment complexes, or even rental homes. Find out if the landlord has a policy surrounding pets before you fall in love with a space.

Can I have visitors and until what time?

Some apartment complexes actually have quiet hours. With apartments being so close in proximity, neighbors are easily irritated by too much noise or disruption. Find out if you need to keep quiet past a certain time at night. Along the same lines, the apartment may only allow a certain number of guests per month. And if the landlord lives on site, sneaking people in is not a good idea. If you plan to list your apartment space as an Airbnb in the future, you may also want to ask if this is permitted.

Read the lease agreement carefully

Of course, you need to carefully read the lease agreement before choosing an apartment. In it, you’ll find the length of the lease, penalties for breaking the lease, down payment and security deposit information, and all other rules surrounding your contract with the landlord. Here, you might also find information regarding whether or not utilities are included, how many parking spots are reserved per tenant, and who is responsible for maintenance issues in the building.

Rent to Own

Rent to own is an option that some homeowners offer to tenants. If you plan to rent an entire house, you may consider purchasing it in the future. Benefits of this include becoming familiar with the neighborhood and the quirks of the house before making a purchase. This means knowing things like if the basement floods in times of heavy rain or if the street is busy with traffic. When you rent to own, you’re also investing your monthly rent in the possibility of something greater in the end. You might feel better knowing that your rent is going toward the potential purchase of a future home. Using a rent vs buy calculator to help determine which option is best for you.

Buying a Home

If you’re looking to purchase a home in Sussex County, here are some things to consider before making your decision.

Financially Prepare

The biggest component of buying a home is usually the expense. Homeownership is one of the biggest decisions and greatest investments you’ll likely make in your life. In order to get the most for your money and receive the best rates on a mortgage, you’ll want to get your financial ducks in a row before house hunting.

This means improving your credit score, saving for a down payment, considering closing costs, saving money, and getting approved for a mortgage. Unfortunately, the biggest factor when house hunting is cost. What can you afford and how can you secure the funds to do so?

Choose a Forever Home

No, this doesn’t mean that once you buy a house it has to be your final resting ground. But short-term home ownership can end up costing you a lot more than you’d bargained for. This means you need to consider the house you purchase as one you’ll be living in for quite some time. Don’t make a rushed or uninformed decision.

Look at the house objectively. Is it practical? Is it big enough? Does it have most of the features you want? You can even get a second opinion from trusted family and friends. It’s also a good idea to look at more than a few homes before making a decision. But it’s also about striking the balance between rushing into a purchase or waiting too long and having another buyer snatch it up!

Decide Between Turnkey and a Fixer-Upper

Both of these buying options have their pros. If you purchase a turnkey home, you don’t have to worry about renovating, but you might be faced with a much larger price tag. If you’re not afraid of some elbow grease and have the patience and time to take on some DIY projects, then a fixer-upper might be more budget friendly.

Get Excited

Whether you’re renting or buying in Sussex County, finding a place to call home is a very exciting time in your life. Enjoy the process of finding a place of your own, but go into it informed and prepared for what’s ahead. Happy hunting!