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Why and How to Buy a Home
in Paterson, New Jersey

There are more than 19,000 cities in the United States, but you only get to live in one at a time. Affectionately known as "Silk City" to the locals for its history as a silk industrial center in the 1800s, Paterson, New Jersey, is a great place to call home. For being a small town, Paterson certainly makes itself a popular place.

Famous Visitors and Residents

Among the town's favorite sons is Lou Costello, of Abbott and Costello fame. Born in Paterson, Costello was part of one of America's top comedy teams of the 20th Century.

Additionally, the town was featured regularly on the HBO series, The Sopranos, which showcased both the beauty of Paterson Falls and the statue of Lou Costello at the Lou Costello Memorial Park.

Education and Culture

Paterson takes great pride in extending excellent education opportunities to its students, spending $10,905 per student, far above the national average of $5,691. Paterson has a 10.3-to-1 ratio of students to teachers and "...remains focused on strategies to close the achievement gap between general education, special education and limited English proficient students as well as between ethnic, gender and economically disadvantaged subgroups."

The city also boasts a widely diversified cultural scene. Each year, Paterson hosts events and parades such as the 10-day Peruvian festival, "El Senor de los Milagros," and the Turkish-American Day Parade. There are also parades each summer celebrating Puerto Rican, Dominican and African American cultures.

Lambert Castle and Museum

A relic from the days when Paterson was one of the nation's silk-making capitals, Lambert Castle is the former home of Catholina Lambert, a silk mill owner. Amassing huge wealth through the silk business, Lambert built the castle in homage to the castles of his native England. Lambert even hosted former Vice President Garret Hobart, another Paterson native. Unfortunately, Lambert's eyes were bigger than his bank accounts and he eventually lost control of his castle.

Today, the Castle doubles as a library and a museum, hosting many civic functions and events.

Paterson's rich history doesn't stop at Lambert Castle. Paterson offers a historic neighborhood of elegant homes that mirror the growth and industrialization of the nation, reflecting the Gilded Age's elegance and the growing modernization of America.

Home Buying in Paterson

Agents and Appraisers

Finding the right agent to assist you is a good move to make. Paterson area real estate agent Dennis Sanchez says that, "An agent is someone that can comfort, support and educate either the 'Dream Home' shopper or the 'Dream Investment' shopper, and maximize the amount of sale of your 'Pride and Joy' home."

Just don't let an agent put you in a home; remember, he or she is working for you. Use your agent as a valuable asset who knows the local real estate market and can guide you to properties that fit your needs.

In addition, keep in mind that a house may look great on the outside, but there is always more than meets the eye. Finding an appraiser to ascertain the true value of a house and compare that to the asking price should be on your list of things to do as well. Appraisers can provide valuable information on homes before you make a big investment. They can alert you to potential issues with the plumbing or wiring, as well as other "under the hood" items that may pose a problem in coming years.

Houses: Investments and Homes

Buying a home in Paterson has proven to be an excellent investment. Since the beginning of the century, homes in Paterson, New Jersey, have more than doubled in value, up to $316,000. Whether you're looking for a place to settle down and raise a family or trying to find the perfect rental investment property, Paterson's a good place to look.

Additionally, the city zoning commission makes a point of "soliciting community input on development plans," allowing you to really make a difference in your new city.

The best tip for home buying is to cater a home to your needs, not the other way around. It can be tempting, especially as a first-time homebuyer, to want as much house as possible. Remember Catholina Lambert? Don't buy yourself into a home that will financially ruin you. Instead, focus on finding a home that meets your financial capabilities and provides for your housing needs.

If space is an issue, you can always look for an affordable storage unit to store seasonal or seldom-used items. Put the winter gear or sports equipment in storage and fill your new house with the belongings you use every day. In addition to giving you peace of mind, this saves space, avoids clutter and helps you and your family settle into your Paterson home more easily.

"Paterson, New Jersey: America's Silk City", National Park Service - http://www.nps.gov/nr/twhp/wwwlps/lessons/102paterson/102paterson.htm

"Lou Costello", Bio.com - http://www.biography.com/people/lou-costello-162971

"Best Places to Live in Paterson, New Jersey", Sperling's Best Places - http://www.bestplaces.net/city/new_jersey/paterson

"District Backgrounder", Patterson Public Schools - http://www.paterson.k12.nj.us/11_pages/backgrounder.php

"Paterson, New Jersey", CityTownInfo.com - http://www.citytowninfo.com/places/new-jersey/paterson

"The Story of Catholina Lambert's Castle", LambertCastle.com - http://www.lambertcastle.com/lambert_castle_story.htm

"Paterson, New Jersey", CityTownInfo.com - http://www.citytowninfo.com/places/new-jersey/paterson

"Great Falls Historic District Cultural Center", City of Paterson - http://www.patersonnj.gov/department/division.php?fDD=24-117

"About Me", ActiveRain Corp - http://activerain.com/dsperu01

"Licensed Appraisers Paterson NJ", Remodelista.com - http://local.remodelista.com/Licensed_Appraisers_Paterson_NJ-p1764313-Paterson_NJ.html

"Paterson, New Jersey", City-Data.com - http://www.city-data.com/city/Paterson-New-Jersey.html

"Planning & Zoning", City of Paterson - http://www.patersonnj.gov/department/division.php?fDD=8-45

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More About Storage In Paterson
Photo: Enjoying Paterson's Climate Throughout the Year: Weather and Activities Enjoying Paterson's Climate Throughout the Year: Weather and Activities

The climate of Paterson, N.J., offers residents the opportunity to enjoy a wide range of outdoor activities and sports throughout the year. Cold and snowy winters are ideal for cross-country skiing, skating and sledding. Warm-weather enthusiasts will enjoy the balmy summer temperatures that hover around 80 degrees, perfect temperatures for hiking, camping and enjoying organized sports like baseball and soccer. Organizing and planning for these outdoor activities can add to the fun and excitement for Paterson residents during every season of the year.