Relocating to CT should we Rent or Buy (Hartford, Danbury: real estate market, lease)

iqsgirl · 10-22-2006, 08:12 AM

My DH will be working in Fairfield. We ar trying to get our head around the cost of home in our 400-500K price range. We looked in Shelton and Seymour. While there were home prices within our range--we are concerened about the tax rate. We are toying with the idea or renting.

Any advice.

jdhall1 · 10-22-2006, 09:59 AM

Have you considered Danbury? It is about 45 minutes to the Northwest of Fairfield. It is only about 20 miles away but there is no highway linking them. It is a 43 square mile city with about 75,000 people with a very good school system in spite of having the 2nd largest high school in the state. The tax rate is very reasonable for the area, about 25 mills. It is low because there are a ton of businesses and stores in city limits.

A property that would sell for about $400,000 will rent for about $2500 or so a month. Assuming 20% down, 30 year mortage @ 6.85% and property taxes, it would be a little bit cheaper ($2425 a month) and you get the benefit of deducting the mortage interest and prop. taxes from your income taxes (about $24000).

DogLady321 · 10-28-2006, 03:38 PM

If you have never lived in CT i would highly recommend renting before buying.
This way you can get a sense of what community you would want to live in.

purplecatfish · 10-31-2006, 10:32 AM

Quote:

Originally Posted by DogLady321

If you have never lived in CT i would highly recommend renting before buying.
This way you can get a sense of what community you would want to live in.

I agree. Connecticut is a very expensive state to live in. Taxes are killer and if you buy a house your not going to get what you pay for. Your going to pay more than what the house is worth right not. For instance there is a house around the corner from me and they want $209 for it. I would never pay that much for that house. It is a very old farm house that needs quite a bit of work. There is another house about 2 miles from that house same town but in the downtown portion of town. They want over $700,000 for the house because in 1910 it was a mansion. I went through this house with a friend and it would have to have the asbestos removed as well as the lead paint. There is a heavy mold problem in the basement as other issues.

I guess what I'm saying you aren't necessarily getting what you are paying for in CT.

My husband and I are currently looking to get out.

Now if Money isn't a concern then this is a very nice state to live in. The parks are great, many of the towns are rich with history and pride. There are some great schools and it's pretty easy to get anywhere you want to go.

Dragondog · 10-31-2006, 10:56 AM

Connecticut's tax burden is actually about average- and what you get for your taxes is a pretty good deal. The states real estate costs are near average also- except for tony jazzy Fairfield county - real estate here is a fair value. Median price of a single family home in the greater Hartford area is (255k) cheaper then Miami, Fort Lauderdale, Naples Florida all 100K or more- and cheaper the the NYC area, Washington DC and northern VA, All of California, Las Vegas and Seattle. Prices here in central CT are about the same as Minneapolis St Paul, Chicago, Portland Or and Denver.

The school systems here are very good- local services are very good as well. Compared to the deep south- where many have gone and now want out- the costs here in relationship to what you pay and get are not bad.

Energy costs are high- especially for gasoline- but my neighbors who just relocated back here from Florida said the electric bills where much higher in the sunshine state then here- as where car and home owners insurance and a plethora of other things.

Yes Fairfield county is pricey- but the rest of Connecticut is not. A new 2500 square foot colonial in Coventry CT-east of Hartford on 1 acre sells for about 300K-not bad really. Do not be scared off by pricey Fairfield county- most of Connecticut has real estate that is a relative bargain for its location- and is likely to climb much in years to come.

Rich Lee · 10-31-2006, 11:24 AM

Quote:

Originally Posted by iqsgirl

My DH will be working in Fairfield. We ar trying to get our head around the cost of home in our 400-500K price range. We looked in Shelton and Seymour. While there were home prices within our range--we are concerened about the tax rate. We are toying with the idea or renting.

Any advice.

As a whole, the real estate market is softening a bit although it is still significantly higher than it was from 2003 - 2005. This might come as a surprise, but the first thing that I recommend buyers do is assess their situation. Are you planning to stay in Connecticut for longer than 2 years? If the answer is, "No," then RENT. If you are planning to stay from 2 to 5 years and are in professions that are in demand, then you should consider BUYING.

I hope that this helps.

Rich
Moderator cut: realtor advertising

lisavern · 11-18-2006, 08:59 AM

I just moved to CT from NJ. We had the same dilemma. I really really didn't want to rent because I didn't want to move twice, knowing we'd eventually buy a house. The idea did not appeal to me at all, it was daunting with all the stuff we had to move. But, when we were house hunting last spring, we just didn't find the right house and I didn't want to settle. So we rented and I think it was the best thing. First, home prices have dropped some since then, so when we buy after our lease ends, I think we'll get more for our money. The market has changed and sellers have had to drop their expectations somewhat. Secondly, you really get to know the neighborhoods and schools when you are actually here to see it first hand. You really can't get a good feel for that when you are just making short visits.