Looking to buy my first home, recommended towns? (Bridgeport, New Haven: crime, homes)
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Um, where can you get a decent starter home in a good area for 100k? Anywhere in the country? Let alone a multi family.
" A modest single family home that needs work can be purchased for less than $ 100,000 , even lower, in safe desirable areas with entry level ( starter ) housing. Look for properties that have good bones, with most of the work needed to be cosmetic and minor repair."
Those were my exact words. Houses like this exist in Hartford County, which by the way, is the County in CT with the biggest increase in economic growth recently. A quick search will reveal several , some as low as 75,000 that need " extensive work ". You will have to look deeper if you want to do less than " extensive work " , but they certainly exist. I am not going to do the work for you.
A young person with that income has limited choices. I offered an opinion that has worked for others.
Honestly, if you're not planning on having roommates, you should not do this. Owning a home can come with unforeseeable expenses. We've been hit by carpenter ants swarming, roof failing 15 yrs before it was supposed to, expensive HVAC repairs, replacing appliances. If you're planning on getting out of CT, then I'd spend your time and energy on getting equipped to earn more money, and plan on where you're going to make your life. You're at the age where people should be settling into career and marriage - and you don't want to do that here. The only reason to buy a house is if it also works as an investment, and in your income bracket and time frame, a house doesn't work as an investment unless you are also becoming a LL. So if you were to say buy a raised ranch, and rent the downstairs with its bedroom and bathroom and rec room set up with a makeshift kitchen to a friend, offering him occasional kitchen privileges too, then you'd have some privacy and significant income to help cover the mortgage. You'd be paying less/month than if you were renting your own place, and you'd build equity at the same time. But if you're just hoping to make money on a house that you own for a few years, unless you're incredibly handy and can do home renovations yourself that look really good when you're done, you should NOT do this.
As for the town - you are right to avoid Hartford, East Hartford, Manchester, New Britain. These towns have high crime and low-scoring schools, also often high mil rates. Houses are unlikely to increase in value there. If you're a LL looking for cash flow properties, they're the place to go, assuming you aren't afraid of the neighborhood, because the price to rental yield ratio is best in slum areas. But you're looking for a place to live yourself, so you want a middle class town.
That being said, if you are still determined to buy, you should look into buying a bank owned property that belongs to HUD or Fannie Mae or Freddie Mac. Look on Hud Homestore, and there are similar sites for fannie Mae and Freddie Mac I think. They have properties that can be in decent condition, that are only available at first to owner-occupants, which you would be. You could still have a roommate. You can get an FHA loan for these. Generally, the bank is allowed to let the property go for as low as about 85% of the asking price. There's a lot more to know about all of this. You can educate yourself on a website called BiggerPockets where investors exchange information.
Before you buy, you should look at many, many houses. It takes a lot of time to educate oneself in real estate. Honestly, in your situation, you would do far better to put your time into figuring out how to increase your income, and where you want to make your life, and moving there and getting started. Meanwhile, live as cheaply as you can and save, save, save.
I am 28, top tier credit score, plenty of money in savings but as a first time homebuyer I am only required to put down $5,000. I do not plan on staying in CT , trying to move either further south or out west. I refuse to start a family or spend my life in this s***hole of a state. I am good at saving and investing, and am not someone to just throw away money every month. Multi family homes are extremely hard to find here in CT. And to whoever thinks you can buy a start home for less than 100k here in CT you are out of your mind. Your lucky if you can get a starter home for 150k, and even then your looking at a home that needs to be completely remodeled. Also Manchester and East Hartford, def not good areas to buy a home if your looking to not have your car stolen or get caught in shooting cross fire. I grew up in Somers so I want to stick with the small town feel. I work in Hartford so I want to stay within 45 minutes. I love towns like Old Saybrook, Portland, Barkhamstead, New Hartford, Deep River, Old Lyme. Mountains and Lakes/Ocean are all very important to me.
I am confused. Why would you want to buy a place somewhere that you are planning to leave and seem to dislike? It makes no sense.
Who is saying you can buy a starter single-family home here for $100,000? You can get a condo here for that amount but it may be small and need some work. This however is pretty much true for just about everywhere close to major employment centers anywhere in the country now. They can be as pricey as the Hartford area.
I am not sure why you think East Hartford and Manchester are so bad. I am in both of these towns and never had an issue or felt unsafe. I know people that live in both of these and feel the same way. For the most part, they are safe and I do not know of a lot of shootings happening in either town. There may have been an isolated incident or two but heck, that has even happened in safe places like West Hartford.
You did not say you wanted a small town originally so of course people are going to recommend larger towns closer to Hartford. We are trying to minimize your commute which you should seriously consider. That said, commutes from Old Saybrook, Barkhamsted, New Hartford, Deep River and Old Lyme to Hartford are going to be longer than 45 minutes. Portland would work. You might also consider towns like Hebron, Andover, Marlborough, East Hampton, Bolton, Burlington, Canton, Granby, Suffield and East Granby. These should be within the 45 minute commute you want. It is up to you if these are small enough or if you are willing to stretch your commute a bit to live in a more rural community.
I also want to ask you where you are thinking of moving when you leave the state? Connecticut has its issues BUT so does every other state. We are a generally affluent and very well educated state and are fortunate to have a lot of well paying jobs despite what some here may claim.
You did not say what you do but making what you make may be difficult to meet in lower cost and lower taxed states. I suggest you seriously research places you want to move before doing so. We had a regular poster here who was anxious to leave. He had a good job that paid very well but he wanted to buy a home immediately. At the encouragement of some here, he moved to a lower cost state at a significant reduction in pay but it turned out very badly for him. The job did not offer the flexibility he was used to in his jobs here and he was fired. He could not find another job there so he came back and got a lesser job here. That job was eliminated after a year so his resume did not look good with short stints at several jobs. He finally found a job in a state he does not like and will often lament that he left and how he wants to return. While this may not happen to you, I do want to caution you to seriously consider any major move you make and be sure you are fully aware of what you are giving up and are getting in that move. Good luck, Jay
I am confused. Why would you want to buy a place somewhere that you are planning to leave and seem to dislike? It makes no sense.
Who is saying you can buy a starter single-family home here for $100,000? You can get a condo here for that amount but it may be small and need some work. This however is pretty much true for just about everywhere close to major employment centers anywhere in the country now. They can be as pricey as the Hartford area.
I am not sure why you think East Hartford and Manchester are so bad. I am in both of these towns and never had an issue or felt unsafe. I know people that live in both of these and feel the same way. For the most part, they are safe and I do not know of a lot of shootings happening in either town. There may have been an isolated incident or two but heck, that has even happened in safe places like West Hartford.
You did not say you wanted a small town originally so of course people are going to recommend larger towns closer to Hartford. We are trying to minimize your commute which you should seriously consider. That said, commutes from Old Saybrook, Barkhamsted, New Hartford, Deep River and Old Lyme to Hartford are going to be longer than 45 minutes. Portland would work. You might also consider towns like Hebron, Andover, Marlborough, East Hampton, Bolton, Burlington, Canton, Granby, Suffield and East Granby. These should be within the 45 minute commute you want. It is up to you if these are small enough or if you are willing to stretch your commute a bit to live in a more rural community.
I also want to ask you where you are thinking of moving when you leave the state? Connecticut has its issues BUT so does every other state. We are a generally affluent and very well educated state and are fortunate to have a lot of well paying jobs despite what some here may claim.
You did not say what you do but making what you make may be difficult to meet in lower cost and lower taxed states. I suggest you seriously research places you want to move before doing so. We had a regular poster here who was anxious to leave. He had a good job that paid very well but he wanted to buy a home immediately. At the encouragement of some here, he moved to a lower cost state at a significant reduction in pay but it turned out very badly for him. The job did not offer the flexibility he was used to in his jobs here and he was fired. He could not find another job there so he came back and got a lesser job here. That job was eliminated after a year so his resume did not look good with short stints at several jobs. He finally found a job in a state he does not like and will often lament that he left and how he wants to return. While this may not happen to you, I do want to caution you to seriously consider any major move you make and be sure you are fully aware of what you are giving up and are getting in that move. Good luck, Jay
" Who is saying you can buy a starter single-family home here for $100,000? "
I said there are houses out there at that price if you want to do some work on them.
A starter home in CT for $100,000 is going to be falling to pieces. I have looked at many homes and know many people who are in trades, and I also know people who do real estate and home renovating for a living so I have learned quite a bit over the past few years but also have the ability to take them with me which helps as well.
In means of wanting to be near specific areas or certain towns in the state I tend to stick to town like where I grew up in Somers. I like the small town feel and am not a huge people person. I work as a 911 Public Safety Dispatcher and I can tell you with what I deal with on a daily basis you wont see me go anywhere near towns like Hartford, Manchester, East Hartford, Bridgeport, New Haven, Waterbury, Middletown, New Britain...I can tell you where I work Hartford, East Hartford, New Britain, and Manchester are the worst and most dangerous towns where the shootings, stabbings, stolen cars, home invasions/robberies, etc never end.
I have been attempting to move out of CT for many years. What I can do in the law enforcement field is much more minimal here versus out west or down south. The taxes, the cost of living, the people, and the government/politics here all make me resent this state. I will never be happy in a place like this, good job or not. Everyone has there opinions but this place is not for me.
Appreciate the suggestions on towns in the state to look into. Happy Holidays!
I have lived in the Hartford area all my life and invested in real estate in a number of communities, including Hartford. I grew up in East Hartford and still have family that lives there. There are many areas of East Hartford that are safe, quiet and affordable places to live. The same is true of other affordable towns such as Manchester, Vernon, Windsor, and Bloomfield. For many people with school-aged children schools might affect the decision.
I would start by running some searches on Zillow or realtor.com restricted to 110k and set with the widest distance from the zip code where you work. You’ll start to see where you can afford and then go drive through those towns.
If you are serious about only staying 5 years, look at rates for a 5/1 ARM and its qualification procedures as a first time buyer. The fed keeps raising the rate so mortgage costs continue to rise, that and CT being in a tough place really limits your potential for resale.
Unless...you can find a fixer and do massive upgrading. Lots of small homes are starting to come on the market which were rented by families or left vacant after family passed away. The rising mortgage rates also raise the home price and inventory is low so it’s a good time to sell.
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