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Old 12-11-2018, 02:05 AM
 
Location: Enfield, CT
14 posts, read 3,337 times
Reputation: 28

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So I am 28, and have lived in CT my entire life. I grew up in Somers and lived there until I was 22, and have rented half a house in Enfield for the past 6 years. I do not plan on staying in CT but am looking to buy a home so I do not get sucked into a ridiculous rental somewhere else that'll cost more than a house, plus the tax benefits, as well as being able invest my money into something that will either make it's way back to me eventually or make me money. Looking for recommendations as to places in CT to own a home? I still love the small town feel. I also work in Hartford. I currently make about 52,000$/year. Thanks!
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Old 12-11-2018, 04:09 AM
 
Location: Coastal Northeast
15,913 posts, read 22,236,680 times
Reputation: 5355
If youíre not looking to stay in CT, Iíd strongly advise against buying real estate (unless you plan to stay for at least 5+ years).
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Old 12-11-2018, 05:28 AM
 
Location: CT
61 posts, read 21,672 times
Reputation: 54
Quote:
Originally Posted by kidyankee764 View Post
If youíre not looking to stay in CT, Iíd strongly advise against buying real estate (unless you plan to stay for at least 5+ years).
I didnít plan to stay in CT either, however, 13 years and Iím still here, owned a condo for 7 years and now a house for 2 years. I am glad I didnít rent that whole time.

As long as you are planning to stay for 4-5 years then buying is fine. You lose a few bucks in closing costs but itís your house, and when you sell you probably will have some equity, even if it hasnít appreciated. Renting does make you more mobile, faster, which is a pro.
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Old 12-11-2018, 05:33 AM
 
Location: Coastal Northeast
15,913 posts, read 22,236,680 times
Reputation: 5355
Quote:
Originally Posted by Reilly1017 View Post
I didnít plan to stay in CT either, however, 13 years and Iím still here, owned a condo for 7 years and now a house for 2 years. I am glad I didnít rent that whole time.

As long as you are planning to stay for 4-5 years then buying is fine. You lose a few bucks in closing costs but itís your house, and when you sell you probably will have some equity, even if it hasnít appreciated. Renting does make you more mobile, faster, which is a pro.
Equity after 4 years is debatable and very much depends on the area. After realtor fees and conveyance tax, you could certainly be at a loss.

Donít get me wrong. I hate renting. But if I werenít planning to stay in an area, no way would I buy.
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Old 12-11-2018, 07:18 AM
 
Location: Coastal Connecticut
14,875 posts, read 18,211,761 times
Reputation: 3417
I have to agree with kid. 5 years minimum.

That said, Middletown would be a good option.
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Old 12-11-2018, 07:35 AM
 
240 posts, read 269,922 times
Reputation: 108
I also agree with Kid.


Estimate the total cost to carry for owning over several years as you may have a greater cash outflow. Given the current tax laws and the price point you may be at there's probably minimal tax benefit.
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Old 12-11-2018, 07:56 AM
 
11,959 posts, read 6,185,291 times
Reputation: 21971
$52K is 12% tax bracket. There's almost no tax advantage to itemizing mortgage interest since the state income tax and property tax itemized deduction is limited to less than the $12K standard deduction. Welcome to the red state-friendly tax law change.


If you sell in less than 5 years, it's unlikely you'll see enough appreciation to cover your buying and selling costs. The realtor commission is killer. We have had 10 years of economic growth nationally. There will be a recession in the fairly near future. Residential real estate pretty much always goes down in recessions. At age 28, don't buy anything you don't think you'd live in forever and don't buy at the peak of the market. I made that mistake many years ago and sold a few years later at 60 cents on the dollar.
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Old 12-11-2018, 08:10 AM
 
Location: On the Stones of Years
233 posts, read 65,147 times
Reputation: 229
There are other variables to consider. In the area the poster is now living, there are many houses with good " bones" , at modest prices , that can be lived in and fixed up. Even over 4-5 years , improvements could be made that will increase the selling price . If the poster is handy, or has friends or contacts in the building trades that could be an option. When you rent, you pay another person's mortgage. When you rent, when your lease expires , you could face increases. When you own, you have more control over that aspect.


If you are young, energetic, a bit handy and have the time, it can be done.


You can still make money selling in nearly any environment , you just have to position yourself properly.
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Old 12-11-2018, 09:50 AM
 
Location: Connecticut
24,961 posts, read 40,597,626 times
Reputation: 7149
Quote:
Originally Posted by mjshaw130 View Post
So I am 28, and have lived in CT my entire life. I grew up in Somers and lived there until I was 22, and have rented half a house in Enfield for the past 6 years. I do not plan on staying in CT but am looking to buy a home so I do not get sucked into a ridiculous rental somewhere else that'll cost more than a house, plus the tax benefits, as well as being able invest my money into something that will either make it's way back to me eventually or make me money. Looking for recommendations as to places in CT to own a home? I still love the small town feel. I also work in Hartford. I currently make about 52,000$/year. Thanks!
To actually answer your question of where to buy a home, a lot would depend on where you do things socially. I generally recommend you live as close to your job as possible so your daily commute is minimal. If your social/family life is more centered on the Somers area, I would suggest looking north or east of Hartford. Windsor, South Windsor or Manchester might be good options. Even East Hartford might work. This way you are close to your job and your social/family life as well. With that income, the home you can afford will be modest but still decent.

I do agree with the others that buying a home is a serious commitment and should only be done if you are certain you will be in Connecticut for a number of years. If you do move, you could rent the place but keep in mind that managing a rental property from a distance will be difficult and expensive since you are not nearby to fix or handle things that come up. Again this is your decision but think carefully about that. Good luck, Jay
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Old 12-11-2018, 01:41 PM
 
3,564 posts, read 3,375,463 times
Reputation: 9117
What would make sense for you to buy would be a multifamily in an area that is safe enough for you to live in. That way, you essentially live for free, while the rent for the other units pays the mortgage. If you were going to buy a single family home, plan on having roommates.
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