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New Jersey Suburbs of Philadelphia Burlington County, Camden County, Gloucester County, Salem County in South Jersey
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Old 03-27-2011, 02:19 PM
 
14 posts, read 38,124 times
Reputation: 10

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Hi all,

I have been reading on the forum for a while and finally decided to start a thread. I am 25 years old and just graduated from college in 2009. I work in Marlton but I live near Atlantic City. I currently don't pay any rent but I have been thinking about buying my first home near Marlton. Now, my question is:

1. Due to my very limited budget, i probably won't be able to look at anything higher than 120K....I know, with this budget it's tough to buy anything decent, unless it's a condo. But I was told to not buy condos because they'd be a pain to sell.... Do you think i should wait and save up until i can afford something nicer? (a single family house would be nice).....I just thought since the market is still not doing well, maybe i should start looking now?

2. I have been reading the forums and it seems like Cherry Hill would be a decent town to invest(or buy) a property in. Is all part of Cherry Hill nice? (in terms of sellablility). How about Church Road in Cherry Hill? Is that a good area?

Other than Cherry Hill, do you have any suggestions as to what towns I should look in? (With my budget in mind)

Thank you so much for reading, any advice/input would be appreciated!
Yvette
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Old 03-27-2011, 02:51 PM
 
Location: The place where the road & the sky collide
23,567 posts, read 29,827,222 times
Reputation: 9993
Quote:
Originally Posted by yve726 View Post
Hi all,

I have been reading on the forum for a while and finally decided to start a thread. I am 25 years old and just graduated from college in 2009. I work in Marlton but I live near Atlantic City. I currently don't pay any rent but I have been thinking about buying my first home near Marlton. Now, my question is:

1. Due to my very limited budget, i probably won't be able to look at anything higher than 120K....I know, with this budget it's tough to buy anything decent, unless it's a condo. But I was told to not buy condos because they'd be a pain to sell.... Do you think i should wait and save up until i can afford something nicer? (a single family house would be nice).....I just thought since the market is still not doing well, maybe i should start looking now?

2. I have been reading the forums and it seems like Cherry Hill would be a decent town to invest(or buy) a property in. Is all part of Cherry Hill nice? (in terms of sellablility). How about Church Road in Cherry Hill? Is that a good area?

Other than Cherry Hill, do you have any suggestions as to what towns I should look in? (With my budget in mind)

Thank you so much for reading, any advice/input would be appreciated!
Yvette
My nephew bought a condo out of college & can not sell it. He's under water with it. He got married so now has a single family home & rents it out, but loses money every month on it.

Church Road is a very long road, I can't answer that. It's too vague. You could look in Kingsway Village & hope for a house that needs work. Other than that, I'd say just keep saving money.
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Old 03-27-2011, 05:30 PM
 
14 posts, read 38,124 times
Reputation: 10
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Originally Posted by southbound_295 View Post
My nephew bought a condo out of college & can not sell it. He's under water with it. He got married so now has a single family home & rents it out, but loses money every month on it.

Church Road is a very long road, I can't answer that. It's too vague. You could look in Kingsway Village & hope for a house that needs work. Other than that, I'd say just keep saving money.
Thanks for your response, guess i should've been a little more precise. How about church road & haddonfield road? Would that area be a bad area of Cherry Hill? I lived in Central Jersey for the majority of the past 10 years so I am not really familiar with South Jersey.

I appreciate your advice!
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Old 03-27-2011, 06:23 PM
 
Location: The place where the road & the sky collide
23,567 posts, read 29,827,222 times
Reputation: 9993
Quote:
Originally Posted by yve726 View Post
Thanks for your response, guess i should've been a little more precise. How about church road & haddonfield road? Would that area be a bad area of Cherry Hill? I lived in Central Jersey for the majority of the past 10 years so I am not really familiar with South Jersey.

I appreciate your advice!
Church Road & Haddonfield Road is near the mall & Pathmark. It isn't a bad area, but traffic can be horrible there at big shopping times. There's an older neighborhood between Rte 38 & Haddonfield Road along Church Road, on the same side as Pathmark. That's also a cheaper but decent neighborhood. You can have the same issue with shopping traffic there.

Kingsway Village is also older & situated on the east side of Kings Highway, between Ellisburg & Haddonfield. It's extremely safe.
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Old 03-27-2011, 09:16 PM
 
398 posts, read 633,888 times
Reputation: 199
With a 120k budget you will not find much in Cherry Hill. Maybe a dilapidated tiny old house that would need a lot of work before you could move in. Since you didn't mention any need for schools, why not check out the towns off the White Horse Pike. 120k could get you a nice single family home in Lindenwold. While some people may say to stay out of Lindenwold, it is really only the apartment complexes that are problematic. There are some great single family neighborhoods there that are very affordable. Clementon is also very affordable. The other towns like Stratford, Somerdale, and Magnolia are also worth checking out. Some of these towns are very quiet and leafy suburbs but much cheaper than Cherry Hill. You could also look in Pennsauken, lots of affordable houses there.
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Old 03-27-2011, 09:59 PM
 
Location: NJ
17,579 posts, read 42,221,357 times
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I would probably try and save up some more money first. I wouldn't want to have to settle for bottom of the barrel.
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Old 03-27-2011, 10:18 PM
 
Location: Mount Laurel
4,186 posts, read 10,292,450 times
Reputation: 3499
Why would you want to buy and pay the high property tax? Just rent for now.
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Old 03-28-2011, 05:32 AM
 
Location: South Jersey
7,780 posts, read 19,603,844 times
Reputation: 2332
Quote:
Originally Posted by sj08054 View Post
Why would you want to buy and pay the high property tax? Just rent for now.

That is what I would recommend too..
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Old 03-28-2011, 07:55 AM
 
Location: Cherry Hill, NJ
155 posts, read 329,788 times
Reputation: 53
I probably wouldn't buy right now....
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Old 03-28-2011, 08:39 AM
 
Location: South Jersey
7,780 posts, read 19,603,844 times
Reputation: 2332
Quote:
Originally Posted by bulldog15 View Post
I probably wouldn't buy right now....
actually NOW is the time to buy. If you have a stable job, the housing stock has NEVER been cheaper of more plentiful then now
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