Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have had some major changes in my plan....so I am not looking forward to purchase a home with my bf anymore....or at least not for a long time...
Now, my question is, since i am going to be buying on my own, my purchasing power is dramatically decreased (probably no more than 120K)
Would you please give me some input? I'm so lost...
Assuming that I can afford either, which would be a better choice? buy a 2/1.5 condo in Marlton (off 73) or a 3/1 single family house in Audubon, NJ? Or is there any other surrounding safe towns i could look in? (I'll be living alone so i am concerned about safety)
Thanks everyone....sometimes it's really not easy to face sudden changes you weren't ready for...but i'll tough it out.
I have had some major changes in my plan....so I am not looking forward to purchase a home with my bf anymore....or at least not for a long time...
Now, my question is, since i am going to be buying on my own, my purchasing power is dramatically decreased (probably no more than 120K)
Would you please give me some input? I'm so lost...
Assuming that I can afford either, which would be a better choice? buy a 2/1.5 condo in Marlton (off 73) or a 3/1 single family house in Audubon, NJ? Or is there any other surrounding safe towns i could look in? (I'll be living alone so i am concerned about safety)
Thanks everyone....sometimes it's really not easy to face sudden changes you weren't ready for...but i'll tough it out.
+1 on your decision on not buy with your bf. That's a big no no..
Now as for you purchasing.. a condo in Marlton (are you referring to Woodhollow condo?) has it's pluses since youdon't have to maintain exterior. There are benefits of condo but remember that you will be stuck with some rules that you may not like.
IMHO, you need to really think hard about whether it make dollar sense to buy. Yes, the interests rate are low and plenty of property out there but you still need to look at your situation. Think about your plans for the next 5-10 years.
Location: The place where the road & the sky collide
23,814 posts, read 34,675,688 times
Reputation: 10256
Quote:
Originally Posted by yve726
I have had some major changes in my plan....so I am not looking forward to purchase a home with my bf anymore....or at least not for a long time...
Now, my question is, since i am going to be buying on my own, my purchasing power is dramatically decreased (probably no more than 120K)
Would you please give me some input? I'm so lost...
Assuming that I can afford either, which would be a better choice? buy a 2/1.5 condo in Marlton (off 73) or a 3/1 single family house in Audubon, NJ? Or is there any other surrounding safe towns i could look in? (I'll be living alone so i am concerned about safety)
Thanks everyone....sometimes it's really not easy to face sudden changes you weren't ready for...but i'll tough it out.
I agree with really thinking through your plans and future for the next 5-10 years. Chances are it won't be easy to sell anything you buy right now for at least 10 years or so. You may really be better off renting for another year or two until you figure out the long term.
As for the properties you suggested...
The condo in Marlton seems like a nice fit for one person and the fact that it's a two bedroom means it has some future potential to add a roommate or can serve your needs if you do end up having a child. I think this is a much better choice than a 1BR. You will also have far less maintenance with a condo than you will with a home, but you may be subject to things like assessments and rules that you don't necessarily want to deal with. With that said, condos can be incredibly hard to sell and are usually the first to bust and last to recover in the housing market. You may find yourself "stuck" if your future needs change.
Audubon is a good family town, a little on the blue collar side, but they have strong schools and are in a nice area. Being a 3BR house it can most likely serve your needs for a long time. It would have the potential to accomodate roommates and it can accomodate a family. Being a single family home in a family town with 3BR's it would also be much easier to sell than a condo. The negative would be the maintenance needs and everything that goes into taking care of a house and property.
If it were my choice, I would probably pick the 3BR house in Audubon. However, in your situation I think renting may be the better choice short term while you figure things out and save up some money. $120k isn't much of a budget in NJ and even though there are some great deals out there right now you really need to ask yourself if buying is the right move and are you simply doing this because you have your mind set on buying something and your other plans have fallen through? Buying a house is way to big of a financial decision to be done solely from an emotional standpoint.
NJGOAT's advice is good. Now is not a great time to buy. Despite what everyone is saying, prices are still falling in the Phila metro area. The housing slump hit our area later than the rest of the nation - so we still haven't leveled out. I bought my house 1.5 years ago, and there are places on the market that were for sale when I was searching. You would likely not recoup your expenses for quite some time. Minimally - wait to see how all of this debt ceiling stuff shakes out. If things aren't 100% solidified rates could skyrocket making it difficult to sell in the future.
I currently live with my bf and his parents, so yes, right now i live rent free. But i have been wanting to move out for a while...I feel it's better for me, and for my relationship with him. Technically i can just rent a place for the time being, but i feel that I'm just stupid to "waste" money on rents. If i had a home in the US, i would so move back home, i actually don't even want to live by myself. But i have no one here....other than my bf.
Ultimately though, I'd look at the purchase as more of an investment in the long run. Perhaps sell in 5 to 10 years from now, or rent it out. Because i don't really see myself living alone for any more than the next five years.
It's true that i really need to think through what my plans are......it's just that I don't really have a set plan and a lot of times i just feel so lost. I have decided to hold off on buying for now though, after reading your comments and thinking about what i really want to do. Until i am certain, i guess i really should not pursue anything so that i won't regret it in the future....
I currently live with my bf and his parents, so yes, right now i live rent free. But i have been wanting to move out for a while...I feel it's better for me, and for my relationship with him. Technically i can just rent a place for the time being, but i feel that I'm just stupid to "waste" money on rents. If i had a home in the US, i would so move back home, i actually don't even want to live by myself. But i have no one here....other than my bf.
Ultimately though, I'd look at the purchase as more of an investment in the long run. Perhaps sell in 5 to 10 years from now, or rent it out. Because i don't really see myself living alone for any more than the next five years.
It's true that i really need to think through what my plans are......it's just that I don't really have a set plan and a lot of times i just feel so lost. I have decided to hold off on buying for now though, after reading your comments and thinking about what i really want to do. Until i am certain, i guess i really should not pursue anything so that i won't regret it in the future....
OP, sounds like you need a break and some time to think. It is very difficult to sort out your thoughts when you're surrounded by your soon-to-be ex-boyfriend and his family. Much less, think seriously about purchasing real estate.
However, as far as the two choices: IMO, no to the SFH--it's too big for you and you're not sure where you'll be in 5-10 yrs.
Does the condo complex help with rentals in the event you want to rent out your unit? This may be the better idea.
Does the condo complex help with rentals in the event you want to rent out your unit? This may be the better idea.
Good advice about checking out the rules regarding rentals. Some condo complex's have pretty strict rules regarding the process for renting the unit. Some of them also have a minimal owner occupancy period, like you need to live there for at least 5 years before you can rent. Get all the particulars before buying.
Having purchased a condo that is now worth almost nothing. I wouldn't do it again if for no other reason than the condo / association fees that go along with it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
