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We (wife and 7 month old) are currently renting in Edison ( closer to Metropark Station )
We are looking to buy a place of our own. Basically what we are looking for at this point is a little more living space and to allow for more space for the little one. Looking for a safe / friendly neighborhood
I currently work in Jersey City and wife is in between jobs. I have a seven month old (I presume.. I have a good 5 years before I really need to worry about a school system)
I am looking to buy a 2-3 bedroom townhouse or a 2 bed condo ( can use later as investment property if I were to move into a bigger house ). I am looking for houses not older than 20 - 25 years.
My budget is around $300K.
I initially started looking at North Edison considering ease of commute / comfort factor(already renting here) and proximity to work ( I am also looking at South Brunswick / Princeton / West Windsor ). Looking up trulia I don't see too many townhomes / condos around North Edison ( closer to Inman ) even though I hear there are quite a few developments (Grande Woods / Oaks / Maples / Dogwood Meadows / Timberline ).
Is this because inventory is limited or is it because they don't remain listed for long. Trying to get a little perspective here and any recommendations on condos / townhomes in North Edison before I head off to the real estate agent.
If you don't care about school systems why are you looking atthe pricier towns on the NEC? And if you plan to move again in the imeediate future (5 years?) why bother buying anyway? With a 2 bed condo, the second you have another kid you are going to be looking for more space again.
Edison because of the comfort factor (I am already renting here) and dont mind pricey as much cause I assume if/when I sell, it would fetch a higher price too. Have few friends around here and so our "social circle" is in the Edison vicinity. North Edison to Jersey City communte should be ~ 30 mins which is not so bad.
So any advice / recommendations on properties in this area will be very much appreciated.
...and dont mind pricey as much cause I assume if/when I sell, it would fetch a higher price too
Be VERY careful with that assumption. Even if you sell at a higher price in the future, you have to factor in additional cost (broker's fee, etc) not to mention house maintenance cost during the time you own it.
I am against buying if you don't plan to stay for at least 7 years. I would even go more conservative a minimum of 10 years in today's RE market.
If you do not care system system and plan to use it as investment in the future when you move up, you can consider Jersey City. We bought a condo (268K) in Jersey City in 2005 before my son was born. 5 years later, we moved up to single family house in Berkeley Heights mainly for school system. Even though it's hard to sell now, it's very easy to rent out. The rent ($1750) basically covers mortgage (15 years fixed investment loan) and property tax. My friend followed my step and bought a duplex (310k) in the same community in 2007 and move up to my neighborhood town 3 weeks ago. His duplex rented out in 2 weeks with price of $1950.
That's a good suggestion and we have considered it already. Since my wife is in between jobs, I am trying her to try and get interviews / jobs in the Jersey City vicinity, so that we can move here and ease our commute(and spend more time w/ the little one). If we both work in JC and she lands a relatively long term gig its probably a easier decision to move to JC. Which, if I do I personally wouldn't venture too far ( Journal Square) and would limit myself to closer to Newport / Hoboken !
@timeEd32, I did come across scotch plains ( when I was looking at all towns b/w Edison and Jersey City ). Thanks for pointing out.
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