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Old 10-25-2007, 03:11 PM
 
Location: Rahway N.J
2,093 posts, read 4,873,148 times
Reputation: 3353

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Quote:
Originally Posted by newnjbuyer View Post
I was looking for a home a couple of months ago and an unexpected job related event took its toll on my search. But I am back now and am looking for :

1. Townhouse, new construction/ 1-2 years old
2. Edison or north of Edison, towards NYC
3. Max $450k
4. Preferably 3 bdrm
5. Around 2000 sqft

What do you experts out there think? Am I better off with a single family home? We are a young couple (both approx 27yrs old) with an active lifestyle and love to be close to the city. Also require easy access to EWR.

Are there any new developements coming up in the area (middlesex county). What is good value for money? I am first time home buyer and will be grateful for any help.

Thanks
How about an update of how things are going so far ?
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Old 10-25-2007, 03:59 PM
 
50 posts, read 179,084 times
Reputation: 14
Believe me....am still confused as ever. Here are my findings:

1. Central jersey new construction townhomes with 3bd 2 bath, basement,garage etc etc will run at least $400k.

2. I believe when you cross $450k, its better to pack your stuff and move to a single family. There's always a maximum value you attach. For me a penny over $450k is a penny too much for a townhome.

3. I have advice from a number of people (some on this forum):
a. Take the $450k townhome in Central Jersey
b. Move south (abt 30 mins) and get a relatively new (5-7 years) single family home (4bdrm, 3 1/2 bath, garage, basement, etc) on a decent plot for $450k
c. Move north and get a samll old single family home for a similar price and fix it up. New construction is not as good as old construction. Plus, the older homes have some personality to them.

We may look into the idea of an old house a little north. We once saw a single family home in Jersey city which was almost 100 years old, not impressive from outside, but the owner spent upwards of $50k on the inside. the house was so impressive, it is registered in my mind and will remain so forever.

I am extremely confused.........any feedback on the options appreciated.
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Old 10-25-2007, 05:18 PM
 
687 posts, read 2,912,429 times
Reputation: 142
Quote:
Believe me....am still confused as ever. Here are my findings:

1. Central jersey new construction townhomes with 3bd 2 bath, basement,garage etc etc will run at least $400k.

2. I believe when you cross $450k, its better to pack your stuff and move to a single family. There's always a maximum value you attach. For me a penny over $450k is a penny too much for a townhome.

3. I have advice from a number of people (some on this forum):
a. Take the $450k townhome in Central Jersey
b. Move south (abt 30 mins) and get a relatively new (5-7 years) single family home (4bdrm, 3 1/2 bath, garage, basement, etc) on a decent plot for $450k
c. Move north and get a samll old single family home for a similar price and fix it up. New construction is not as good as old construction. Plus, the older homes have some personality to them.

We may look into the idea of an old house a little north. We once saw a single family home in Jersey city which was almost 100 years old, not impressive from outside, but the owner spent upwards of $50k on the inside. the house was so impressive, it is registered in my mind and will remain so forever.

I am extremely confused.........any feedback on the options
It really depends on what you want. You're in your late 20s (no kids, right?), so I'd probably go with the townhome. If you want to be hanging out in the city and the like, you probably don't want to spend several hours a week doing yard work in Middletown. Just MHO. You should definitely be able to find something more than adequate at around 400k. Unless you're dead set against anything not brand spanking new, I'd extend my search to anything built after 2000. You're right--$450 is a lot for a townhouse in Middlesex.

If I were in your boat, I'd spend less and buy a townhouse. In 5-7 years, shoot more for the typical 4 bedroom SF.
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Old 10-25-2007, 09:19 PM
 
Location: Rahway N.J
2,093 posts, read 4,873,148 times
Reputation: 3353
Quote:
Originally Posted by newnjbuyer View Post
Believe me....am still confused as ever. Here are my findings:

1. Central jersey new construction townhomes with 3bd 2 bath, basement,garage etc etc will run at least $400k.

2. I believe when you cross $450k, its better to pack your stuff and move to a single family. There's always a maximum value you attach. For me a penny over $450k is a penny too much for a townhome.

3. I have advice from a number of people (some on this forum):
a. Take the $450k townhome in Central Jersey
b. Move south (abt 30 mins) and get a relatively new (5-7 years) single family home (4bdrm, 3 1/2 bath, garage, basement, etc) on a decent plot for $450k
c. Move north and get a samll old single family home for a similar price and fix it up. New construction is not as good as old construction. Plus, the older homes have some personality to them.

We may look into the idea of an old house a little north. We once saw a single family home in Jersey city which was almost 100 years old, not impressive from outside, but the owner spent upwards of $50k on the inside. the house was so impressive, it is registered in my mind and will remain so forever.

I am extremely confused.........any feedback on the options appreciated.

I know what you mean about those older houses
we have a few on the market in the mid 300 range from the 1800's and early 1900's that have been restored and are B_U_T full ...
Good luck and Keep us posted as to how you make out
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Old 10-25-2007, 09:27 PM
 
50 posts, read 179,084 times
Reputation: 14
Can someone guide me to the proper source to look for older houses? Also what areas between NYC and Edison are good to find such houses? Still looking.......and looking..........
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Old 10-30-2007, 12:17 AM
 
50 posts, read 179,084 times
Reputation: 14
Can you guys recommend some good towns in central to northern NJ where I can find some good old houses ie early 1900's for $300-$350k? I am looking to find something that i can fix up for $50k. I have a friend who is an architect and is willing to help me fix up a house with old world charm....
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Old 10-30-2007, 03:55 AM
 
Location: NJ
9,217 posts, read 20,231,422 times
Reputation: 6325
Maybe renting would be best right now? This will allow you to see if you like the area you land in. While you don't have kids now, at some point schools may be important.

You should also do some research. I will copy & paste advice I give to buyers / sellers.

Major real estate sites
Realtor.com main search - click advanced search to get more options
Caldwell Banker
Century 21
ReMax NJ
Prudential Fox & Roach
Exit Reality main site (broken link)
Weichert
NJ MLS
Yahoo Real estate - even though it is Prudential, you still need to sign up independantly. You can check foreclosures there also. It's a pretty decent list. You can also find an agent through their Home Gain.
NJ Real Estate.com
Garden State MLS
Union County agent I used in 2006

Classifieds
Craigs Lists (http://southjersey.craigslist.org/about/cities.html - broken link) - a "classified ad" site - FSBO use it as well as some of us selling with an agent. South Jersey, is selected for other parts click NJ on the right side.

Home Values
Zillow - for home values (take with a grain of salt as they are on the low side)

Make an account at all of the sites. Put in your search criteria then save the search. You will get emails when new listings come on as well as price drops. Every site is different and in order to find a house, you may have to sign up at all because some sites do not get picked up at other sites, nor do they show anything but their own.

My favorite site is Remax for ease of use. I actually save all homes I'm interested in from other places in my Remax home finder. I will copy the MLS # searching at Remax.

You can make a few different searches at each site - one for houses one for condos/townhomes.

For new construction:

New Home Guide
New Home research
American Homes Guide
NJ Home Guide
Real Estate Book - small glossy
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