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Old 10-14-2007, 11:38 PM
 
50 posts, read 178,934 times
Reputation: 14

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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
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Old 10-15-2007, 01:41 AM
 
119 posts, read 166,142 times
Reputation: 23
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
First, you can got to Craigslist to search for Edison (http://newjersey.craigslist.org/search/rfs?query=edison&minAsk=min&maxAsk=max - broken link) to get an idea of your target townhouses are selling for and the locations that will make you an expert immediately about all townhouses communities in Edison.

Another one is Piscataway where there are many new townhouse communities that that you can find from Craigslist search on Piscataway (http://newjersey.craigslist.org/search/rfs?query=piscataway&minAsk=min&maxAsk=max - broken link).

You may even consider 2br 2ba condo or 2br 2hba townhouse, the reason is that newer communities tend to have bigger square footage, so for couple without kid, you may find it more than enough. So, do NOT think of buying $450k just because you can afford that, you can pay down more, say, 20% or even 25% to get better mortgage rate.

Single family home is not good for your case because you will sure not to have time to mow the lawn every week, and shuvel the snow during winter time, and many other things as first time buyer. You will end up either pay thousands to get professional to do it for you, or have complaints from neighbors.

By the way, if you really believe you need 3br 2hba townhouse, Birch Glen shown at Craigslist (broken link) seem to be at $450k range and very new community.
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Old 10-15-2007, 08:49 PM
 
50 posts, read 178,934 times
Reputation: 14
thank you for your help. what do you think of Riverwalk in Rahway?
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Old 10-16-2007, 05:56 AM
 
Location: Rahway N.J
2,093 posts, read 4,868,307 times
Reputation: 3353
Quote:
Originally Posted by newnjbuyer View Post
thank you for your help. what do you think of Riverwalk in Rahway?

Sometimes things happen for a reason
For you prices have come down a bit in 5 months

Riverwalk in Rahway is very Nice and is a block away from the train station

When the rest of the construction is done the whole area will be very
nice

http://www.nytimes.com/2006/10/29/re...te/29njzo.html

http://www.nytimes.com/2007/05/06/re...rssnyt&emc=rss
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Old 10-16-2007, 01:02 PM
 
119 posts, read 166,142 times
Reputation: 23
Quote:
Originally Posted by newnjbuyer View Post
thank you for your help. what do you think of Riverwalk in Rahway?
I have a client working at Wall St who is living at Edison Hollow South (also walk to train) just bought a unit at Riverwalk at Rahway for investment. His reason for buying is because Riverwalk can walk to Rahway train station. His reason not moving there but for investment is because he has a kid going to school soon.

So, without kid, you should be happy with your wife to live at Riverwalk at Rahway. And, years later, when you have kid, you can rent out Riverwalk as great investment and buy a home at much better school district.

Also, Rahway has Merck's Headquarter also walk to the train station, and many people commute by train to work at Merck. That is to say, Rahway is a good town. Besides, it has river.
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Old 10-17-2007, 06:28 AM
 
Location: Warren County and loving it!
5,079 posts, read 7,243,923 times
Reputation: 2557
Go with a house with very little property. That's what we did. My husband works approx. 70 hours a week. It takes him 15 minutes to cut our grass.
I just don't think it makes sense to buy a townhouse or condo for that kind of money. We went through the same thing when we first bought and realized we could get more house for our money and could actually afford to pay more because we weren't paying hoa fees.
Good luck - by the way, there are many in my town that are for sale for at least 100k less than you are looking to spend!
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Old 10-17-2007, 12:51 PM
 
50 posts, read 178,934 times
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If you don't mind, can you please tell me what town that is? I am looking for a new/ relatively new home
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Old 10-18-2007, 09:41 AM
 
Location: Warren County and loving it!
5,079 posts, read 7,243,923 times
Reputation: 2557
Manville. There are new and relatively new homes that you can get for your price range. Most people take care of their homes here as well. You may look at a 30 year old home that looks like it was built yesterday!
Also look at FSBO homes. People so willing to bargain, works out for everyone.
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Old 10-24-2007, 10:09 PM
 
31 posts, read 93,251 times
Reputation: 12
I always vote for a single-family home instead of any kind of condo. In a condo, your monthly fees are not tax deductible, so that money is gone for good. Put that extra monthly expense toward a higher, tax-deductible mortgage payment on a single family home. Also, your monthly condo fees can go up without much warning. We see people being hit with special assessments of $25K or more on their condos!!!! Ouch.

Last edited by Global Friend; 10-25-2007 at 01:16 PM..
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Old 10-25-2007, 12:27 PM
 
5,706 posts, read 12,815,737 times
Reputation: 9008
Quote:
Originally Posted by mmakov View Post
I always vote for a single-family home instead of any kind of condo. In a condo, your monthly fees are not tax deductible, so that money is gone for good. Put that extra monthly expense toward a higher, tax-deductible mortgage payment on a single family home. Also, your monthly condo fees can go up without much warning. We see people being hit with special assessments of $25K or more on their condos!!!! Ouch.
I've lived in a townhouse for 10 years and have NEVER been hit with a special assessment of more than $100. Apparently those condo boards/association have incompetent people on the boards or in the management company.

Last edited by Global Friend; 10-25-2007 at 01:16 PM..
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