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Moving to Princeton NJ from Utah...big change for work. Decided to live in Princeton area and vicinity for the school district for my daughter. Here is my dilemma:
House A in Princeton Junction- built 1870, oil heat, no AC around $280K. 2BR 1 Bath. Close to schools in West Windsor district, around 1400 sq ft. Everything is pretty old but has a ton of charm. No privacy in bedrooms as the 2 rooms are connected.
House B in Princeton Township...north Princeton. Built 1940, 3 br 1 bath, central air, gas heat, new appliances around $380K in Princeton school district, 1400 sq ft.
Same tax for both. While both are move in ready they will both need upgrades of around $10000 eventually (repaint, replace shingles, gutters etc)
House B is stretching my budget a bit but I can manage. However, wondering if the Princeton house with the newer upgrades and location warrants that price?
First thoughts: whether the house is in the West Windsor, Princeton, or Montgomery school district (not sure how north of Princeton you are looking), your daughter will get a great education.
With that out of the way, you need to ask yourself if an additional bedroom, gas, and A/C are worth another $100K. Other considerations that come to mind include: does either house have a garage (one of my personal criteria), how far north of Princeton is house 2 (anything north of Princeton, especially if you are reliant on Rt. 206, means you will have traffic issues), is your place of employment west (Princeton side) or east (West Windsor side) of Rt. 1 (crossing Rt.1 can be a nuisance).
Also, older homes typically can require more maintenance, another consideration. If house 2 is close to Princeton you can have a quaint town experience while West Windsor is more of a suburban community. Whatever you decide, you will not make a mistake regarding location (personal preference). Good luck and welcome.
Moving to Princeton NJ from Utah...big change for work. Decided to live in Princeton area and vicinity for the school district for my daughter. Here is my dilemma:
House A in Princeton Junction- built 1870, oil heat, no AC around $280K. 2BR 1 Bath. Close to schools in West Windsor district, around 1400 sq ft. Everything is pretty old but has a ton of charm. No privacy in bedrooms as the 2 rooms are connected.
House B in Princeton Township...north Princeton. Built 1940, 3 br 1 bath, central air, gas heat, new appliances around $380K in Princeton school district, 1400 sq ft.
Same tax for both. While both are move in ready they will both need upgrades of around $10000 eventually (repaint, replace shingles, gutters etc)
House B is stretching my budget a bit but I can manage. However, wondering if the Princeton house with the newer upgrades and location warrants that price?
Please share your thoughts! Thanks.
House B, while more expense long-term is a better option for you. For re-sale it is better to have a three bedroom home to sell than a 2 bedroom. But while living there you will enjoy the home more than House A. Even if you dumped more money into House A, it is still going to be a home that is 70 years older than House B. Which means it could have more unexpected repairs in store for you. House A will cost you to add an AC and that isn't cheap to do, and it might not even be possible if there isn't room for the duct work. You could consider a ductless AC, but that is still going to be expensive to add.
Even though House B is more money, it will be part of the mortgage. Where if you get House A, you are going to need a HELOC most likely to take on debt to add an AC for starters.
Gas heat is better to go with than oil. It seems there is always this annoying inspection that needs to be done with oil heat regarding the tank I always hear about. Might have costs associated with fixing or replacing a tank. Natural has heat burns better for air quality too.
The $10K upgrades you mention, are minor ones. You could move into the house without doing most of them for a while to make sure you have your finances under control and make sure there isn't some other unexpected cost, like the roof has to be replaced.
Thank you all so very much! I decided to go with House B. Hopefully it all goes well and we get it. We are excited to move to Princeton. Thanks again.
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