Am I priced out of NJ? (Jersey City, Edison: rent, townhome, buy)
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Just an assumption that houses constructed after this time would be better designed, more modern and maybe a bit better. Maybe a mistaken assumption.
I have a home built in the 20's. My in-laws have a home built in 2002 they bought a year ago. So far they dumped in $4000 on fixing the electrical, HVAC system and plumbing (all emergency repairs). Our house, absolutely $0 dollars on anything which was a do-or-die fix, unless you count us updating a few electrical sockets hear and there to a three prong plug, which we did ourselves. Point being: a well maintained older home may very well be a better investment than a newer home. So don't throw the baby out with the bath water. Keep in mind a HUGE chunk of NJ real estate was built prior to 1970. If this were Dallas or Atlanta, then you can easily find the newer homes, here, not so much.
Don't take this the wrong way, but I'd say it's more a personal choice than modern homes always being "better." A lot of it depends on the general contractor, but I never hear about a 1950's house having used cheap drywall that was soaked on the way over from China and caused mold in the walls. https://en.wikipedia.org/wiki/Chinese_drywall
Older houses have issues, just as many as modern houses, but the issues are less about construction techniques or designs and more about settling and minor wall cracks. Older homes, for the most part, used better materials for most of the construction, better pine and wood that has had years to solidify.
I'd say worker safety has increased, speed of construction has increased, but I personally wouldn't say that there are a lot of modern homes that can beat out a nice Craftsman home that has been well maintained. For my money I'll take the one on the top any day of the week.
Just an assumption that houses constructed after this time would be better designed, more modern and maybe a bit better. Maybe a mistaken assumption.
Many Asians have a thing for new construction or already completely updated construction because they don't want to renovate, they want move in condition and modern amenities (e.g. HVAC vs radiators and window units). Also, they like big eat in kitchens and living rooms--things that are common in newer construction layouts and harder to find in older construction. By old I mean like 1900-1920's construction. I have seen decent colonial/split layouts in 1960's+ but still nothing as preferable as in the 1990+ construction.
Given the OP's budget, I think he is hard pressed to find a train town, and maybe will do better with a bus town. Like Nutley? We saw plenty of very nice new construction there within OP's budget, although most lot sizes are less than 0.25 acre, maybe 50X100?
Unless they have been updated, any homes built in the 1990s are going to need major maintenance - HVAC, bathrooms, kitchens, driveways, roof. My sister bought a house built in the 1990s 10 years ago and she has spent a fortune on HVAC (both heat and AC completely replaced) and fixing the siding/insulation and various windows.
Find a town that meets your commuting and school desires and then find the house. Your commuting needs do not match up with too many houses built in the 1990s or later. Maybe you can find a cheaper, smaller house and update or expand it to fit your needs.
Folks - I am trying to find if I am priced out of NJ. I live with my wife and two year old and work in Jersey City. I am trying to buy a SFH in an environment within a 1 hour commute to Jersey City. If my job changes to NYC for some reason, I would also like to have the commute be reasonable (around 1:15 mts tops). So, it is essential to find a place within a decent commuting distance of a NJ transit station. I would like to live in a good school district (rating 8 or higher) with the property having a good lot size (good lot size defined as one where the houses are not so packed together that you see your neighbors kitchen if you open your window). I also want a decent sized backyard and preferably a not too old house (something in the 1990s or after). I am trying to keep mortgage and taxes not to exceed $3K per month. Assuming a $150k down payment, this translates to about a $550K house price that I should target.
I am having a really hard time finding the above. Over the last few weeks I have looked long and hard at several areas and this is what I am finding. Am I being unreasonable in my expectations? Can someone please help and advise as to whether I am priced out of NJ?
1. West Windsor - Close proximity to Princeton Junction but property taxes are insane and houses are old
2. Clark - Houses are too packed next to each other and too old
3. Cranford - Houses are too packed next to each other and too old
4. Scotch Plains - Nice area but I just saw a new construction (very close to the next house). It was $875k
5. North Edison - Very crowded
6. Montville - Takes 1.5 hours to reach my work
7. Suburbs with newer construction and beautiful houses (e.g. Mount Olive, Jackson etc.) - Too far away from work
What exactly are my options? Can folks please advise?
You will have to compromise, either go with an older house with a smaller yard or compromise on your commuting distance. Or your budget. We had the same dilemma a few years back, only I work in downtown NYC, we ended up in Staten Island, which could be an option for you as well. My friend commuted to JC for a number of years from the West Shore of SI, there is a bus that goes into downtown JC, it takes about 35 minutes, but you have to live near the bus since getting to it is a PIA from most parts of SI. You might have to compromise on the yard a bit, but there are some good schools in the area and it is the best commute of the areas in your budget.
Like Nutley? We saw plenty of very nice new construction there within OP's budget, although most lot sizes are less than 0.25 acre, maybe 50X100?
Nutley could work, heard the schools are not great there, but I don't know North Jersey well.
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