Central Jersey Advice...What factors ae most important to you? (Somerset: rental, condo)

[nj-matt]

I was just curious what factors are most important to you when evaluating potential new areas where you might want to live. Do you think about long term or do you plan around areas as they currently are and adapt at some point in the future?

My fiance and I have sort of a unique situation. I am originally from North Jersey, she is from South Jersey. We started dating and very early on we both purachsed a condo. Fast forward a year later and we are now engaged and I am renting my unit while we both live in her unit in South Jersey. We are stuck waiting for the homes to hopefully appreciate or at least have prices stabailize to a point where we will nto be taking a loss if we sell.

The situation is not ideal, and we plan on moving somewhere that is central to our jobs and families in the next 1-2 years.

Currently, Princeton is the absolute mid-point for us in regards to our jobs. That severely limits us - we like Princeton, but it is very expensive and the homes are older.

We're looking for the usual list of requirements - good school system, safe...combined we make a good living so we should have some options.

Here is where we are thinking - Princeton, Montgomery, Belle Mead and as far North as Hillsborough or even Branchburg.

Any thoughts/ comments/ recomendations on how to balance al of the variables? We would prefer new construction if possible, budget is probably $450K - $500K.

[PDD]

There is no guarantee that home prices will stabilize in the near future. You either move now and buy in a recessed market or wait and hope prices will come back. That is a decision only you can make.
Branchburg will offer the least expensive homes on your list.
All the schools on Somerset county are pretty much equal but you will get those who like to argue the point.

You know, school X is better than school Y because that's where we live.

[nj-matt]

The isue is that we both purchased in the last 16 months, so to turn around and sell would likely net a loss at this point when you factor in realtor fees. We both took advantage of the $8K tax credit for first time home buyers, ut I've already had to repay mine to the IRS after converting to a rental unit. if we sell the unit we are in now, that's another $8K to pay back.

The issue is that I am paying a lot more now in tolls, gas and mileage on my truck by commuting back and forth 70 miles each way. So there is an added cost in staying where we are for awhile as opposed to selling sooner, and a loss.

[The David Jackson IT]

You should look at South/North Brunswick too.....close access to turnpike at 8A or even 9. You can get lots of relatively new townhomes in your price range. Consensus is excellent schools in both those townships. But I think long term the commute that length will be tough so would question why you'd want to buy. Also places like Kendall Park would be nice but, again, older choices......Look at places like Rennaissance or Princeton Walk or Princeton Manor for new ones. Seriously, you'll be surprised how nice choices are there.

[manderly6]

Check out Chesterfield and Robbinsville if you are looking for new construction. They should both be in your price range.