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I am planning a possible move to New Haven area but need a better sense of the COL. We're in Chicago now so I'm not familiar with the area, beyond reading on here
We would need to rent a 3+ bedroom house. Can we get something decent for $2000-2500/mo? We'll have a 3rd grader, Kindergartner, and a preschooler, so ideally in the most family-geared areas of town (but as long as we're zoned for good schools I wouldn't be too picky if it makes a big price difference). We could sign a longer lease (2 year) if that would make us more attractive.
We could potentially buy (budget up to 350k), but we only anticipate being in the area 3-4 years, and this feels too risky (especially with closing costs on both ends).
It really depends on your definition of “decent”. There are 3 bedroom homes in that price range but they are older, may need some work and/or may be on busier roads. IMHO They certainly are decent but that’s kind of subjective.
Note that Connecticut does not have a lot of house rentals so your options may be limited. It might be smart to enlist a local agent to help you find a good place.
I agree renting makes the most sense for being there less than five years. If it does turn out you will stay longer and you learn about and like the area, you could purchase after your lease is up. Jay
I am planning a possible move to New Haven area but need a better sense of the COL. We're in Chicago now so I'm not familiar with the area, beyond reading on here
We would need to rent a 3+ bedroom house. Can we get something decent for $2000-2500/mo? We'll have a 3rd grader, Kindergartner, and a preschooler, so ideally in the most family-geared areas of town (but as long as we're zoned for good schools I wouldn't be too picky if it makes a big price difference). We could sign a longer lease (2 year) if that would make us more attractive.
We could potentially buy (budget up to 350k), but we only anticipate being in the area 3-4 years, and this feels too risky (especially with closing costs on both ends).
Thanks!
Hi Chicagomom,
I live in Trumbull closer to NYC but I am researching the towns you mentioned for retirement so I have a good sense of the area. I would not buy a house in that short amount of time and would rent.
My instinct tell me that Branford is going to be your best be for $2000 to $2500 in a town with good schools near New Haven. I would also put North Haven and maybe Milford into the mix too. Milford might be too expensive but let's take a look.
Let's look and see what you can get.
Branford: Good solid schools, about average. I don't see a lot of houses for rent right now but the prices are in your range when they come on.
Wow, this ones's near the beach. https://www.coldwellbankerhomes.com/...s/pid_34576428
Guilford: Very good schools.
I can't believe this house is so low for Guilford. It seems like it is a misprint on the price but here it is. I would call right now for this house. https://www.coldwellbankerhomes.com/...d/pid_33876956
It really depends on your definition of “decent”. There are 3 bedroom homes in that price range but they are older, may need some work and/or may be on busier roads. IMHO They certainly are decent but that’s kind of subjective.
Note that Connecticut does not have a lot of house rentals so your options may be limited. It might be smart to enlist a local agent to help you find a good place.
I agree renting makes the most sense for being there less than five years. If it does turn out you will stay longer and you learn about and like the area, you could purchase after your lease is up. Jay
As renters my standards would be fairly low, at least compared to buying. It's only a few years, and we don't have to worry about resale value, so I wouldn't mind a busier street or older finishes. I really just want the best schools/community we can get for the price, and cherry on top would be decent square footage (not because we're big house people, but because we're a family of 5, plus likely an au pair). Thank you for your input!
I've spoken with one agent who was urging to buy rather than rent, but that just makes me too nervous. The area sounds SO charming but whether we can stay beyond the 3-ish years will depend entirely on work opportunities, and I'm fairly doubtful we'll be able to land there long-term (unfortunately).
I live in Trumbull closer to NYC but I am researching the towns you mentioned for retirement so I have a good sense of the area. I would not buy a house in that short amount of time and would rent.
My instinct tell me that Branford is going to be your best be for $2000 to $2500 in a town with good schools near New Haven. I would also put North Haven and maybe Milford into the mix too. Milford might be too expensive but let's take a look.
Let's look and see what you can get.
Branford: Good solid schools, about average. I don't see a lot of houses for rent right now but the prices are in your range when they come on.
Wow, this ones's near the beach. https://www.coldwellbankerhomes.com/...s/pid_34576428
Guilford: Very good schools.
I can't believe this house is so low for Guilford. It seems like it is a misprint on the price but here it is. I would call right now for this house. https://www.coldwellbankerhomes.com/...d/pid_33876956
You have some good options in the New Haven area. Nice towns with good to excellent schools.
Good Luck in your search.
Thank you SO much for taking time to share this.
I know rental season is really over the summer to line up with Yale's academic year, which is why I wanted ask here. Not a whole lot to explore online at the moment. This is incredibly helpful! If we were moving now I'd be calling about that Guilford house immediately. Maybe the price reflects that we're off-season to start a rental?
I've spoken with one agent who was urging to buy rather than rent, but that just makes me too nervous. The area sounds SO charming but whether we can stay beyond the 3-ish years will depend entirely on work opportunities, and I'm fairly doubtful we'll be able to land there long-term (unfortunately).
I would not work with that agent again.
Absolutely do not buy with your situation. You most certainly would lose money/ time trying to sell.
Are you going to be working at Yale? When I moved there for a position at the College, they gave me the name of a relocation service/agent who would provide rental and real estate services at no cost. Not sure if they still offer this but, if you’ll be working for Yale, you could ask.
Quote:
Originally Posted by chicagomom123
As renters my standards would be fairly low, at least compared to buying. It's only a few years, and we don't have to worry about resale value, so I wouldn't mind a busier street or older finishes. I really just want the best schools/community we can get for the price, and cherry on top would be decent square footage (not because we're big house people, but because we're a family of 5, plus likely an au pair). Thank you for your input!
I've spoken with one agent who was urging to buy rather than rent, but that just makes me too nervous. The area sounds SO charming but whether we can stay beyond the 3-ish years will depend entirely on work opportunities, and I'm fairly doubtful we'll be able to land there long-term (unfortunately).
I would not work with that agent again.
Absolutely do not buy with your situation. You most certainly would lose money/ time trying to sell.
They don't have your back.
The agent's thought was I could hold onto the house afterwards to use as an investment property. But it seems the rent would barely cover the mortgage, and that's not worth the risk as someone who likely won't be living in the area again.
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