Purchasing a home near Cherry Hill advice (Burlington: first time home buyer, neighborhood)
New Jersey Suburbs of PhiladelphiaBurlington County, Camden County, Gloucester County, Salem County in South Jersey
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I had a few questions I was hoping you guys could help me out with.
I'm looking to purchase a fixer-upper for a cheaper price, and have found some in the cherry hill area. I notice taxes are higher in this area as opposed to surrounding areas such as moorestown, etc.
My question, probably a silly one is, when looking to resell, should this be something I consider? Should I just shoot for something I can comfortably afford? Or should I shoot for a house in the surrounding areas? I work in the cherry hill area so the commute wouldn't be an issue.
You should always shoot for what you can comfortably afford. Being house poor has gotten alot of people in trouble. Depending on how long you plan to stay in the house, its hard to say how large a priority you should give to resale. If you get a good deal on a fixer you will have the potential for equity/profit anywhere. Are you working with an agent?
We bought in Burlington County because the taxes were a little lower. Eh, it was a combination of factors. We could't find what we wanted in Cherry Hill, and the taxes were lower.
I don't think higher taxes in a municipality should matter much in terms of resale, so long as the individual house isn't over-assessed verses other houses in its neighborhood. This is to say, the market sets the prices for homes and the underlying taxes have already been factored into that price by buyers. So, if a home is worth 200k today and the taxes are 8k per year, then there's no reason to think that future buyers wouldn't feel the same way about the relationship between value of the home and taxes due on the home in the future. Of course, if you have reason to think that the taxes in a particular municipality will go up verses other municipalities in the future, then that's a different story. But now that NJ property tax is capped at only 2% increase per year, even those changes won't be too drastic.
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Being house poor has gotten alot of people in trouble. Depending on how long you plan to stay in the house, its hard to say how large a priority you should give to resale. If you get a good deal on a fixer you will have the potential for equity/profit anywhere. Are you working with an agent?
