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Hi everyone.
I've been trolling the forums for a few weeks, picking up bits of info here and there. My knowledge of NJ is that its just as expensive as NY if not more so, but you get more than you get in NY. I also only ever go there when im going to great adventure with the family. I dont currently have a car, but i will be getting one in the next 2 weeks so i can take some weekend trips out to jersey and visit some areas.
This is my plight.
Im currently living in brooklyn with my fiance and 2 young ones, 5 and 1. Im looking to make the move to a more suburban area with a real home over our heads and a backyard with grass and a basement. (cue violins please)
Basically i was born and raised in the concrete jungle that is brooklyn. Worked in NYC my whole life and i want better for my family than what i had. I dont need a WHOLE lot better, but a a little slice of the american dream while i work on getting the rest of the pie. as a kid I've never lived in the really BAD areas of brooklyn (bed-stuy,brownsville), but never the really GOOD areas either(bensonhurst, etc) always in the middle.. and i like that.
Im 36, make approx 100k/yr with bonus and what not (a chunk of that is going to pay for child support from a previous marraige). I currently pay about $1500 month rent comfortably. Im looking for a commuter/family/school friendly town. The schools dont need to be super top-notch, but good. The neighborhood shouldnt be 90% (insert race), but nicely diverse, as my fiance and myself are of mixed origin. The town should be family oriented and safe, because i like to go out in the street and play football/baseball with the neighborhood kids or run around with my dog. (do kids even play in the street in NJ? or is there a park every 3 blocks?) With my limited savings/earnings, im probably looking at a $280k house. I've just about finalized that number with a lender, as much of my child support will end in the next 5-8 years.
I've read up and via various posts found that the following towns may have what im looking for,
Montclair, Summit, Morristown, lyndhurst, Metuchen, Woodbridge, West orange, Livingston, Rahway, Fanwood, Roselle Park/boro
Im sure there are others, but those seemed mentioned more than most. Keep in mind that im from brooklyn, and what many native NJ'ers find is an OK area, i might think is gold.
Here's my questions.
1) i've done a few searches on realtor.com and found some houses in most of those towns that meet my criteria. Backyard, 3beds, 1.5+ bath, possible finished basement. but they dont always list taxes. How are taxes on average in those towns? Im obviously going to be living on a shoestring for a year or two while my finances from tax returns stabilizes. but i dont want to turn a $1900 mortgage into a $2400 mortgage unless i have to.
2) being raised in apartments all my life, i really have zero clue about houses. do you pay for water, garbage collecting, sewer?
how much approx is gas and electric for an older 2 story or ranch type home (summer/winter numbers please)?
is the property tax collected every month or once a year? (as once a year would be nice, since you might be able to time it around your tax return)
3) about how much is car insurance for a 36 yr old. been driving since im 16. mainly older cars, Im not accustomed nor do i need newer cars. (but let me hit that state lottery and i sure can get used to it )
4) same question on homeonwers insurance. about how much, and how is it collected, monthly, quarterly, etc..
5) i've read a post here or there that said bus/train service to penn station (thats where i need to go) is about $2, but nj transit lists it ALOT higher. depending on the stop/station it can be $10 each way. am i looking at $2-500 commute per month (including nyc trains/parking)?
6) Do all towns have decent medical care/access to REAL medical care ? (hospitals, etc) one of my kids is an asthmatic. or is it some little old man thats been living in the town for 300 years that handles all the medical problems. (yes, i base all my knowledge or rural living on little house on the prairie. yes i am that old and yes i loved the show and yes, in 2007 someone is actually that naive.)
7) Currently my Fiance works, but its mainly to get job experience and her $$ basically goes to cover childcare and her food/commute costs. Seeing how the commute might be double to triple what it used to be, might it be more prudent to just leave her at home with the baby? (pretty subjective question, i guess it all depends on commute costs and child-care costs)
8) speaking o childcare. what does that cost roughly. Im assuming most people that commute are having their kids watched for 12-14 hours per day.
9) Can you really deduct ALL your interest and ALL property tax from your income taxes. Looking at an amortization sheet, with a 6k/yr property tax and 280k house, i would be looking at a return of 23k/yr just for owning a house. that not including my other deductions. is that even remotely close to correct?
Obviously my main concern is making monthly payments, and then smoothing everything over and building my emergency funds with my tax returns and what ever my fiance brings home. I dont want to make the mistake of looking at a mortgage number, then finding out later that my month to month expenses are just as high.
Any thoughts/comments on the above would be greatly appreciated.
I've read up and via various posts found that the following towns may have what im looking for,
Montclair, Summit, Morristown, lyndhurst, Metuchen, Woodbridge, West orange, Livingston, Rahway, Fanwood, Roselle Park/boro $280k will be impossible in the first 5 towns, and barely acheivable in the others. You may find something at that price in the latter towns, but it'll need some work.
Here's my questions.
1) i've done a few searches on realtor.com and found some houses in most of those towns that meet my criteria. Backyard, 3beds, 1.5+ bath, possible finished basement. but they dont always list taxes. How are taxes on average in those towns? Im obviously going to be living on a shoestring for a year or two while my finances from tax returns stabilizes. but i dont want to turn a $1900 mortgage into a $2400 mortgage unless i have to. Taxes on a 3br home in any of those towns will likely be no less than $5k/year (we pay $5500 in the Iselin section of Woodbridge), and could be as much as $8k or more in others. That'll add $450 or more to your monthly mortgage payment.
2) being raised in apartments all my life, i really have zero clue about houses. do you pay for water, garbage collecting, sewer? You'll pay for water and sewer for sure, and garbage only in some towns. Most towns include garbage pickup as part of your taxes. Water will be around $50/quarter, and sewer could be $200-400/year.
how much approx is gas and electric for an older 2 story or ranch type home (summer/winter numbers please)? Gas will be higher in the winter due to heating, and electric higher in the summer for AC. For a 3 br house, I'd budget around $150-200/month for the two combined, depending on how hot/cold you like to keep the house.
is the property tax collected every month or once a year? (as once a year would be nice, since you might be able to time it around your tax return)
3) about how much is car insurance for a 36 yr old. been driving since im 16. mainly older cars, Im not accustomed nor do i need newer cars. (but let me hit that state lottery and i sure can get used to it ) If you've got a clean driving record, you're probably going to be around $2k/year for two cars, depending on coverage.
4) same question on homeonwers insurance. about how much, and how is it collected, monthly, quarterly, etc.. HO insurance can be lumped into your mortgage payment if you want to make it easy. You're probably looking at $500-700/year for coverage, if not less- it depends alot on the house itself.
5) i've read a post here or there that said bus/train service to penn station (thats where i need to go) is about $2, but nj transit lists it ALOT higher. depending on the stop/station it can be $10 each way. am i looking at $2-500 commute per month (including nyc trains/parking)? From Woodbridge, a monthly pass to NYC is around $225. The $2 fare you saw was for the PATH from Newark to JC or NYC.
6) Do all towns have decent medical care/access to REAL medical care ? (hospitals, etc) one of my kids is an asthmatic. or is it some little old man thats been living in the town for 300 years that handles all the medical problems. (yes, i base all my knowledge or rural living on little house on the prairie. yes i am that old and yes i loved the show and yes, in 2007 someone is actually that naive.) Most towns have easy access to one or more major hospitals- I wouldnt worry at all about that.
7) Currently my Fiance works, but its mainly to get job experience and her $$ basically goes to cover childcare and her food/commute costs. Seeing how the commute might be double to triple what it used to be, might it be more prudent to just leave her at home with the baby? (pretty subjective question, i guess it all depends on commute costs and child-care costs) It might be- only you can do the math and answer that one.
8) speaking o childcare. what does that cost roughly. Im assuming most people that commute are having their kids watched for 12-14 hours per day. Child care can range from the local woman who watches a few kids illegally in a non-registered child care at her home for $20/day each, to places that run $800-1000/month per child (or more).
9) Can you really deduct ALL your interest and ALL property tax from your income taxes. Looking at an amortization sheet, with a 6k/yr property tax and 280k house, i would be looking at a return of 23k/yr just for owning a house. that not including my other deductions. is that even remotely close to correct? Yes you can- but bear in mind that you're not getting the standard deduction if you do so, so you're really only getting the additional amount between your itemized deductions and the standard deduction. Then you're saving paying taxes on that. If you claim a $10k standard deduction, you'd get an additional $13k to deduct, so you might save an additional $3.5k or so if you're in a 28% bracket.
Obviously my main concern is making monthly payments, and then smoothing everything over and building my emergency funds with my tax returns and what ever my fiance brings home. I dont want to make the mistake of looking at a mortgage number, then finding out later that my month to month expenses are just as high. It all adds up, as shown above......
Any thoughts/comments on the above would be greatly appreciated.
im glad i posted.. the numbers are a real eye opener. thanks for that info Bob.
Natuarally the next line of questioning is
Considering the 1 hour commute time, what towns might i find a 3bedroom for approx 250 - 280k?
if that's way out of line, i can definitely ratchet down to 2 bedroom as long as it has a basement/attic/den that i can turn into a bedroom for the lil one. i havent done any legwork on a 2 bedroom. i guess i'll hit realtor.com again to see whats avail.
The whole reason being, that i really am tired of just spending $$ on rent and getting nothing in return, not to mention, i really do want a backyard.
im glad i posted.. the numbers are a real eye opener. thanks for that info Bob.
Natuarally the next line of questioning is
Considering the 1 hour commute time, what towns might i find a 3bedroom for approx 250 - 280k?
if that's way out of line, i can definitely ratchet down to 2 bedroom as long as it has a basement/attic/den that i can turn into a bedroom for the lil one. i havent done any legwork on a 2 bedroom. i guess i'll hit realtor.com again to see whats avail.
The whole reason being, that i really am tired of just spending $$ on rent and getting nothing in return, not to mention, i really do want a backyard.
Thanks again for the help
sad to say, you really won't find too much in that price range.
you might want to try searching in monmouth county, towns like keyport, hazlet, union beach, even keansburg
Yep, considering that this person accused someone else on another thread of having their own agenda.
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