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My wife and I are looking to buy our first home together. We have a budget of 315K max and a down payment of about 10%. We'd like to make this a good investment for our future family so we want an excellent school district. Three bedrooms and 1.5 bathrooms would be great, although one bathroom would be fine. I'd love to have a family room or basement/enclosed porch to relax in, but that's not important.
Cranford, Scotch Plains/Fanwood have some bargains for slightly under 300K, sometimes even less. A few homes are going for around 325K. Personally, I think that buying an old home in need of updating in a great school district would be our best move. For example, we saw one beautiful cape in Cranford for 325K that had a huge living room, big kitchen, 3 beds/2.5 baths, and a medium sized yeard. The catch: it faces a large building that apparently has a gymnastics school and corporate offices in it. If you didn't know any better you would have guessed it was a factory. If it weren't for resale value (which is obviously important), I would have already bought the house at that price.
Since we're concerned with being able to resell the house in case of an emergency (the only reason we'd move), I'm basically looking at some cheap 260-299K houses in these nice towns. Is this advisable? Are these towns worth living in an outdated home? We're fine with making that sacrifice for our future kids to grow up in a great environment. I just worry that it may end up costing us somehow.
Word of caution, a house in a bad location in a good town is still a bad house.
And buying an older house has its own issues. Those being, old electrical, lead paint, original windows, roof, heating etc. If you're not a handy guy, or have handy connections, you could be opening yourself up to massive repair/upgrade costs.
Word of caution, a house in a bad location in a good town is still a bad house.
And buying an older house has its own issues. Those being, old electrical, lead paint, original windows, roof, heating etc. If you're not a handy guy, or have handy connections, you could be opening yourself up to massive repair/upgrade costs.
Thanks, TonyStarksNJ. Some of these houses do look beat up. But the one across from the corporate building is in great shape and is really spacious. It's got a finished basement and a second kitchen. It's only about 4 blocks away from the elementary school, too. So tempting to buy despite the location!! Part of me wants to lowball and see if I could get a great deal. But it'll still be harder to sell if I ever have to... What a dilemma.
There is a 3/2 at S. Union Ave in Cranford asking for 339k. It is 2 blocks to the train so you will save on parking. Lincoln park is like 2 blocks away. Very quiet and safe neighborhood. Most traffic going through S. Union are locals, so traffic will be light.
It is renovated and with hardwood floor. You can move in right after closed. It is sitting out there for months. The only thing that need to be fixed is the attic. If you are low on budget, you can use it as storage. If you have the budget, you can covert it to a big bedroom.
I think you can get it for 315 or less. It is a buyer's market.
Eric
Honestly it all depends in the true condition of the property. If the issues you find after an Inspection performend by a Licenced professional are cosmetic then you have definetly a diamond in a rough.. Specially now that the market is turning, after renovating you will not only have your family in a great community and lifestyle but will be making a killer profit.
There are things you can change and those you can prioritize and fix according to your needs. Location of the Home and Size you can not change, maybe include sq footage but with permits and costs. I understand your concern but with the right help of a Licensed Professional you might find that Diamond in a rough. I am a Realtor and see people falling in love with the Old charm of the homes in NJ, renovating their homes, having a great lifestile and making a great investment.
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