Residential in Commercial Building, Pros/Cons (Jersey City: apartment, condo, mortgage)

[carryme]

Hello everybody.

We are considering a condo to purchase in Paulus Hook, Jersey City, NJ. The building is considered commercial due to the restaurants on the ground floor.

We are a first time buyer and not very experienced in this realm. What are the pros/cons of purchasing such property? Would there be any concerns regarding the resale of the property? What are the thing that I should be worried about?

For one, I know that mortgage options are more limited. How impactful is this?

Thanks in advance.

[daliowa]

Originally Posted by carryme

Hello everybody.

We are considering a condo to purchase in Paulus Hook, Jersey City, NJ. The building is considered commercial due to the restaurants on the ground floor.

We are a first time buyer and not very experienced in this realm. What are the pros/cons of purchasing such property? Would there be any concerns regarding the resale of the property? What are the thing that I should be worried about?

For one, I know that mortgage options are more limited. How impactful is this?

Thanks in advance.

One suggestion (since the apartment is atop a restuarant) is to check thoroughly for any rodent infestation.

Also, will there be late-night noise from the restaurants? Will you be woken up by early morning delivery trucks?

Just a few thoughts to consider.

[Retriever]

Originally Posted by daliowa

One suggestion (since the apartment is atop a restuarant) is to check thoroughly for any rodent infestation.

Also, will there be late-night noise from the restaurants? Will you be woken up by early morning delivery trucks?

Just a few thoughts to consider.

In addition to rodents, roach infestation is pretty much of a given in a building occupied by a restaurant.

[carryme]

how about resale?