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Well, it just is ironic that at a $550K budget (which is not small), it is difficult to fulfill a reasonable expectation of a single income household of having a decent sized house with a yard and good schools at a commuting distance to work. Maybe I possibly need to move out of NJ. I work really hard and the commute of 3 hours is becoming a pain. My compensation is around $200K including bonus. I don't want to fall into a debt trap. That's the reason for the above budget. But, it is hard to believe it is so difficult to this in NJ.
It's only difficult because of the mental prison within which you've chosen to incarcerate yourself. There are many homes in your price range where you will live comfortably, and close to Manhattan, and in a good school district. But you have locked yourself into an entitlement mentality that is not justified in this area. $550,000 is a reasonably modest budget, and $200,000 income is comfortable upper middle class. You want a big young house with a short commute, a big yard, and great schools. That is unreasonable in northern NJ. Those digs require twice your income and twice your budget. And even then, is a million going to do any serious damage in Millburn? Nope.
Reset your brain and get into a nice 1970s-1980s 4 BR Split or Bi-Level in Scotch Plains or New Providence or Cranford. You won't die in one of these homes. The family can thrive in a good school district and your commute will be short enough to actually see and enjoy them at night. Your primary responsibility in this venture is the short commute time and the schools, not square footage of either the house or the site. If you aren't home at a decent time and with enough energy to enjoy the family and eat dinner at a decent hour, then nothing else matters. At all.
Buyers can sometimes be their own worst enemy.
Last edited by Marc Paolella; 02-25-2016 at 03:17 PM..
Well, it just is ironic that at a $550K budget (which is not small), it is difficult to fulfill a reasonable expectation of a single income household of having a decent sized house with a yard and good schools at a commuting distance to work. Maybe I possibly need to move out of NJ. I work really hard and the commute of 3 hours is becoming a pain. My compensation is around $200K including bonus. I don't want to fall into a debt trap. That's the reason for the above budget. But, it is hard to believe it is so difficult to this in NJ.
Your expectations are seemingly far beyond what the typical educated, working couple would expect to get in a house. Your budget is only a little higher then what the same couple could afford, so things dont add up.
You can find a nice sized house with a yard to enjoy, good schools, and reasonably close to work. however your expectations are not reasonable for NJ.
IMO you should make some compromises and deal with it. You have a great job. You can get a great house in a great town. There is a lot more to life then living in a mcmansion.
Last edited by GiantRutgersfan; 02-25-2016 at 09:52 PM..
Well, it just is ironic that at a $550K budget (which is not small), it is difficult to fulfill a reasonable expectation of a single income household of having a decent sized house with a yard and good schools at a commuting distance to work.
You can get all of that. You can't get it in new construction. You will be very limited if you also need an NYC commute, but you can probably still manage it. But you have to toss out the new construction idea; there's rather little new construction fitting that description, most of it is small lot anyway, and all of it is expensive.
Well, it just is ironic that at a $550K budget (which is not small), it is difficult to fulfill a reasonable expectation of a single income household of having a decent sized house with a yard and good schools at a commuting distance to work. Maybe I possibly need to move out of NJ. I work really hard and the commute of 3 hours is becoming a pain. My compensation is around $200K including bonus. I don't want to fall into a debt trap. That's the reason for the above budget. But, it is hard to believe it is so difficult to this in NJ.
Welcome to NJ.
I think you are better off buying a home in the 400-450 range, and dropping 100+k in renovations before you move in. The new construction costs in this state are absurd. There is simply not enough land close to nyc, and people have $$$$$$.
Exactly. And despite how interesting you think your conundrum is, not everyone that responds is going to read through 6 pages of comments to catch updates.
I am really getting frustrated with the rudeness of replies that are coming through (possibly a culture issue?). What exactly are you calling entitlement issues? I was just asking a question about something that would be considered reasonable expectation in other parts of the country. If you want to answer it, answer, else don't answer. No reason to be nasty.
Exactly. And despite how interesting you think your conundrum is, not everyone that responds is going to read through 6 pages of comments to catch updates.
Ok. Then don't just comment on something without knowing any further clarification that has been offered. I started the thread with a rational question because I was not familiar with the market; partially halfway I learnt it is not reasonable to get a newer construction, so I reframed my expectation. If you did not know that and are still responding to the original message because you did not have the time to read through any clarification i have provided further, it doesn't make much sense for me to keep receiving these kind of responses.
We and am sure thousands others started our house hunt with similar expectations. I think in your own time, you will come to the same conclusions that others are telling you here, it may seem harsh but its true! Our budget inched up, the longer we looked, because we refused to compromise on schools and location. Prioritize your list, and see what you end up with. Two things I will mention:
1. The age of a home isn't always a good indicator of reliability, older well updated and maintained homes will surprise you.
2. Privacy is over rated. I don't want to be able to look inside my neighbor's home, but its nice to be able to wabe across the street and look out for each other. This is NJ and yes, its crowded. All urban areas are.
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