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For me, I bought my first house at the height of the market and bought in a not so great town nut put a huge down payment on. My mortgage was 280k which was about 2100 a month with taxes under 3k (crappy town)
Then we had kids and had to bail. Sold the house but we had lots of equity in it. Bought a craptacular house in a top notch town on a great block. Got it for a song, had capital to fix it up. Now with a tiny mortgage and 10k property taxes I pay 1500 a month and my house is freshly renovated and I don't have to worry about the horrible schools.
a bit older, mortgage $214K and taxes $10.8K. bought 16 yrs ago. mortgage 1800 for new home (at the time) and about 3000K with basement. NW Jersey Morris Cnty
My wife and I bought a totally renovated 2-family home in our early 30s. After collecting rent, our monthly payment is $1100. Goal is to buy a single residence in a desired neighborhood (500k range) in 2 years and fully rent out current home for a positive cash flow per month.
My husband and I are both in our mid 40's. We are moving from Staten Island to Freehold but we will rent for a year or two. (We want to improve our credit reports and ratings to near excellent and save to put down more than 20%. We never owned - other than our timeshare.)
We will be paying $1800 for a 2 bedroom / 2 bathroom in a nice community with 24 hour gym access, pool, snow removal and the lawn care.
I always heard NJ taxes are crazy, but heard you are able to deduct the first $10,000 in your tax return, correct?
My mom thinks we are crazy not to buy now since we probably will be paying more in rent.
Also, besides the basic utilities, we will have to pay $11 a month for garbage removal and for water and sewage.
How much a month can we anticipate for the water and sewage? The salesman said water is about $40 a month but I don't know about the other.
Bought a $154k small ranch, 3BR house in Lawrenceville when I was 23. Now currently selling and asking $247k for it. Had some gifted equity but needed work.
Mortgage: $1,245 total (principal, interest, taxes, homeowners)
Taxes: $6k
I thought that I would have one of the lowest mortgages listed at 417k. I have one of the highest listed so far. My house isn't even in the top half of one of the most expensive on my street!
Everyone here either put a lot of money down or live in a little cheaper town.
Based on some of the tax numbers it sounds like they put a lot down. I had nowhere near 20%. You guys are great savers!
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