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Old 05-02-2010, 06:41 AM
 
4 posts, read 12,593 times
Reputation: 10

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Hi,

My wife and I will be moving to New Jersey from India in a couple of months from now. My work location is Bridgewater, although I'll have once-a-week commutes to Wilmington, DE (which I'm told is a 90 min one-way drive from BW). My wife's work location is BW too. We'll have a combined annual salary of around $140,000, with $1600 monthly mortgage dues back home in India. We don't have a kid at the moment.

Based on this, we would like to know:

1. What will be a good place to stay? We want to rent a 1 br apartment.

2. What would be an estimate of monthly expenses with a decent standard of living. To make it easier, I'm giving below a few expenses heads -

Rent -
Electricity -
Cooking Gas/Water -
Cable/Internet -
Cellphone -
Gas -
Car Insurance -
Medical Insurance -
Eating Out -
Movies -
Food @ Home -

3. How much is the initial set up cost -

Car (don't need a new one!) -
Rent deposits, if any -
Furniture -


I know there were a few queries of this sort posted earlier, but the answers are from 2007. It'll be great if we can have a fresh estimate.

Thanks!
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Old 05-02-2010, 10:36 AM
 
Location: Vermont
5,440 posts, read 16,163,226 times
Reputation: 2646
Quote:
Originally Posted by Palamon View Post
Hi,

My wife and I will be moving to New Jersey from India in a couple of months from now. My work location is Bridgewater, although I'll have once-a-week commutes to Wilmington, DE (which I'm told is a 90 min one-way drive from BW). My wife's work location is BW too. We'll have a combined annual salary of around $140,000, with $1600 monthly mortgage dues back home in India. We don't have a kid at the moment.

Based on this, we would like to know:

1. What will be a good place to stay? We want to rent a 1 br apartment.

2. What would be an estimate of monthly expenses with a decent standard of living. To make it easier, I'm giving below a few expenses heads -

Rent - 1200
Electricity - 75-150
Cooking Gas/Water - 100-200 - sometimes included
Cable/Internet - 50-100
Cellphone - 50-100
Gas - depends on how much you drive - $3/gallon
Car Insurance - 100 a month per car or so - maybe a lot more for new drivers?
Medical Insurance - depends on how much your company pays - but it is about $650 a month for 2 people if you pay on your own-
Eating Out -
Movies - 10 bucks per person
Food @ Home - about 500 depending entirely on what you eat

3. How much is the initial set up cost -

Car (don't need a new one!) - 5000-10000 for a good used car plus 7% tax plus a $100 or so for registration
Rent deposits, if any - 1-2 months rent
Furniture -


I know there were a few queries of this sort posted earlier, but the answers are from 2007. It'll be great if we can have a fresh estimate.

Thanks!
See above for some rough estimates.
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Old 05-02-2010, 03:50 PM
 
Location: NY
203 posts, read 607,350 times
Reputation: 76
Rent - depends, i would imagine 1000 to 1500
Electricity - 75-150 or 0 if it is included, should be towards lower end as it is a one bedroom
Cooking Gas/Water - 50 to 100
Cable/Internet - 50-100, i do without cable
Cellphone - 2 cellphone would run you 75 to 100 or more if you want internet. your company might give you a phone, in that case, you may do with just one
Gas - sounds like you could get reimbursed for your long distance drive, so maybe 50 to 100. I do with 30 each month since I just drive for groceries.
Car Insurance - if you are moving from india, i imagine you are going to deal with high cost here, both of us had insurance for over 15 years and one minor offense 3 years ago, cost is 100 per month, you'll be lucky to get close to that, I say 150 to 200 per month per car.
Medical Insurance - 100 per person.
Eating Out - that depends, i do 200 sometimes and 1000 some crazy month, this is an area with alot of flexibility
Movies - 50 for me and so
Food @ Home - again, flexible, depends on what you eat, the two of us is 150 to 400.

Car (don't need a new one!) - 1k ****ty car to 25k, spend something like 5k would get you something that won't break down all the time
Rent deposits, if any - .5 to 1x rent, at the max 2x monthly rent
Furniture - bare essential would run you 1k, comfortable 3 to 4k especially if you want to sleep well. A 1k to 1.5k bed you should definitely have, rest is non essential.
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Old 05-02-2010, 04:15 PM
 
Location: NJ
17,578 posts, read 44,267,312 times
Reputation: 16244
Just a couple of things to mention. Some financial transaction can be very difficult for people new to the country. You will basically have no credit history. The few that I would be somewhat concerned with are getting a lease on an apartment and buying a car. Just make sure you do some homework first.
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Old 05-03-2010, 11:55 PM
 
4 posts, read 12,593 times
Reputation: 10
Thanks for the info.

It seems to me, that our expenses are going to run to around $2500, without the set-up costs included.

1. Any idea where I could aim at renting an apartment? I did some initial research, and it seems that the Bridgewater area is pretty expensive. The Plainsboro area looked decent to me, but I am not sure about the public transport from Plainsboro towards the BW Commons mall (my wife's office is pretty close to the mall, and she won't drive).

2. On the caveat mentioned by manderly6, yes, we won't have a credit history. Please help me understand - how does this affect our chances of getting an apartment and buying a car? Also, what's the solution to this?

I appreciate your responses and help. Thank you.
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Old 05-04-2010, 07:01 PM
 
Location: NY
203 posts, read 607,350 times
Reputation: 76
On 2, for apartment, credit rating is only a big problem if you are dealing with apartment management companies. If you are dealing individual owners, there may be some leniency if you talk to them. It will also require showing your job offer and having direct referral. in fact, you may need multiple referrals. On top of that, it would help if you can show them that you have multiple x amount in your bank account so the number one thing you need to do is to set up a checking account with some money in there.

On the car, if you know someone that will co-sign the loan with you, then you should be fine. Otherwise, you'll to pay in cash.

apartmentguide.com
apartments.com
craigslist.com

Good luck!!
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