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Old 06-10-2014, 03:24 PM
 
Location: Tucson for awhile longer
8,875 posts, read 14,957,644 times
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To some degree, the answer to this question depends on how long you anticipating owning this house. If this is a long-term investment, do you eventually expect to have the time and financing to make the bad house in the good neighborhood better? If so, by all means buy that one.

The beautiful house in the bad neighborhood will only be a better deal under limited circumstances. Do you have serious documentation the neighborhood gentrifying? If so, this one could be the better deal. I've made decent money buying houses in bad neighborhoods. But generally speaking, as flowbe202 noted, gentrification takes years. If you expect the neighborhood to continue to deteriorate, you'd be wasting your money and jeopardizing your safety. If the neighborhood will maintain its status quo and you will only live in the house for a short period of time, you might have a situation like Flight Attendant experienced, but that's a gamble.

If I were you I would continue to rent until I had enough money to buy the bad house in the good neighborhood and begin renovations immediately. We are still in a volatile real estate market. There's no guarantee any shaky situation is going to yield a return, even in the long term. This is no market for a first-time buyer to get into unless they can afford a decent property in a stable neighborhood.
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Old 06-10-2014, 04:16 PM
 
14,383 posts, read 16,167,571 times
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I left Jersey and now own a house in Colorado. I am from the Trenton area, but don't know much about Moorestown. Two very different locations though - where do you work?

I'll be blunt - I would never own a house in Jersey. It's just too expensive - it's a far better deal to rent there. Here in CO, I pay less in mortgage than I did in rent here, and I live in a bigger and nicer house in a better neighborhood.

I DO love that neighborhood in Trenton, but there's an awful lot of overflow of the ugliness that is in that city. And let me just emphasize: I love Trenton. The architecture, the location, the history, the weird little gems you can still find in that city if you look hard enough... But it's Trenton, and the craziness tends to spill out regularly.

The Moorestown house looks perfectly lovely - you could do a lot with that one. That's the one I'd opt for. But I'd really opt to get out of Jersey. Maybe consider PA?
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Old 06-10-2014, 05:31 PM
 
27,750 posts, read 58,079,077 times
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I've had success buying the nice home in an up and coming neighborhood...

The worst case is buying for the neighborhood only to find it's no longer so nice and getting worse.

My parents needed more room and left a relatively new home for a bigger home closer to work with great views...

Thing was the home they sold and the one they bought were worth about the same price at the time... the newer, smaller home had doubled in value and the larger home had not appreciated anything...

Fast forward and the bigger home in the declining neighborhood is worth much more than the one they sold because that neighborhood started to decline after they sold...

Everything is fluid in Real Estate... change is constant.
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Old 06-10-2014, 06:17 PM
 
Location: Kansas
21,174 posts, read 17,610,385 times
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Another vote for "good" neighborhood. You can always improve on the house as you would have that under your control. We always shop neighborhood.
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Old 06-10-2014, 06:23 PM
 
Location: Ohio
5,625 posts, read 6,026,928 times
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Quote:
Originally Posted by jerseygal4u View Post
For me,it comes down to this.

I want to keep my monthly payments low,at around $1200/month,but as this is Jersey,they do not come hand in hand. Of 1200 taxes will surely eat away 1/2 my monthly budget for a home.

So i could either choose the beautiful home in the nice part of an extremely crime ridden city(the neighborhood itself is ok) or a run down shack in a nice town.

Which would you guys choose

Is posting addresses allowed?
I would not recommend moving into a bad neighborhood. You can change the house but not the neighborhood.
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Old 06-10-2014, 07:07 PM
 
27,750 posts, read 58,079,077 times
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I've seen very desirable neighborhoods loose luster...

Many of the older urban areas, especially waterfront, went begging and experienced total transformation through redevelopment...

Oakland's Jack London Square is just one example.

Portland's Pearl District or Vancouver's Gas Town too.

Those that invested early were seen as visionary...

Of course you mileage will vary.
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Old 06-10-2014, 09:15 PM
 
Location: Planet Earth
3,882 posts, read 8,363,886 times
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Remember everybody: The OP said that the house was in a rough city, but a decent neighborhood.

In that circumstance, I'd say it depends on how stable the neighborhood is (in other words, is gentrification pushing in that direction, or "ghettofication"?).

In the OP's case, I'm not too personally familiar with Mill Hill (but I've heard mixed things about whether it's on the upswing. Some say that there's a lot of spillover from the surrounding areas, others say there isn't too much).
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Old 06-10-2014, 09:19 PM
 
27,750 posts, read 58,079,077 times
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^^^ Exactly
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Old 06-10-2014, 09:29 PM
 
5,510 posts, read 4,553,760 times
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Buy both, and rent out the dangerous one.
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Old 06-10-2014, 09:33 PM
 
Location: Up above the world so high!
45,246 posts, read 94,047,976 times
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Quote:
Originally Posted by jerseygal4u View Post
For me,it comes down to this.

I want to keep my monthly payments low,at around $1200/month,but as this is Jersey,they do not come hand in hand. Of 1200 taxes will surely eat away 1/2 my monthly budget for a home.

So i could either choose the beautiful home in the nice part of an extremely crime ridden city(the neighborhood itself is ok) or a run down shack in a nice town.

Which would you guys choose

Is posting addresses allowed?
No question, you always choose the better neighborhood - you are safer, get more peace of mind and your home will appreciate over time.
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