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Old 06-10-2014, 10:20 PM
 
8,534 posts, read 12,369,253 times
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Quote:
Originally Posted by davebarnes View Post
129 Errickson Ave, Moorestown, NJ 08057 is For Sale - Zillow
taxes are $300/mo
on the market forever - you can probably shave some more off
I am guessing that the seller is upside down - could be tricky
lot size - 7K sqft, decent


212 Mercer St, Trenton, NJ 08611 is For Sale - Zillow
taxes are $440/mo
on the market forever - you can probably shave some more off
built in 1814 - a giant money pit, be prepared
Trenton - "wretched hive of scum and villainy"
I love the way the 1814 home looks.
Its got everything i always wanted,any maybe i have been looking at too much Hgtv( SS appliances,nice bathroom,the historical details.
The neighborhood looks the same way it did in 1814 when i went in the area.(check out google maps).
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Old 06-10-2014, 10:31 PM
 
8,534 posts, read 12,369,253 times
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Quote:
Originally Posted by convextech View Post
So obviously you're going on price only, because those two homes are about as different as you can get.

One is a tiny bungalow and the other is a 3-story behemoth which has been on the market for 2 years, probably because it's falling down.
Yes,i am mostly going by price only,as i want to stay within a certain range every month.

I know at my price range i would either have to get a short sale home,a shack,or a nice home in a so so neighborhood.

I thought most first time homebuyers go by price?
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Old 06-10-2014, 10:33 PM
 
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Quote:
Originally Posted by convextech View Post
The beautiful home will lose its worth because the crime will eventually encroach on you.

The ramshackle house can be leveled and you could rebuild in the nice neighborhood.

This seems like a no-brainer to me.
Its going to cost $$$ to rebuild,plus that results in increased taxes.
The home in Moorestown already has taxes that are almost $4000/yr.
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Old 06-10-2014, 11:59 PM
 
9,864 posts, read 10,041,465 times
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They teach in university classes on real estate, any good real estate book, and any good long time Realtor will tell you, there are three things to take into consideration when you buy a home. They are 1: Location. 2: Location. 3: And even more important is Location. Once you get a good location located, then other factors can be considered. Location means a home in a decent safe neighborhood, where you are safe out and about in your neighborhood. Decent schools (if you don't have children you are not thinking about this, but the people who consider buying your home in the future sure will.

It is much better to rent in a decent location, than buy a home in a poor crime ridden location.
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Old 06-11-2014, 12:06 AM
 
27,777 posts, read 58,425,030 times
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^^^ I did just the opposite by buying the least expensive home on the MLS in my city of 400,000... and if I had it to do over again I would have bought more.

Part of it I'm sure is due to my proximity to San Francisco... parts of the East Bay are only minutes away from downtown San Francisco on public transit and the ever increasing prices SF Real Estate commands is having a ripple effect on the entire region.
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Old 06-11-2014, 12:34 AM
 
5,607 posts, read 5,636,966 times
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I purchased the cheapest home (small ranch) in an excellent neighborhood just outside of Boston in 2011. It's worth one hundred & fifty thousand dollars more 3 years later. Too much risk in bad neighborhoods IMO.
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Old 06-11-2014, 01:23 AM
 
8,534 posts, read 12,369,253 times
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Quote:
Originally Posted by Brave Stranger View Post
I purchased the cheapest home (small ranch) in an excellent neighborhood just outside of Boston in 2011. It's worth one hundred & fifty thousand dollars more 3 years later. Too much risk in bad neighborhoods IMO.
It sounds like you purchased a small home in a bad city but great neighborhood?
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Old 06-11-2014, 06:05 AM
 
Location: Long Neck,De
4,792 posts, read 7,502,575 times
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If kids were involved I would definitely say go for the nicer neighborhood, No kids? Then how bad is the neighborhood? How much are you willing to put up with?
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Old 06-11-2014, 07:02 AM
 
Location: garland
1,592 posts, read 2,067,463 times
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You can always change the house but you can't change the neighborhood
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Old 06-11-2014, 07:07 AM
 
16,719 posts, read 17,240,556 times
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Quote:
Originally Posted by jerseygal4u View Post
maybe i have been looking at too much Hgtv
HGTV doesn't tell you how long and how much it took to get those old buildings up to code, but at least they were in decent neighborhoods. And you are doing this in a bad neighborhood to boot? It's just not smart.
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