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I agree with you but schools in Oxford are very good. Far better than Thomaston, etc. Oxford has been the fastest growing town in the state for over a decade and is regularly ranked as having the best economic outlook in the state. I’d say a home there is a pretty solid investment going by those measures. Problem is - you’re not going to find a decent home in the OP’s range there.
I agree with Oxford being good, was referring to Thomaston and Plymouth/Terryville.
To your point, Oxford also seems like an exception to the rule as one of the few towns of its kind (rural and a bit isolated) that has potential for return on investment.
This is just one person's opinion, but if the OP can't afford Oxford/Seymour/Shelton/Milford type towns now, I'm not sure it's worth buying with their current work/life situation.
Putting barely anything down on a home in declining towns, and possibly needing to move not that far down the line, is a huge financial risk IMO.
This might sound controversial, but I would just rent if you can't afford a 20% down payment on a <$160,000 home. Keep saving. Schools don't seem great in the towns you're looking at, so you may have to move again? Owning for less than 5 years is a big financial risk. And those towns are NOT likely to appreciate. They are textbook decline towns: in a stagnant metro, rural, no walkability or public transportation, unappealing to Millennials. A town like Seymour is a much better investment. Or, if you can deal with a condo or save up for a modest home, a town like Milford. You have to consider resale, not just cheapness.
You also need to consider the job market in Waterbury area sucks and is in a race to the bottom. It ain't gonna change. Live where the action is: the coastline from Greenwich to New Haven has by far the most economical potential in CT.
Seems crazy to me to live above Waterbury for New Haven/Bridgeport commuting just to get a specific loan.
Outside of home repairs. For the most part it is less expensive to buy than rent in CT.
Probably in the minority of people with this. Wife and I prefer quiet rural CT far away from the action lol! Like the North Western, Windsor/Upper Hartford Metro area, and the South Eastern area of the State.
Outside of home repairs. For the most part it is less expensive to buy than rent in CT.
Probably in the minority of people with this. Wife and I prefer quiet rural CT far away from the action lol! Like the North Western, Windsor/Upper Hartford Metro area, and the South Eastern area of the State.
Might have to disagree on this. This year we had to install a new hot water heater, buy a new lawn mower and replace the roof. All told about $11k in one year. I did the water heater myself to save money. Just today I replaced the pump and Foote valve on our well at our summer home. They add up.
Most, if not all these costs are the responsibility of the landlord. As a homeowner you own all of these plus more. If I was in your situation I would rent. Don’t buy just to buy. Not all towns in CT are created equal and some do not make fiscal sense.
If you can’t put 20% down you have to pay additional for PMi. Some loans might be different. Like everyone recommended, if you are not going to stay in a place for 5 years...don’t buy.
Enjoyed Thomaston. Plymouth was okay. Drove through Woodbury, Watertown, Southbury, Oxford, Seymour, Naugatuck, Wolcott, and Prospect yesterday.
Ranking them on our preference:
Thomaston
Wolcott (FHA/$180K or less)
Southbury
Prospect
Plymouth (Had really gorgeous 3 to 4 bdrm houses/remodeled for under $200K/Taxes $4,000 or less)
Seymour (FHA/$180K or less)
Naugatuck (FHA/$150K or less)
Oxford
Woodbury
Trying to find a 2 to 3 bdrm and 1.5 bath house $225K or for less.
Outside of home repairs. For the most part it is less expensive to buy than rent in CT.
Probably in the minority of people with this. Wife and I prefer quiet rural CT far away from the action lol! Like the North Western, Windsor/Upper Hartford Metro area, and the South Eastern area of the State.
Your first statement just isn’t necessarily true. You have closing costs and, in your case, PMI. It would take at least 5 years to start to break even. So buy where you don’t have to move again quickly (like a town you like with marginal schools).
Plus, again, you’re looking at towns that could DECLINE in value. You could be losing money. I think you’re here for validation and not advice, though.
Enjoyed Thomaston. Plymouth was okay. Drove through Woodbury, Watertown, Southbury, Oxford, Seymour, Naugatuck, Wolcott, and Prospect yesterday.
Ranking them on our preference:
Thomaston
Wolcott (FHA/$180K or less)
Southbury
Prospect
Plymouth (Had really gorgeous 3 to 4 bdrm houses/remodeled for under $200K/Taxes $4,000 or less)
Seymour (FHA/$180K or less)
Naugatuck (FHA/$150K or less)
Oxford
Woodbury
Trying to find a 2 to 3 bdrm and 1.5 bath house $225K or for less.
Naugatuck above Oxford?
There’s about 6-7 really solid towns in your list.
Not sure where you are getting your FHA numbers. It is based on county and not town. In New Haven County, the FHA loan limit is $314,827, as it is roughly in most of the state.
There’s about 6-7 really solid towns in your list.
Not sure where you are getting your FHA numbers. It is based on county and not town. In New Haven County, the FHA loan limit is $314,827, as it is roughly in most of the state.
I agree - two of the three nicest towns on the list are last? Why?
Enjoyed Thomaston. Plymouth was okay. Drove through Woodbury, Watertown, Southbury, Oxford, Seymour, Naugatuck, Wolcott, and Prospect yesterday.
Ranking them on our preference:
Thomaston
Wolcott (FHA/$180K or less)
Southbury
Prospect
Plymouth (Had really gorgeous 3 to 4 bdrm houses/remodeled for under $200K/Taxes $4,000 or less)
Seymour (FHA/$180K or less)
Naugatuck (FHA/$150K or less)
Oxford
Woodbury
Trying to find a 2 to 3 bdrm and 1.5 bath house $225K or for less.
What are your criteria for ranking those towns? Two of the three best school districts of the list and some of the lowest mill rates are at the bottom.
Are you open to condos? You would have to pay common fees and they likely wouldn't be super low, but your mortgage/taxes would also be lower, you wouldn't have to worry about exterior maintenance and repairs, and the values are relatively stable at this point. You could easily get into one for less than 150k.
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