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Hey everyone. My husband and I are downsizing from our current house and looking for something cheaper/smaller. We are having our first baby and I will not be staying at my job when the baby comes. Our only income will by my husband's. He makes 50k a year. Our down payment will be between 150k-175k. So, we figured with that and my husband's income, we can afford a mortgage around 50k. We don't care about schools at this point. Our plan is to upgrade again when our baby is old enough to start school and I can go back to work again. My husband works in New Providence, NJ. He doesn't mind commuting up to an hour. I would really love some suggestions on where we could look with our very low price range. We really have no restrictions except our price range and the fact that we don't want to live in a really bad area. Any help would really be appreciated. Thank you all so much.
Hey everyone. My husband and I are downsizing from our current house and looking for something cheaper/smaller. We are having our first baby and I will not be staying at my job when the baby comes. Our only income will by my husband's. He makes 50k a year. Our down payment will be between 150k-175k. So, we figured with that and my husband's income, we can afford a mortgage around 50k. We don't care about schools at this point. Our plan is to upgrade again when our baby is old enough to start school and I can go back to work again. My husband works in New Providence, NJ. He doesn't mind commuting up to an hour. I would really love some suggestions on where we could look with our very low price range. We really have no restrictions except our price range and the fact that we don't want to live in a really bad area. Any help would really be appreciated. Thank you all so much.
Woodbridge has some houses at the price range you specified. In addition, the town offers an awesome stategic location, whether you commute by trail, bur, or car. The town is relatively safe, and its demographic is diverse; if that's an aspect you're looking for. Woodbridge is the perfect transition place to live. My wife and I moved to Woodbridge from NYC. But I have to mention we decided to rent, rather than own since we knew we have plans to move. Now that our baby is 17 months old, we are starting to look for different places to live. Just like you, my wife decided to stay home for the first three years of our son's life.
By the way, you're taking an awesome decision by taking care of your little one. After 16 years working in the corporate world, my wife does not want to return, and she's does not regrets it at all.
If your plan is to upgrade in 5 years when your baby goes to school, then you shouldn't buy right now, you should rent an apartment.
The timescale is too short and with your budget, you'll most certainly be "underbuying" something that is either too small or not in the optimal location. Then when it comes time to sell, you could lose money, both in the value and all the fees and taxes that go along with selling (as well as buying again).
Rent something close to your husband's job. Believe me, it's better to keep the commute short, especially with a young baby at home.
Amazonas, we always knew that I would stay home with our baby. I just think it's a great experience for the child and I am sure for me as well. It's so funny that you say Woodbridge! We actually live in Fords right now, but the taxes are really high and keep getting higher and it's killing us. Our taxes have gone from 8k to almost 10k in less than 3 years time.
Luckyshoes, I know you are right and the best thing to do is probably rent. However, even though it's only 5 years, we really hate the idea of living in an apartment. We love to have a yard and aren't really fans of community living. Also, and this is a big thing..we have dogs and they are a part of the family and most apartments wouldn't allow them.
I have been looking all day today and I found some areas that are an hour commute in PA that are very affordable. Does anyone know anything about East Stroudsburg?
Hey everyone. My husband and I are downsizing from our current house and looking for something cheaper/smaller. We are having our first baby and I will not be staying at my job when the baby comes. Our only income will by my husband's. He makes 50k a year. Our down payment will be between 150k-175k. So, we figured with that and my husband's income, we can afford a mortgage around 50k. We don't care about schools at this point. Our plan is to upgrade again when our baby is old enough to start school and I can go back to work again. My husband works in New Providence, NJ. He doesn't mind commuting up to an hour. I would really love some suggestions on where we could look with our very low price range. We really have no restrictions except our price range and the fact that we don't want to live in a really bad area. Any help would really be appreciated. Thank you all so much.
I think you are making a very smart move!!!!
Though they may need some updating, you could definitely find some cute, smaller cape cod's in your price range in towns like Kenilworth and Spotswood... we saw a bunch.
Best of luck!
I would not buy in PA, at least in the ES area. Too far and too risky if you want to resell eventually. I know someone trying to sell there and it is depressing.
Amazonas, we always knew that I would stay home with our baby. I just think it's a great experience for the child and I am sure for me as well. It's so funny that you say Woodbridge! We actually live in Fords right now, but the taxes are really high and keep getting higher and it's killing us. Our taxes have gone from 8k to almost 10k in less than 3 years time.
Taxes are like a disease here in Jersey, so no matter where you go in this state; your property taxes are most likely to increase. Fords has a reasonable amount of homes that are within your budget. In fact, there's an area called Oakwood Village with townhouses at $ 230-250. They are nice in the sense that they look like brownstones and none of their basements have sunpumps. The area I'm refering to is very small and it has only three entries. Also because of its layout, the area can not grow anymore which is good. If you're interested, Oakwood Village is located right behind the Woodbridge Y and the Woodbridge Racquet Club on main street. There's a Wegmans supermarket about half a mile and the Woodbridge mall is not far either. The zip code is 08863.
Here's a link though! http://www.weichert.com/26910295/?cityid=58181&ptypeid=21 (broken link)
If your plan is to upgrade in 5 years when your baby goes to school, then you shouldn't buy right now, you should rent an apartment.
The timescale is too short and with your budget, you'll most certainly be "underbuying" something that is either too small or not in the optimal location. Then when it comes time to sell, you could lose money, both in the value and all the fees and taxes that go along with selling (as well as buying again).
Rent something close to your husband's job. Believe me, it's better to keep the commute short, especially with a young baby at home.
In terms of "the usual" calculation, buying shouldn't be much more costly than renting if they upgrade in 5 years -- and their modest budget limits the scope for losses.
The problem with waiting to buy the "ideal" house is that you could be waiting a long time. Most people who are starting a family would rather "underbuy" even if it costs a little more. Buying the "forever house" only works under a fairly specific set of circumstances.
Unless you are prepared to move into a neighborhood where most people earn substantially less than you do, it doesn't make a whole lot of sense in today's market, given the current state of the inventory.
The problem with waiting to buy the "ideal" house is that you could be waiting a long time. Most people who are starting a family would rather "underbuy" even if it costs a little more. Buying the "forever house" only works under a fairly specific set of circumstances.
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Such as? (genuinely interested)
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