›
This forum is in permanent archive mode. Our new active community can be found here.

Buying a house around NYC

ChrisChris
edited October 2009 in Everything Else
I'm currently in the early stages of buying a house and am either going to stay in my current area which is south Jersey just outside of Philadelphia or move further north to the New York City area. I know my way around the city for the most part but not really familiar with the out lying towns and I was hoping for some advice on where to look. Anything in North Jersey or North PA is also fine since my fiance is a teacher the more states she has the work from the better. Any advice would be great.
«1

Comments

  • AprecheApreche
    I'm currently in the early stages of buying a house and am either going to stay in my current area which is south Jersey just outside of Philadelphia or move further north to the New York City area. I know my way around the city for the most part but not really familiar with the out lying towns and I was hoping for some advice on where to look. Anything in North Jersey or North PA is also fine since my fiance is a teacher the more states she has the work from the better. Any advice would be great.
    How close do you wan to be to the city? An hour by train? A 30 minute drive? A subway ride? Inside the city itself?

    The closer you want to be the fewer options you have, and the more money you need. If you want to be further away, there are a ton of options, and you need to provide more criteria to determine which place is right for you.
  • CremlianCremlian
    I know a lot about real estate in the northwestern suburbs of Philly. If that is any help. What kind of teacher is your fiance?
  • RymRym
    Also, how much are you willing to spend, and how much can you put down? Bear in mind that closing + fees + advance payments and escrow can easily push $10k on top of what you need for your down payment.
  • ChrisChris
    edited October 2009
    I'm good with an hour train ride or half an hour drive. We are hoping for a medium size house, 2-3 bedrooms, kitchen, living room, dining room, and preferably a basement or attic, and some kind of backyard.

    And she's an elementary school teacher, she's actually teaching in south Philly right now, but due to the awful state their school district is in she hopes not to be there to long.

    We have about a year and a half to two years before we actually get down to making bids and such, but want to know where to look now so we can get an idea. Between our two salaries, especially when I'm done school and our extremely low rent at the moment we should really have much trouble with affording a decent place. We've already started to save just to be sure. I don't know much about real estate but in my current area a nice home goes between $170,000 and $250,000 depending on the neighborhood that goes drastically higher. So we were figuring on paying closer to the $250,000 mark with at least a 20% down payment
    Post edited by Chris on
  • Dr. Zibbelcoot PhDDr. Zibbelcoot PhD
    It's probably a good idea to know how much you're actually approved for with a loan, that way you don't go looking outside your budget.
  • RymRym
    It's probably a good idea to know how much you're actually approved for with a loan, that way you don't go looking outside your budget.
    Yes. Pay for a pre-approval letter. No one will take a bid from you unless you have one anyway.
  • ChrisChris
    Pre-approval is always a good idea. Anyway what recommendations would you all have for neighborhoods?

    Oh and off topic, Rym thanks for the good word at PAX east for ex-GameKatsu
  • ChrisChris
    edited October 2009
    Blackberry freaked out and I accidently double posted. If anyone can delete this much appreciated.
    Post edited by Chris on
  • RymRym
    Oh and off topic, Rym thanks for the good word at PAX east for ex-GameKatsu
    I have a vested interest in linking up two sets of awesome people, especially when together they form the backbone of a convention which I expect to be, well, awesome. ^_~
  • AprecheApreche
    With 250k and that size house, you will have to be either far away or in a not-so-great neighborhood. I would say to mostly investigate towns in North Jersey that have Jersey Transit stations, and also towns on the Harlem or Hudson Metro North train lines. Don't bother with Long Island or Connecticut, it's too expensive.
  • RymRym
    Actually, Beacon, NY is where you want to be looking. I paid $234k for the 5BR house I'm in the process of buying. Beacon is substantially below the median price range for the area for various reasons, and equivalent houses can be a good $100k cheaper there versus in the neighboring towns and cities. You'll have a little over an hour via Metro North into the city, and the train station is actually in Beacon.
  • AprecheApreche
    Actually, Beacon, NY is where you want to be looking. I paid $234k for the 5BR house I'm in the process of buying. Beacon is substantially below the median price range for the area for various reasons, and equivalent houses can be a good $100k cheaper there versus in the neighboring towns and cities. You'll have a little over an hour via Metro North into the city, and the train station is actuallyinBeacon.
    Confirmation bias. You suggest Beacon because you live there. There are a lot of other towns out there besides the one you personally happen to live in. You just don't know about them, so you think Beacon is somehow unique. Also, being willing to live in Jersey (which I am not) significantly increases your selection.
  • RymRym
    You suggest Beacon because you live there.
    Beacon has substantially lower house prices than the rest of the Mid-Hudson Valley. I even have my appraisal report stating this. The same house in Fishkill or Poughkeepsie costs a lot more than in Beacon. Everywhere cheaper is substantially further from a train station or in a county other than Dutchess. Beacon is severely undervalued for its location, partly due to its bad reputation from the previous decade.

    As an example, the house I'm buying is worth $420k if appraised independent of location, according to my appraiser. It would appraise for roughly $320 in Fishkill. But, because it's in Beacon, it currently appraises for $235k. Beacon is a crazy outlier for the entire county.
    lso, being willing to live in Jersey (which I am not) significantly increases your selection.
    QFT. I refuse to live there, but there is cheap housing close to the city if you are.
  • AprecheApreche
    Beacon has substantially lower house prices than the rest of the Mid-Hudson Valley. I even have my appraisal report stating this. The same house in Fishkill or Poughkeepsie costs a lot more than in Beacon. Everywhere cheaper is substantially further from a train station or in a county other than Dutchess. Beacon is severely undervalued for its location, partly due to its bad reputation from the previous decade.
    Yes, but I'm saying is that there are a lot of other places out there besides the Mid-Hudson Valley and Dutchess County.
  • ChrisChris
    So with the exception of Beacon which doesn't sound like a bad choice northern Jersey is sounding like it may be a good looking place.
  • RymRym
    Yes, but I'm saying is that there are a lot of other places out there besides the Mid-Hudson Valley and Dutchess County.
    There are. But, in the Mid-Hudson Valley, Beacon is the place to be (unless you're rich).
  • KilarneyKilarney
    This house? Beacon is cheaper than I would have guessed. For having a train station, it seems quite reasonable. Of course I have no idea how nice the town is.

    The problem with buying in a cheap town is that you won't want to move to a nicer place. I live in an area with cheap real estate, and the thought of moving to an area with higher prices is a tough pill to swallow. This will be especially true if prices rise again.
  • legoboylegoboy
    I like the saying, Buy the worst house in the best street.

    Good luck in saving for a deposit Chris.
  • lackofcheeselackofcheese
    This house?Beacon is cheaper than I would have guessed. For having a train station, it seems quite reasonable. Of course I have no idea how nice the town is.

    The problem with buying in a cheap town is that you won't want to move to a nicer place. I live in an area with cheap real estate, and the thought of moving to an area with higher prices is a tough pill to swallow. This will be especially true if prices rise again.
    I fail to see the problem.
  • RymRym
    This house?Beacon is cheaper than I would have guessed. For having a train station, it seems quite reasonable.
    Actually, not that house. That house is older, and much further from the train station. My house was built in 1989, and it's right up the hill from the station. ^_^

    But yes, Beacon is super cheap. It's in the throes of gentrification, and I expect house prices to level out compared to the rest of the area within five or so years. If that happens, I'll have made a tidy profit, and could fairly easily "swap" up to a nicer house nearby. I'm getting it as a short sale if I get it, so I'm coming in pretty far under the normalized value. If my finances continue as projected, I'll have it paid off in five years, give or take a year, at which point I can either use the equity to fund a business or another house purchase (and rent this one out), or sell it, capitalize on my gains, and use them to some end. The worst-case scenario - a long-term full-on recession in Beacon or the Mid-Hudson Valley - leaves me living in a nice, large, house with practically no property taxes to speak of, which isn't so bad.
  • Kate MonsterKate Monster
    Beacon is an okay town for people without kids. I looked into the schools there once, and I was not impressed (to say the least).
  • TheWhaleSharkTheWhaleShark
    edited October 2009
    The one thing that Beacon lacks is a decent grocery store within reasonable driving distance. OK, there's also not a lot to do in terms of night life, but with the city pretty close by, that's mostly alleviated.
    Post edited by TheWhaleShark on
  • Kate MonsterKate Monster
    Yeah, but Albany lacks that too, in my opinion. Wegmans or nothin' people.
  • TheWhaleSharkTheWhaleShark
    Yeah, but Albany lacks that too, in my opinion. Wegmans or nothin' people.
    You have to admit that Price Chopper, Hannaford, and the co-op are all superior choices to the nothing in Beacon. They might not be Wegman's, but they're no "maggots in the bread" Key Foods either.
  • RymRym
    You have to admit that Price Chopper, Hannaford, and the co-op are all superior choices to thenothingin Beacon.
    The ShopRite in Fishkill is good enough. It's no Wegmans, but it'll do (pig).

    As for Key Foods, their days are numbered. Gentrification is going to destroy that place, whose only demographic is the urban poor in Beacon... Anyone who can afford to drives to Fishkill or Newburg for groceries.
  • Kate MonsterKate Monster
    They have a Wal-Mart Super Center and a Price Chopper less than 15 minutes away. They are both crap grocery stores, but they are equivalent to Albany stores.
  • ChurbaChurba
    but they're no "maggots in the bread" Key Foods either.
    Hey, Extra protein for free, what you complaining about?

    But seriously, are they really that grody? If they are, how the hell do they stay in business?
  • TheWhaleSharkTheWhaleShark
    They have a Wal-Mart Super Center and a Price Chopper less than 15 minutes away. They are both crap grocery stores, but they are equivalent to Albany stores.
    Really? I thought they just had a Stop and Shop. Also, they have a Wal-Mart Super Center?

    As for Albany stores, there are high-quality products and ample selection at several stores. I'm not sure what else you'd want in a grocery store. The Price Chopper on New Scotland is one of the best stores I've ever seen.
  • RymRym
    But seriously, are they really that grody? If they are, how the hell do they stay in business?
    Their primary demographic consists of:
    1. The local poor who do not own cars
    2. The local poor who do own cars, but do not realize that prices are better at the real grocery stores.
    3. The non-poor locals who are either lazy or in a hurry.

    No one else shops there.
  • RymRym
    Really? I thought they just had a Stop and Shop. Also, they have a Wal-Mart Super Center?
    There are two Stop and Shops, a Price Chopper, a Hannaford, A Shop Rite, a Wal-Mart, an Adam's, and a few others nearby. The Shop Rite is the closest, and it's a perfectly serviceable, full grocery store, so we don't bother with any of the other ones (except occasionally Adam's).
Sign In or Register to comment.