Hi,
I am interesting in buying properties in NJ and I have been searching realtor.com but there are so many houses..
which is a good area in NJ? what are the ongoing costs that we have to pay on a regular basis? eg, rates/levy/water etc..Please give me some advise
Thanks in advance!!!Hi buymore, I use http://www.neighborhoodscout.com as an initial source of info about good/bad neighborhoods. It provides crime rates, school ratings, and appreciation rates for each neighborhood. Next, go to http://www.city-data.com for the opinions of the people that live there.
Ongoing costs are not much different from Aussie property: Property taxes (like our council rates), home owners insurance (like our building & contents insurance), landlord insurance if you are renting it out, water/sewerage, trash collection, property management fees, maintenance costs and if the property is a condo/unit then you'll have body corporate fees too. The agent has this info.
Hi PQ,
Thanks so much for the info. it is so useful. I have been searching online like a crazy but there are so much info and I don't know
where to start.
do you know the difference between co-op and condo? i thought if it is co-op then you can't use it as a rental property.
only condo can. is this right?have you bought anything in NY or NJ? is it as easy as buying in sydney?
You're so welcome – I remember how hard it was to find the right info when I was starting out. I think you're quite right about the difference between a co-op and a condo. My understanding is that with a co-op, the owners have to give their permission for anyone to buy/sell/rent in the complex – too much trouble, if you ask me!
Sorry, I havent bought in NY or NJ, my heart belongs to Texas
I recently bought two freestanding single-family 3br properties and the process is very similar to the properties I've bought in Australia – the only different thing is that it is considered normal to use a real estate broker rather than deal with the selling agent directly. Just dont forget that the broker gets 3% of the commission so, even though they are working for you, it is not in their interest to save you money!
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