Your plan is is smart but success will depend on where you buy - you are trying to meet two needs - one is to serve your possible personal needs and the other is to find a desireable rental property that would allow you to cover your monthly costs of holding the property as well as maintainance and repairs going forward - you will have a better choice if you look at your higher budgeted number -
I work with clients from NYC who are doung the same thing- train line or bus commute is very important to value as are excellent school systems and more - taxes in NJ are varied depending on area and Association fees for community living factor in over taxes - many towns in northern NJ are being reassessed for value and tax rates right now - there are many suburban areas that can work for your idea but I would love to consult with you to find out more details to help you- I cover northern no in Morris-Bergen- Passaic and Essex counties - I am confident I can assist you to learn more about different areas - not just one town or county - if you are open to learn and serious- would love to meet you and your wife to discuss - call me any time - Lynda
Keep in mind also, that condos may have monthly or annual maintenance fees and some may also have rental restrictions which may cause difficulty when ready to rent it out.
In my experience, and depending on area, single family homes seem to have a quicker turnover than condos.
So with this in mind, plenty of homeowners have accomplished what you are seeking to do, so your plans are do-able and possible if you are guided properly.
Seek the assistance of a Realtor to show you available homes in your desired area and budget, then choose wisely.
~Best with finding your Dream Home!~
Licensed Selling Realtor in NJ and GA
Weichert Realtors Summit
~~Dream Homes ARE Within Reach!!!~~
As I mentioned, I do have my own rental properties. Let me know if I can help guide you in any way.
Nobody really knows what the market will be in a few years from now. A way to protect yourself is to put enough down so that there will be a positive cash flow, where the rent covers your expenses.
From personal experience, I would recommend a townhouse. I would get a home warranty so that if an appliance, air conditioner, etc. goes bad you have someone to call. The condo association will take care of the exterior.
Please contact me and we could review your options.
201 247 9568
Typically, the owner/landlord pays the property taxes and association dues, if any. The tenant on these types of properties, pays all the utilities and is responsible for lawn maintenance, snow removal and so on unless those items are included in the association fees. So, both are excellent choices, but you will encounter tenants with different lifestyles depending on which property type you choose.
Good plan! If I can be of help to you at all, please feel free to contact me. I am experienced in both residential purchases and rentals, so I can help you now and again two years from now when you are looking for a tenant. I live and work in Morris County. The Morristown area, which includes Chatham, Madison and Morris Plains, are EXCELLENT areas for rentals. We have commuter train stations in each of these towns which makes it very, very attractive for commuters. If you don't want to come this far west, you might want to think about Montclair or Summit. I am familiar with both of those areas as well.
The reason I recommend a townhome is that when you leave in 2-4 years you can rent amd not worry about the exterior, maintenance or the roof. All those are included!
There are other communities in northern nj that can work. We would love to meet for a free buyers needs analysis and discuss the various options!
Sharon and karen
201-738-3158 / 917-294-0356
I agree with your train of thought. i would recommend a Town home or condo vs a house if you are planing on renting in a few years. Houses for rent are always in demand but the upkeep of the exterior is an extra concern when you are not around
I think Bergen county or Montclair, Nutley are great places to live and in the future will be very easy to rent. If you would like to meet me in my office for a free buyers consultation we can go over all your options and make sure all your needs are met.