Home Buying in Hoboken>Question Details

Newbie, Home Buyer in Hoboken, NJ

First time homebuyer for studio/1br in Hoboken.

Asked by Newbie, Hoboken, NJ Mon Sep 17, 2012

I'm very new to this process and pretty new to NY so there are a lot of things I don't know quite yet. However, I'm in the very preliminary stages of looking at purchasing a studio/1br condo/coop, preferably in Hoboken.

I'm 30, stable job, lived in Brooklyn for 1.5 years, FICO score 750-ish but with a lot of student loans, which I'm obviously managing. I'm not looking for high-end on the river or anything, so is $200K with 10% down even feasible for this area? Is it feasible anywhere in this area (Weehawken, the Heights, Downtown Jersey City)? I've looked at listings and seen some, but I don't know if units in this price range are going to be in pretty bad shape. What general range can I expect for taxes and homeowners insurance?

Thanks in advance and for the newbie questions!

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Answers

5
Newbie,
Hoboken might be out of your range because those that are less then 200k require a lot of work. However you are young and unless you want to impress the gold digging girls out there, then fixer uppers are a good investment in my opinion. I've owned one in my mid 20's and did work as I got more expendable money. I made a really good return on it which allowed me to upsize quite a bit :-) ... So fixer uppers can be a good way to start. Good girls will appreciate them for what your plan is with it. Ok, enough about women!

In your free time, visit my website at http://www.NewJerseyRealEstateGuys.com and play around with the home searching tool in the right sidebar of the page. You will see every listing available in each area you search. Check JC Heights, even downtown. Don't think there's anything in that range in Weehawken or Edgewater. Good luck and feel free to reach out to me via the website if you want some more information. I am the owner and associated with Weichert in Hoboken. Good luck!
0 votes Thank Flag Link Mon Sep 24, 2012
Newbie,
The most efficient way for you to learn the most about the process and the prices would be a meeting with a realtor in the office. It usually takes about an hour or so.  I would be happy to show you photos and stats of properties (and their conditions) that are indicative of the price trends for each of the neighborhoods that make up our area. This would give you an idea of what your money buys in each. I would further discuss the transportation and real estate tax options for each neighborhood. Discussion would also touch on the loan process and the benefits and detriments of 10% down. 
There is no cost to you. 
There are ways to get this education online or in books or even through email exchanges. But I normally suggest a face to face for the first meeting so that many of your questions can be answered in the shortest time possible. 

David Chittum Sales Associate
Coldwell Banker Residental Brokerage
100 Washington St
Hoboken, NJ 07030
Office: (201) 798-3300
Mobile: (201) 388-9670
0 votes Thank Flag Link Tue Sep 18, 2012
Hi Newbie,
I welcome the opportunity to help you in your new home search. More importantly, I'd like to better understand what your goals are so I can best assist you. Properties are moving very quickly and as the inventory drops and less properties on the market, usually prices go up. Ideally, how soon do you need to be in the new place? Is there a phone nunber where I can reach you at to discuss your home buying options? Feel free to contact me directly at 201-401-2268
0 votes Thank Flag Link Mon Sep 17, 2012
There are options for you in the downtown JC and you might be able to find a place in the Heights.
What email would you like me to send some properties to for you to look at?
Feel free to contact me directly so we can discuss your options and the homebuying process further.

Thanks.

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
lbaez@weichert.com
0 votes Thank Flag Link Mon Sep 17, 2012
It is feasible in downtown JC, but Hoboken is probably out of your range. Shoot me an email if you'd like to see some listings!

Ed@RELB.com

Edward Verdel
Real Estate Salesperson
Licensed in NJ and NY
0 votes Thank Flag Link Mon Sep 17, 2012
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