Home Buying in Secaucus>Question Details

maggiekhanna, Home Buyer in Secaucus, NJ

Home buying suggestion Secaucus or other towns close to NY

Asked by maggiekhanna, Secaucus, NJ Tue Jun 4, 2013

We are renting a 2 bed in Harmon Cove, Secaucus at the moment and would now like to buy our own place. Is buying a condo in Harmon cove an ideal investment? as we might want to rent the place in long run. Or do you suggest other family friendly neighbourhoods with close proximity to midtown NY. Our max is 350-400K. Many Thanks!!

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4
Trevor Curran’s answer
Good afternoon maggiekhanna,

First steps:

Meet in person with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. Your Mortgage Banker will discuss the various loan programs, closing costs, and most important of all, monthly payment.

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Thu Jul 25, 2013
Maggie,

I just listed a duplex in Harmon Cove Town Homes - 2BR/2.5BTH 1379 sq. ft. for $319,900 which when compared with all other available inventory is the best deal within the complex. If you're interested in setting up a private showing email me to SecaucusRealEstate@gmail.com. Also, visit my website for all floor plans and info on harmon Cove: http://www.SecaucusHomes.com.
Rental varies according to floor plan.

Best,
Michael Gonnelli
Broker/Partner
Empire Realty Group Meadowlands
http://www.SecaucusHomes.com
0 votes Thank Flag Link Wed Jul 24, 2013
Hi Maggie

In order to make a sensible decision with regard to the future potential of keeping a Harmon Cove unit as an investment once you no longer wish to reside there depends on the purchase price for which you can obtain the unit and how much of that price you would be mortgaging. Adding up your Principal, Interest, Taxes and Maintenance and then comparing that total to what the unit could be rented for would determine whehter you at least have a break even situation or possibly one that nets you a return . Remember that right now the market is quite a bit lower than the future potential for values, after having gone through a downward spiral,and it is likely that in addition to having a future tenant eventually pay your mortgage , you likely would realize equity in the place when you did, in fact, choose to sell it. You could watch the market closely, and since at that point, it would no longer be your primary residence, you could strategize the best time to sell when that time comes.

In the meantime, you will be living in a home of your own, you will stop paying for someone else's mortgage, and you will feel more comfortable about doing improvements to the property that suit your needs and tastes, because at that point, it is your safe haven and the place you call home.

Interest rates are good, prices are just now again starting to escalate (so you still have time to get in before it spirals again) and if you like Harmon Cove and the area, then you already are one step ahead of the game.

Let me know if I can be of assistance in any way.

Best regards,
Barbara Tulko
0 votes Thank Flag Link Wed Jun 5, 2013
Hi Maggie,
Buying a luxury condo with intend to rent may not be your best option, unless you get a seriously distressed deal. It is hard to turn a positive cash flow especially due to the high maintenance fees that reduce your ability to collect rent.

Whatever you do don't buy a COOP, as you may not be permitted to rent it out at all.

As to condos, please call me and we can strategize together would would work best for you and your family.

Sincerely,

Amos Elroy
CDPE (Certified Distressed Property Expert)
SFR (Short-Sale Specialist Certified)
CHBA (Certified Home Buyer Adviser from NAEA)
CSBA (Certified Home Seller Adviser from NAEA)
NAEA Member (National Association of Expert Advisers)

Residential Real Estate Expert Adviser

Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 / (888) HOB-NJRE
FAX (888) 462-6573
Office 201-437-0411
http://www.HobNJRE.com
0 votes Thank Flag Link Tue Jun 4, 2013
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