Home Buying in Secaucus>Question Details

Ark, Home Buyer in 07093

Renting your own single family home in Secaucus

Asked by Ark, 07093 Sat Dec 21, 2013

We first time home owners looking to buy in Secaucus and we realize we might have to rent it out sometime in the future. We are looking at a 3 bed 2 bath property single family house in the range of 400000-500000. We are looking at single families in the North end of town,close to NYC bus.
Here are my questions.

1. Does an owner break- even with 20% down?
2.How does the rent get determined for single families? I see 3 bed 2 Bath combinations from 2450 -3300?
3.How long does a single family stay on the market an average before it rents?
4. Are rental to cost ratio ( rental yields) same or better or worse than townhomes in the neighborhood.

Thanks

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Answers

1
It is hard to speak in generalities when discussing property, but I will do my best.

If you put 20% down you should break-even or at least be very close. Rent is determined by the market, obviously, so I can not provide any details or meaningful insight with out more specifics, but your range is in the right ballpark for a single family in Secaucus. Typically a single family home will rent up in 1 or 3 months, depending mainly on price, condition and the time of the year. Single Family homes are more profitable than townhomes (meaning Condos) because in Secaucus most of the single family homes are older and the taxes are lower, plus they do not have the additional over head of maintenance fees and are much less likely to be assessed for any reason, but on the down side requires more oversight by the landlord. However, Secaucus is (arguably) the best run town in Hudson County and one of the best in North Jersey, so the taxes are pretty low relative to the surrounding towns. If you like go to my website at http://www.buyorsellhomesnorthjersey.com, where you can search via NJ MLS and set up email alerts for new listings.
0 votes Thank Flag Link Sun Dec 22, 2013
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