Yes and no.. You are certainly not overpaying and that is grreat. But what is your plan for this equity? You are just buying, you would be foolish to attempt to refi as soon as you close with the new costs again.
It is a comfort to know that you bought really fairly and you are one of the few who have a bank appraiser who just does not "comp out" the purchase at your purchase price. Most appraisers have been struggling just to verify the Purchase and Sales Agreement price.
So, congratulations.. .for now.. You know that any appraisal is a "moment in time" which can change when a new closing happens down the street from you. I anticipate they will continue to rise though, and wish you luck in your new property.... more
Really the only people qualified to answer your questions are your local building inspector and/or a lawyer. I know in New Jersey standards can be different for owner occupied multi family homes and apartment buildings and inspections may or may not be required depending on the circumstances. You may also be able to get some free advice from your state Department of Community Affairs.
How long have you lived in the apartment? If you are concerned about your safety, why did you take the apartment? And why don't you move? If it is unsafe I am sure the lease can be broken. I will also offer a word of caution, don't use this as an excuse to stop paying the rent until you know exactly what your rights are under the law. You could end up in more trouble than you are in right now.... more
Since real estate professionals are prohibited from steering, enticing a buyer to purchase, or not, in specific neighborhoods, consider doing additional research of your own first--visit the areas more than once and at different times of day, possibly chat with locals, check out shopping, drive around and look at everything that is important to you. As for the schools, research online, but also consider a visit--speak to the superintendent, pricipal, teachers, etc., ask all your questions, and then make a determination--will your comfort level be reached....also see links--