No. of Recommendations: 0
FoolishCop -

I grew up in Bergen County, NJ and you're so right about the development there - AND the property taxes! The particular town I grew up in was less hard-hit than many - but definitely consider the fixer-upper! A friend of ours did that - he wanted to live on the Delaware River and found a home that needed a LOT of work - and they have been doing it over time. Recently, thanks to a refinancing they did, they were able to hire a contractor to do some MAJOR work to their home, and it now appraises for far more than they've put into it!

It's all about what's important to you... keeping up with the Joneses should be far less important than finding the home that suits your needs and lets you live the way you want to live.

The neighborhood is definitely important to consider, though... ESPECIALLY if you have or are considering kids. That was a big thing for us - would I send my child to this school? Would I let him play on this street?

If the answer about the schools is "no" - make sure you figure in the private school tuition costs when you're figuring out the mortgage, it's a "hidden" type of cost that can really hit hard!

Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.