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Author: asentie Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127544  
Subject: Re: My Experience on Buying a Modest home Date: 2/24/2003 4:41 PM
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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!

Alison
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