Finding an affordable home in any city is possible, but perhaps not on the top location. Whether you’re renting or buying, the cost will depend on the property size, proximity to city centers, and transit. Since not every New Yorker can’t afford to live in good locations in the Five Boroughs, moving to Jersey City is a great option. New Jersey and three state areas provide a slower pace for more affordable costs than NYC. Thus, if you’re considering becoming a resident of Garden State, you might want to explore which housing option suits you better: to rent vs. buy in Jersey City?
The perks of renting a place in Jersey City
Renting a place in Jersey City is much easier than buying it, especially for younger residents see Jersey City apartments for rent. The second most thriving city in New Jersey has a rising housing market that not everyone can afford. Moreover, the hustle that goes with a house purchase, the credits, taxes, and mortgages doesn’t seem as appealing to millennials. Buying a home is a common choice for families and retirees who want to set their roots and spend their days not having to worry about rent. However, renting a home has some good sides and the main ones are:
Renting process is much easier than the buying process.
It’s flexible. If you don’t like your neighborhood or you find better opportunities elsewhere you can simply pack and move. According to relocation experts from teddymoving.com, most of their clients are renters. Young people usually prefer to rent vs. buy in Jersey City, since they get to live in New York City metropolitan area affordably.
Less money spent on maintenance. Every place requires constant care and maintenance. If something malfunctions, the expenses are usually covered by the landlord.
No mortgages and taxes. Your monthly mortgage payment could be more expensive than the monthly rent for the same apartment. In addition, New Jersey has the highest property taxes in the country, so it would be more useful to rent than buy in Jersey City.
One of the rewards that go in favor of renting is that your current finances don’t impact your neighborhood decision. If you have a limited budget, you might not be able to afford a home in the best parts of Jersey City. When renting, you don’t have to settle with what you can afford at the moment. You can choose a great location and enjoy some of the best amenities city can offer.
Renting an apartment has some downsides
Unlike home-owning, renting has your hands tied when it comes to investing in your living space. You can only do as much, and you can’t renovate or change anything without the landlord’s approval. At the same time, there is no guarantee you’ll be able to renew the lease once it expires. You can hire a reputable rental real estate agent to help slow down the process, but eventually, it’s up to a property owner and his plan for the place once the contract is over. If you’re not renting in downtown Jersey City where there is rent control, the landlord can keep raising your rent whenever he pleases.
Benefits of buying a home in Jersey City
Being a homeowner is an American dream and nonetheless in Jersey City, the second rising area in New Jersey, after Newark. Even though you’ll need any help you can get when finding an affordable home in a competitive real estate market; all is doable with proper research. And if you’re wondering is homeownership the right call for you, here are some benefits that might convince you:
- Buying a house saves money in the long run.
- Home price appreciation will raise in years. If you ever decide to sell you know you can do it at a higher price because the New Jersey housing market is hot, and there is a constant demand for new housing.
- You can invest and remodel your home any way you like.
- Owning a house offers some tax deductions. For example, you can reduce the taxable income through a property tax deduction. Or, you can reduce income through any interest paid on a home mortgage deduction.
If you are a first-time homeowner, the state of New Jersey offers a great initiative. You can receive up to 20,000 from State and Federal Agencies if you’re an eligible candidate
Bad sides of buying a home
Every big step in life carries possible risks and downsides. Being a homeowner requires responsibility, so you need to be prepared for what’s ahead of you. Putting some money on the side might help you get by in the first couple of months after the move. Still, having a home is costly and requires constant maintenance. Every repair and upgrade will go on your bill. Moreover, you will need to regularly pay the utility bills, mortgage, and other monthly payments.
Unlike dealing only with the expiring lease of your apartment, moving in and out of your home requires a lot more paperwork. If you ever decide to sell your home and buy another property in New Jersey, you’ll probably need to sell the first house first. That can make the relocation more complicated. Even if you find professional services to help you with the whole process, you might need to move twice if you find yourself in-between homes.
Conclusion
If you’ve decided to own a nice home instead of wasting a lot of money on the rent in Big Apple, you might wonder which property option is better: rent vs. buy in Jersey City? Still, you might be uncertain if New Jersey is the place to call home, so perhaps try both. Rent a place in Jersey City while looking for property to buy in one of the city’s best neighborhoods. That’s how you’ll learn all about the city and the advantages living in the Garden State offers.