My fiance and I are under contract for a 2 family + garden unit home in jersey city. Inspection came back loaded with issues (electrical, plumbing, structural issues, and potential asbestos & mold). The house is 100 years old but renovated (new appliances etc). We're pulling out of this deal after talking to contractors. Our issue is that around this price point of high 800's all of the houses tend to be around this age and will likely have similar issues. So we're stuck between taking the risk of having something go wrong with an older house, or upping the budget to 1-1.2M for a newer house but having to be reliant on consistent tenant/airbnb income. We want to stay close to nyc as we both work in the city and want to have access to higher rents and a better tenant pool.
Any insight or feedback is appreciated.
Realtor · Hampton Roads VA · Member since 2026 · 3 posts · 0 votes
7mo
Can you renegotiate the purchase price with an estimate from contractors for repairs? Or try to get a credit from sellers for repairs? Any purchase there will be risks even a newer house not everything comes back on inspection and issues can surface just months after living in the home. The rental market short mid and long from what I know (it's not my market) seem to be pretty strong and in demand in Jersey city so increasing purchase price but relying on steady tenant income may not be a bad idea as it's a solid market but I don't think either option will come without some risk just comes down to which risk you feel more comfortable managing.