Updated over 4 years ago on . Most recent reply
South Jersey Vs North Jersey? First- Time Homebuyer
Hi everyone! I am a first-time home-buyer and I'm a bit stuck on which direction would be better for me to take. My 1-year goal is to own two properties ( a duplex and a triplex or fourplex.) One in North Jersey (that I would occupy after a year) and one in South Jersey. I just have some questions about where it would be better for me to start.
I am 25 years old and currently live in North Jersey (Union County). My budget is ~350k. Should I first buy in North Jersey (Newark/East Orange/Irvington area) or South Jersey (millville,Berlin, Plainsboro, Sickleville, etc). Initially, my plan was to start in North Jersey because of its proximity to me and it would be more manageable for me. Appreciation in these areas seems to be greater than in the south Jersey areas where I am looking. (Millville, Berlin, Plainsboro, Sicklerville, etc) so I was thinking it would be better to start here as well.
The main thing holding me back is that cash flow seems to be better in the south Jersey areas. But the people I have spoken with said to start with what's closer to me so I can get the hang of owning and managing property before I venture out.
What do you guys suggest? Start in North Jersey (near me but more expensive) or South Jersey (farther away but cheaper, but might be harder to manage).
Most Popular Reply
@Aubri Paredes Having invested in Jersey and lived there, I recommend you invest for cash flow for your first property. Appreciation will happen over the long term. But I think betting on buying for appreciation in NJ is significantly more risky, than comparing it to buying for cash flow.