Why You Should Buy 351 College Dr, Edison, NJ 08817
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Welcome to the most desirable unit in the entire complex! Located on the top floor, this home features elegant hardwood floors (not laminate) and top-notch appliances such as Samsung, a new furnace, and a new boiler. With its outstanding features and financial advantages, this unit offers a unique opportunity for homeownership.
Financial Benefits of Buying
Purchase Details
- Purchase Price: $279,000
- Down Payment: 20% ($55,800)
- Loan Amount: $223,200
Monthly Costs:
- Monthly Mortgage Payment: $1,066.40 (assuming a 4% interest rate for 30 years)
- Annual Property Tax: $3,500 (increasing by 3% annually)
- Monthly Maintenance Fee: $315 (increasing by 3% annually and includes FREE water)
Long-Term Financial Advantages
Equity and Appreciation:
- Final Home Value After 15 Years: $434,615.69 (assuming 3% annual appreciation)
- Equity Built: $211,415.69 (final home value – remaining mortgage balance)
Cost Analysis Over 15 Years:
- Total Mortgage Payments: $191,951.23
- Total Property Tax Payments: $65,096.20
- Total Maintenance Fees: $70,303.89
- Total Cost of Owning (15 years): $327,351.32
Financial Analysis: Buying vs. Renting
Buying a home is one of the most significant financial decisions you can make. This report compares the financial implications of buying versus renting the unit at 351 College Dr, Edison, NJ, over a 15-year period.
Assumptions
- Purchase Price: $279,000
- Down Payment: 20% ($55,800)
- Loan Amount: $223,200
- Interest Rate on Mortgage: 4% fixed for 30 years
- Property Tax: $3,500 annually (increasing by 3% per year)
- Maintenance Fee: $315 per month (increasing by 3% per year)
- Annual Home Price Appreciation: 3%
- Initial Rent: $2,500 per month (increasing by 5% per year)
- Mortgage Term: 30 years
Detailed Calculations
Comparison Summary
- Total Cost of Owning (15 years): $327,351.32
- Total Rent Payments (15 years): $647,356.91
- Savings from Buying vs. Renting: $320,005.59
- Equity Built by Buying: $211,415.69
Conclusion
- Buying Advantage: By purchasing the unit, you not only build substantial equity of $211,415.69 but also save $320,005.59 compared to renting over 15 years. This makes buying a financially prudent choice, allowing you to benefit from property appreciation and long-term savings.
- Renting Costs: While renting may seem convenient in the short term, the lack of equity building and increasing rental payments result in higher costs over time.
Benefits of Buying Renovated vs. As-Is
The current owner has invested in extensive renovations, saving you both time and money:
- New Kitchen, Appliances, Flooring, and Paint: All included in the purchase price, enhancing the home’s value and comfort.
- Cost Efficiency: Renovations done with today’s dollar by the seller save you from spending after-tax dollars on costly updates. The new furnace alone is valued at $10,000.
- Time Efficiency: Move into a home that’s ready for you from day one, avoiding the hassle and time commitment of undergoing renovations yourself.
- Quality Upgrades: Enjoy high-quality upgrades made by the seller, ensuring a comfortable living experience.
Location Perks
Situated in a vibrant community, 351 College Dr offers easy access to major highways, public transportation, shopping centers, and schools. Enjoy the convenience of being close to everything you need while residing in a peaceful and friendly neighborhood.
Owner Occupancy Requirement
This unit must be owner-occupied for at least two years, ensuring that the community maintains its character and quality. This is a perfect opportunity for those seeking a long-term residence in a thriving area.
Conclusion
Don’t wait! With its exceptional features, financial advantages, and prime location, 351 College Dr is an outstanding opportunity. Rush to building 10, top floor, and seize this chance to invest in your future.
Directions: Use Google Maps for directions here.
