buying a house of 200,000 or less

A home is an important investment , and the prices reflect this all over the United States . In some states , finding the perfect house for your budget is more difficult than in other , and this has proven to be so in New Jersey . The purpose of this research was to find out the availability of good houses in New Jersey at prices that would be affordable a member of the lower-to-middle income families Specifically , a three or four bedroom two-storey house with two bathrooms , equipped with natural gas energy , a basement , separate dining

and kitchen , and a large backyard . This proved to be rather difficult in Vineland , New Jersey as most houses of this any where in the state exceed the 200 ,000 that is the budget for this project

To begin with , I calculated the amount of down-payment I was able to afford at 7000 . Traditionally , down-payments have been 20 (Bruss , but I was able to find a bank that would offer 95 financing with private mortgage insurance (PMI . For a family of four seeking a house with three or four bedrooms and two bathrooms , even with no other parameters finding one for under 200 ,000 was difficult . After searching several sites on the internet , news , and calling real-estate agencies , the lowest price located was initially 310 ,000 . Though the one of the lowest-priced on the market , this house did have central heating . It was more than ten years old , however , which was older than I had hoped

I chose the neighborhood Vineland because I sought an area with a good public school system at a location outside of the city . I also sought a place that had low property taxes , but that was difficult to find . The Newark Star-Ledger announced a drastic increase in New Jersey property taxes ' declaring that the state has the highest property taxes in all of the United States , averaging 10 ,000 in 36 municipalities (Donohue Therefore , finding a house with a reasonable tax rate was a virtual impossibility . These requirements proved to be a challenge since according to The Daily Journal of Vineland , Through the centuries , New Jersey has relied on property taxes to finance schools and local services (Baldwin . This suggested that the better funded the school system , the higher the property tax would be

It was necessary to find a house of at least three bedrooms as there are two children in this family of four . The four-year-old needs a backyard to play in , preferably one with trees , and a septic tank would be too much to handle . Houses in the suburbs generally have trees in the backyard (though there were at that price . I did find a two-story house for that price with a backyard , basement , and three bedrooms , but not in Vineland , and it had only one bathroom (Foxtons . It also had an attractive property tax rate , but the sewer was septic and it was 50 years old

Further searching led to a very nice home in Vineland...