Why You Should Consider Buying 6 Topaz Lane, Hamilton, NJ
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Welcome to 6 Topaz Lane, Hamilton, NJ, a stunningly renovated 2-bedroom, 2-bathroom home situated in a prime location. This property offers a perfect blend of comfort, convenience, and value, making it an ideal choice for homebuyers.
Property Features
- Location: Northeast facing, ensuring ample natural light and a harmonious living environment.
- Convenience: Close proximity to the train station, offering easy access to transportation for commuting and travel.
- Renovations: Fully renovated with a new furnace, boiler, flooring, kitchen, appliances, lighting, and paint, providing a modern and stylish living space.
- Maintenance Fee: $170 per month, offering affordability and simplicity.
- Property Taxes: Very low at $5,455 annually, contributing to long-term financial savings.
Financial Comparison: Buying vs. Renting
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: $5,455 (increasing by 3% annually)
- Monthly Maintenance Fee: $170 (increasing by 3% annually)
Renting Scenario
- Initial Rent: $2,500 per month
- Rent Increase: 5% annually
Detailed Calculations
Buying Scenario
Financial Summary
- Total Cost of Owning (15 years): $331,283.62
- Total Mortgage Payments: $191,951.23
- Total Property Tax Payments: $101,400.67
- Total Maintenance Fees: $37,931.72
- Total Rent Payments (15 years): $647,356.91
- Savings from Buying vs. Renting: $316,073.29
- Equity Built by Buying: $211,415.69
Conclusion
Buying Advantage
- Cost Savings: Buying this unit saves you over $316,073.29 compared to renting over 15 years, making it a financially sound decision.
- Equity Growth: Owning the property allows you to build substantial equity of $211,415.69, contributing to your net worth and providing financial security.
- Appreciation Benefit: The property’s value is expected to increase over time, offering potential profit upon sale.
- Quality Living: Enjoy the benefits of living in a fully renovated home with modern amenities and a prime location.
Renting Disadvantage
- Lack of Equity: Renting does not contribute to building equity, and monthly payments provide no return on investment.
- Rising Costs: Rent increases by 5% annually, resulting in higher long-term costs without any financial return.
Location Perks
- Northeast Facing: Offers optimal sunlight and a pleasant living atmosphere.
- Close to Train Station: Provides easy access to public transportation, enhancing convenience for commuters.
Final Thoughts
Investing in 6 Topaz Lane is not just a place to live but a strategic financial decision. With its exceptional features, location advantages, and significant cost savings compared to renting, this unit presents an outstanding opportunity for homeownership.
Make the wise choice to invest in your future by purchasing this beautiful home. Experience the benefits of ownership and enjoy the comfort and convenience that 6 Topaz Lane has to offer.
