I am a little embarrassed to admit it, but I had a hard time figuring out how CT real estate websites work. It took me longer than I thought it would, but today I made progress.
We are moving to New Haven, which is very similar to New Brunswick, NJ where I went to school at Rutgers (Go Knights!). On the island of the Brunz, as we affectionately called it, there was the campus, the bars, the downtown, the off campus student slums, and then the slums where people would get shot and students would never think of living.
New Haven has a very similar lay out and there are clear, well known boundaries as to where students are or are not willing to live. Since our target market is students we will be looking in those areas. I found 2 promising homes today (out of 80 offered in the 200K-400K range). One is a 2 fam with expansion possibilities, meaning an attic that could be converted. The other is a 4 fam. The 4 fam is more in the area that we are looking, but the 2 fam is still within the range of possibilities.
It felt great to get started on all of this and begin to really focus. As I was looking through listing after listing, I kept seeing the agents listing that a home would quality for the "Yale Home Buyers Program" -- so, Lord Google (Clifford!) answered my questions about this option. It is for employees of Yale, and it is a generous compensation program so that employees of Yale buy homes and live in New Haven in an effort to revitalize the city.
Interestingly, the story behind the downfall of New Haven is similar to Newark, New Jersey -- previously it competed with New York City in terms of being a desirable city to live in -- then the race riots came and the city is still recovering.
In any event, there is this great program through Yale, which I am going to learn more about to see if we would qualify with Paul as a student, or if one of us needs to be employed, and if so, in what capacity (does Paul being a TA count?).
As I continued to look, I found another program called Empower New Haven. This is a program designed so buyers do not pay PMI -- which is awesome!
Tomorrow will be filled with calls to the Yale program and the Empower people to find out all the gritty details.
Ask...and you shall receive.
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2 comments:
Lord Google will always be your friend.
That's a good idea to see if Yale offers any programs regarding buying property. Just make sure to check that you can get a duplex. Knowing their lawyers, it will probably define what constitutes buying a property (single family home) versus multi-family homes.
The stipulations is very possible -- I have a call in to the guy who runs the program and am hoping that it applies to multi fams :)
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