Figuring he can get more for his money, a homeowner sells his condo and searches the Hudson River waterfront for a gleaming rental. See if you can guess which he chose.
After 10 years of subletting and renting with roommates in Jersey City, Vick Sharma was ready for a change. "I was 30 and thought it was time to move up and branch out to a solo place," said Mr. Sharma, now 38.
He calculated that his monthly outlay would be similar whether spent on a rental or a purchase, so he bought a one-bedroom condominium with more than 700 square feet in the developing Liberty Harbor area of Jersey City. And for almost seven years he lived there happily, walking to the PATH train to commute to his job in finance in Midtown Manhattan. But over time his housing costs increased, his taxes and monthly condo dues both going up.
"The property has appreciated and I can rent for less, so I think it's time to exit," Mr. Sharma said to himself. As an owner, his monthly outlay was $3,600, so that figure became his upper limit for a rental.
He intended to remain nearby. "Jersey City is turning into a mini-Brooklyn-type feel," said Mr. Sharma, a Rutgers University graduate who grew up in central New Jersey. "So your entertainment level is pretty nice if you don't want to go into the city."
His condo had all of the amenities common in Jersey City's new buildings, including a dishwasher and a washer-dryer, along with an outdoor swimming pool. "I wanted to mirror the setup," he said.
After he sold the condo last summer, he had a month to find a new rental. He was looking for a one-bedroom big enough to fit his L-shaped sofa and round dining table, "so you can walk around without bumping into things," he said.
He didn't care about the view, "because my old place didn't have a view."
He considered three buildings, all of which had one-bedrooms well within his price range: