How Relative I$ It, Doe$ it Weigh Out? (Bath, Brunswick: homeowners insurance, condo)

[andybuildz]

In another thread i was posting about the costs in living on LI vs other places in the US and got to wondering how relative it really is.
With the ability to earn more money here for some people the cost of living however is more. Housing here is through the roof vs places like N.Carolina, but how easily is it to earn a living in N.Carolina?

Of course it depends on what you do. there are a number of variables to consider when you think about transplanting yourself but for this thread I'd like to stick to finances....mainly.

I'm using N.Carolina as an example b/c I considered it. I do home renovations.
Been doing that here on LI over thirty years. The past 5-10 I've been doing my own homes. Working on wrecks as we live in them...then flipping them. (see my website in my profile)
I'm finished now with this house so I'm out scouting up new projects for customers which was what got me to thinking about doing it elsewhere in the US..being I'm kind of starting all over again in a way(no client base anymore).

When looking in NC...the homes there are really cheap in comparrison to LI. Great quality homes as well..not junk. For me..that translates to not being able to do there what I've been doing here. I could never make money w/flips there...even brokers there admit that to me. Renovation work there is not much of a way to make money either being things are so cheap re:housing except for a few remote places where there are million dollar homes like Biltmore.

So would life be easier there in other respepects. The costs are less but I'd make less. Doubt I could ever really get "as ahead" as I'd like to there. I could just be Andy of Mayberry and be content sitting around Goober's gas station... Doubt it!!

So is it worth it to YOU...to pay the price it costs living on the Island.
I'm interested in hearing other folks' point of view.
Be well
andy (not of Mayberry...lol)

[alexei27]

I can add a similar perspective...but from a different place. Utah! 20-30 percent per year gains in home costs in the Salt Lake Valley and Wasatch Front...but salaries are not even close to keeping pace. Media reports out here gloat about the best job market in the country. However when you dig deeper, you find that most of the thousands of available jobs are service industry/$7 hr. jobs. There are as many people struggling to make mortgage payments here in a relatively "cheap" area to live as anywhere I have seen.

It is 100% relative. When I move to LI later in the fall...my salary will increase from 68K to 93K...all in all I should be doing about the same

We are planning to buy a home that needs "TLC" as the listings like to describe it and put the work into it ourselves.

[andybuildz]

Originally Posted by alexei27

I can add a similar perspective...but from a different place. Utah! 20-30 percent per year gains in home costs in the Salt Lake Valley and Wasatch Front...but salaries are not even close to keeping pace. Media reports out here gloat about the best job market in the country. However when you dig deeper, you find that most of the thousands of available jobs are service industry/$7 hr. jobs. There are as many people struggling to make mortgage payments here in a relatively "cheap" area to live as anywhere I have seen.

It is 100% relative. When I move to LI later in the fall...my salary will increase from 68K to 93K...all in all I should be doing about the same

We are planning to buy a home that needs "TLC" as the listings like to describe it and put the work into it ourselves.

Makes you wonder about "advertisng" doesn't it? Even gov't/townships groups make false claims/lies (duh) to sell their area.
Gee...if you can't trust your own gov't who can you trust...lol?

Just a bit of advice to you from someone thats been doing renovations for a very long time concerning doing the work yourselves.
Don't get caught up in doing more than you can comfortably afford atthe moment. Plan your project so you can do whats affordable now but keeping the plan as such that it can be expanded on down the line. Don't try and fit it all in at once.And you don't have to compromise one bit...but you may have to wait to complete your dream in full. One big mistake I see people make is trying to get it all done at once. Instead of buying your wife or her buying you birthday presents....make the presents a new water faucet or new kitchen island...just my opinion

Also..just because you CAN do something..that doesn't mean you should. Took me a long time to follow my own advice in that area especially being this is what i do. Hire some things out. Sometimes you can make more money doing what YOU do best and paying other people at what they do best.
You have to weigh out the "stresses" of home improvements...its been known to be the leading cause of divorce and high blood pressure...lol. Really!

No matter how long you've been doing this...me included...it always takes a lot longer than you plan..ALWAYS!
Good luck!
Be Well
Andy

[alexei27]

Thats is exactly what the guys in the know tell me. I wanted to put in new counter tops in my kitchen...and sheetrock an unfinished bedroom. I was told time and time again to hire out the sheetrocking job and do the counters myself. Man if they werent right! The sheetrocking got done in a day and a half....those guys are amazing. It would have taken me a week and at the savings of only a few hundred dollars.

Back on topic...I have a friend who just moved to the SE coast of Florida where the housing market is as dead as NY. They got a beautiful 3 BR 2 Bath condo on the beach for a steal at 330K. With that little gem comes $9500 a year in Hurricane/Flood/Homeowners Insurance (after 3 ins companies wouldn't write them)! Without the hazards their mortgage could easily have bought a 500K house. Once again all relative and what you want out of life. Maybe NY aint all that bad.

[andybuildz]

Honestly...........I think a lot has to do with the weather in NY. I think we get sick of the long dreary winters, although....now with global warming ...lol.

I do think weather is a big factor but then my Mom who lives in Florida with the rest of my family...they say they get sick of the heat and no rain.
The only place I found where the wweather was perfect (for me) was northern Ca.........but the prices will kill you worse than here. Like Gilda Radner said, "its always something".

If you had a nice little nest egg I'd have to say areas of N.C are real nice (from the little i know) but who knows....I never really spent all that much time there.
I might find the south has me running for the hills...I mean, running for the LIE...lol. Kinda doubt it but I want to keep it real and not invent reasons that I'm happy with like too many people do.

All it takes is one little quirk in the area to really annoy you ...enough to regret your choices.

[mikenbacismama]

Originally Posted by alexei27

Back on topic...I have a friend who just moved to the SE coast of Florida where the housing market is as dead as NY. They got a beautiful 3 BR 2 Bath condo on the beach for a steal at 330K. With that little gem comes $9500 a year in Hurricane/Flood/Homeowners Insurance (after 3 ins companies wouldn't write them)! Without the hazards their mortgage could easily have bought a 500K house. Once again all relative and what you want out of life. Maybe NY aint all that bad.

Aint that the truth! We're in the Tampa Bay area, and while nothing really costs less (except for the home purchase price), the wages just don't add up.

[andybuildz]

Originally Posted by mikenbacismama

Aint that the truth! We're in the Tampa Bay area, and while nothing really costs less (except for the home purchase price), the wages just don't add up.

but aren't there other things that bring the cost of living down in Fla. ?
No heating bills? Do A/C bills add up to what heat and A/C cost in the north east?
Isn't medical insurance less expensive?
We typically pay close to $15000 for a family of three for medical insurance.
How about other insurances because those do really add up.
Is gas the same...I think thats more here in NY too.
I KNOW taxes on homes are 3x more in NY than in Fla....at least.
Just curious...not that I'd EVER move to Fla in spite of all my family living there...its just not my cup of tea. I hate flat areas that are warm to hot all year long. I don't care for the beach or fishing so....

[nancy thereader]

So is it worth it to YOU...to pay the price it costs living on the Island.
I'm interested in hearing other folks' point of view.
Be well

Absolutely not, andy. It is so not worth it.

[andybuildz]

Originally Posted by nancy thereader

So is it worth it to YOU...to pay the price it costs living on the Island.
I'm interested in hearing other folks' point of view.
Be well

Absolutely not, andy. It is so not worth it.

Moving to Portland Maine Nancy? Good for you!! I have some great friends that live in Brunswick. They built their house a long time ago and live there part time.
Most of the time they live in their apt in NYC and run The Calhoun School on the upper West side. Ben...Kath's husband use to work as a music teacher at Bowdin College for a while before they got the job at Calhoun. They LOVE Maine!
Just stock up on warm socks and firewood

[nancy thereader]

Moving to Portland Maine Nancy? Good for you!! I have some great friends that live in Brunswick. They built their house a long time ago and live there part time.
ummmmmmmmmmmmm, Portland, Oregon.