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Right, that's one thing you have to factor in with a house- especially on a single income. With a co-op or even a condo (assuming they have sound financials and enough in reserve) you are somewhat covered on that end.
To the OP- On your budge a co-op is really the best option. You'd own your own space and might even find something with private outdoor space, a garage/parking, and building amenities. Any house in your price range in NYC would be slim pickings- and that's even in the worst of the worst neighborhoods. And on top of that, if you did find something, it would probably need repairs out the wazoo (see likeminas comment about the $5K boiler).
I don't know anything about Queens or which locations would be the best bet, but a quick real estate search turned up some listings for lager co-ops (900+ sq ft). All are under $200K
So you think I should get the condo/coop now and then get a house later when I sell for profit or gain equity however it goes.
So you think I should get the condo/coop now and then get a house later when I sell for profit or gain equity however it goes.
if you are thinking profits... should look at condos instead as you are not going to see too much fluctuation in co-op prices
also, take into consideration of closing fee... which is applied when you buy AND when you sell
do the math and see what makes the most sense
the safest bet is to save the money instead of losing them interest payments, property taxes and etc and put down a big chunk of change on that dream house of yours in the near future
I know there is soooo much to think about, I am getting a headache.
I just want a nice home for when I retire later in life.
So not one person you know is happy about being a owner
I know people who are happy with their house purchase in New Jersey, PA, etc. But in NYC proper? No. At least when it comes to houses. However I do know several people who are happy with their apartment purchases in NYC...
I know there is soooo much to think about, I am getting a headache.
I just want a nice home for when I retire later in life.
So not one person you know is happy about being a owner
another thing he should have added that ny people don't like to pay rent......... got a couple of horror stories about tenant that will make you think twice about owning.......... and he right something alway goes wrong with a house. if you young spend your time traveling .... a house destroy big and long vacation..... cause u always got to watch, be at the house ...... just my two cent
So you think I should get the condo/coop now and then get a house later when I sell for profit or gain equity however it goes.
Just so you know; It takes on average 7 yrs to break even on a home purchase. And given the current
levels of appreciation, I think it's a little more.
If you do buy something, mentally prepare yourself to hold on to the property for at least a decade before you see any equity.
You cannot get a house in Queens for 100K. I dont think you can get a house anywhere in the five boroughs for that amount-- at least not one in a neighborhood that you 'd want to live in. You can buy a studio or 1 bedroom apartment in some decent neighborhoods in Queens, the Bronx, and maybe uptown Manhattan for that. Or perhaps you can get into one of the affordable housing programs scattered throughout the city.
But a whole real house for $100,000? Unless you can travel back in time 30 years, I think not.
$80k is a pretty good salary though- would he qualify for affordable housing?
I know there is soooo much to think about, I am getting a headache.
I just want a nice home for when I retire later in life.
So not one person you know is happy about being a owner
I'm happy to be a home owner so there's at least one in NYC. We bought a house in 2004 (making less than 100K) using a program called Community Works through HSBC. The restriction is that you have to buy in a relatively low income zip code (we live in the nicest neighborhood in our zip code in my opinion). This program had relaxed down-payment requirements, below market interest rates and even in some cases would contribute to the downpayment. I assume the program still exists. If you bought a multi-family, they would count a certain amount of future rental income for you to qualify for the loan. I think it's worth checking out.
I'm happy to be a home owner so there's at least one in NYC. We bought a house in 2004 (making less than 100K) using a program called Community Works through HSBC. The restriction is that you have to buy in a relatively low income zip code (we live in the nicest neighborhood in our zip code in my opinion). This program had relaxed down-payment requirements, below market interest rates and even in some cases would contribute to the downpayment. I assume the program still exists. If you bought a multi-family, they would count a certain amount of future rental income for you to qualify for the loan. I think it's worth checking out.
Thanks, this is good info. I will check this out.
Good to hear a happy home owner is here.
just know when you are borrowing $100k at 3.5% at 30yrs fixed, your monthly payment is $449.04.
at the end of the mortgage you have paid $161,654.40 which means you paid $61,654.40 on interest alone.
when i first started looking into mortgages, these figures just got me sick to my stomach
its unfortunate that most ppl do not have the the upfront down payment to buy a property but it only makes sense when the interest on your mortgage, property tax and any maintenance is equal or less than that of what you would be able to rent for
obviously if you are rich and have money coming out of your dark side of the moon, you can throw away as much money as you like but most of us are not in that situation.
its one thing to be able afford it and more power to you... but its another thing to see if it make sense
Did you not consider that the interest on a mortgage and whatever you might pay in property taxes is tax deductible ?
I guess everyone's situation is different but for me I feel almost like the government is making my payments for me.I pay almost no income taxes since I bought my apartment.My total mortgage payment plus my monthly co op maintenance combined are less than it would cost to rent the same apartment and I get to deduct almost all of it.Sort of like living rent free.
The alternative is to pay someone else's mortgage by paying them rent while you get no tax deductions.
Did you not consider that the interest on a mortgage and whatever you might pay in property taxes is tax deductible ?
I guess everyone's situation is different but for me I feel almost like the government is making my payments for me.I pay almost no income taxes since I bought my apartment.My total mortgage payment plus my monthly co op maintenance combined are less than it would cost to rent the same apartment and I get to deduct almost all of it.Sort of like living rent free.
The alternative is to pay someone else's mortgage by paying them rent while you get no tax deductions.
tax deductible doesn't mean free... you do not get back the $61k in total from the government
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