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If I could offer any advice it would be to not get talked into buying a condo, coop, or "starter" property that you'll "trade up from later". Also, don't get caught up in spending money you don't have already - knowing you'll be getting raises (whether it's this January or next) is much different then already making it. Things can change.
If I could offer any advice it would be to not get talked into buying a condo, coop, or "starter" property that you'll "trade up from later". Also, don't get caught up in spending money you don't have already - knowing you'll be getting raises (whether it's this January or next) is much different then already making it. Things can change.
Be conservative.
I agree. If I had it to do over again I would have rented until we were ready to buy a house rather than buying a co-op and going through the hassle of selling after ~5 yrs.
I agree. If I had it to do over again I would have rented until we were ready to buy a house rather than buying a co-op and going through the hassle of selling after ~5 yrs.
I bought a co-op and resold it for almost triple what I paid for it 4 yrs later so lets not say that every situation is like that. Building equity in something and getting the tax benefits IF YOU CAN AFFORD IT can obviously be a good thing. Considering what we put down it was a great decision.
You seem like a very bright young person who has their head on straight! Why don't you do yourself a big favor and try to muster up the courage to leave the Island. It's a big country out there and I'm sure with a little effort you could find a more affordable and rewarding place purchase a home and settle down.
Live with mom and dad for as long as you can and bank up as much as you can. 30K is only good for a 20% DP on a 150K home, not much of that on the island. Prices are dropping... slowly. So hang in there, hopefully there is relief in sight.
If you don't need a basement... look for a fixer-uper in Levittown. Try to get something around 300k or maybe even sub 300k. Or Massapequa (massapequa or plainedge schools) for low 300s.
You probably need more DP though (and more income). But if you are insistent on looking, try those two towns.
If you don't need a basement... look for a fixer-uper in Levittown. Try to get something around 300k or maybe even sub 300k. Or Massapequa (massapequa or plainedge schools) for low 300s.
You probably need more DP though (and more income). But if you are insistent on looking, try those two towns.
Not on 45K, or even 55K when you start factoring in average taxes which alone would be over 10% alone of his gross income.
I agree with those saying get off the island if you can but if you insist on staying you should look for something around 130K. Keep your mortgage balance around about double your annual income and you will never get into too much trouble. Do a 10 or 15 year mortgage. Leasing a car was a bit of a financial boo-boo but one you can quickly recover from, next time pay cash for a nice used car.
Obviously you won't find a house on Long Island for 130K but you will almost certainly find a decent co-op. Not sure why people are trying to steer you away from that. Over the next 5 years with the tax breaks and equity you build up will put you in much better shape than if you rented for 5 years (not sure how old you are but sounds like are more than ready to move out of the parents home).
Given that, I would still wait at least a year as prices continue to fall...good luck!
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