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Old 12-24-2010, 10:37 AM
 
74 posts, read 254,694 times
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Hi Everyone,

So here's the issue. My fiance and I were thinking about buying a townhouse or small house we can afford, then maybe in 5-10 years moving into a bigger house. My fiance was talking to his brother, who recently bought a house, and his brother told him closing costs are very expensive and it would be better to rent for 2-3 years and buy a bigger house that we will stay in for many years to come.

Is this wise?

I would love to be in a townhouse now, then down the road buy a bigger house.. but my fiance is insisting that we'll lose a lot of money in closing costs for both buying and then selling.

Thoughts? Advice?

Thanks so much!
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Old 12-24-2010, 10:51 AM
 
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I agree your better off renting. You will be throwing away thousands in lawyers and closing costs and inspections. Not to mention you may take a loss on the townhouse when you sell.
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Old 12-24-2010, 11:02 AM
 
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Thank you for your opinion.
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Old 12-24-2010, 11:32 AM
 
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How can I say this without offending the local real estate agents?

New York is such an unholy pit of bureaucracy when it comes to buying and selling a home that, when you combine that with the market and economy in general and the fact that high blood pressure and stress are bad for heart, you would be doing your health a great favor by renting until you find a keeper that you will live in for a long time.

Seriously. In other states, you see a house, you get an agent, one agent speaks to the other, people fill out forms, banks handle financing, and at closing, it's you, your agent, the seller's agent, and the seller, boom, boom, bang.

Here? Last closing my family dealt with had 13 people crammed into a room, between agents, attorneys, and other third parties.

Besides, look at all of the crap people write about on these boards: Problems with inspections, COs, zoning, finding out at the last minute that something is wrong, etc., etc.

My suggestion is to spare yourself the aggravation and only put yourself through it when you absolutely have to. Save your first-time buyer's benefits for when you'll get the most out of them.
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Old 12-24-2010, 11:34 AM
 
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Thanks Avienne.
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Old 12-24-2010, 11:49 AM
 
929 posts, read 1,756,535 times
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Quote:
Originally Posted by Avienne View Post
How can I say this without offending the local real estate agents?

New York is such an unholy pit of bureaucracy when it comes to buying and selling a home that, when you combine that with the market and economy in general and the fact that high blood pressure and stress are bad for heart, you would be doing your health a great favor by renting until you find a keeper that you will live in for a long time.

Seriously. In other states, you see a house, you get an agent, one agent speaks to the other, people fill out forms, banks handle financing, and at closing, it's you, your agent, the seller's agent, and the seller, boom, boom, bang.

Here? Last closing my family dealt with had 13 people crammed into a room, between agents, attorneys, and other third parties.

Besides, look at all of the crap people write about on these boards: Problems with inspections, COs, zoning, finding out at the last minute that something is wrong, etc., etc.

My suggestion is to spare yourself the aggravation and only put yourself through it when you absolutely have to. Save your first-time buyer's benefits for when you'll get the most out of them.
I can't believe I'm saying this. I couldn't have said it better!
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Old 12-24-2010, 12:47 PM
 
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I was just looking at rental prices in Nassau and Suffolk-- quite expensive!!!!! This is what worries me.. but I guess is worth renting for a while??
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Old 12-24-2010, 12:51 PM
 
Location: under the beautiful Carolina blue
15,749 posts, read 23,988,329 times
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Agree with Avienne. Sold out house in GC this summer and it was a 90 minute closing...a "smooth" closing. Closed on our house down here in 10 minutes and that included some pleasant chit-chat. You have to ask yourself why it must be so difficult.

I wouldn't buy a townhouse, condo or coop, they are always so much harder to unload than a house, no matter what kind of market it is.
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Old 12-24-2010, 02:02 PM
 
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Thanks twingles
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Old 12-24-2010, 09:25 PM
 
Location: Long Island
9,038 posts, read 18,371,432 times
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Quote:
Originally Posted by Avienne View Post
How can I say this without offending the local real estate agents?
Why would this offend RE agents? Facts are facts, and RE agents don't make the rules - we just comply with them (if we know what's good for us )

Quote:
Originally Posted by Avienne View Post

Seriously. In other states, you see a house, you get an agent, one agent speaks to the other, people fill out forms, banks handle financing, and at closing, it's you, your agent, the seller's agent, and the seller, boom, boom, bang.

Here? Last closing my family dealt with had 13 people crammed into a room, between agents, attorneys, and other third parties.
True! Although 13 is a bit unusual, 10 is not: i.e. 2 sellers, 2 buyers, an attorney for each (two more), 2 RE agents, the bank attorney and the title closer. When I bought my rental property in TX, it was VERY different and much simpler.


Quote:
Originally Posted by Avienne View Post
Besides, look at all of the crap people write about on these boards: Problems with inspections, COs, zoning, finding out at the last minute that something is wrong, etc., etc.
That's because local ordinances are more defined (and enforced?) here; without zoning, Long Island would long ago have turned into an overbuilt area. We are after all an ISLAND, and spreading out is not an option.

JMHO
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