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Old 03-06-2012, 07:23 AM
bg7
 
7,012 posts, read 6,420,687 times
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Quote:
Originally Posted by tcost1082 View Post
Aimless does make a good point. My closing costs are close to 20K. We put down 20% avoided PMI, and our mortgage is still $2,500 a month (not including taxes and homeowners INS). I personally dont see any issues with spending 3K to 4K on housing (guess it is all relative in the end) because unless you are going to rent forever, eventually you have to suck it up and take it on the chin when it comes to living in NY. Not sure about the age bracket of everyone but my dad bought our home in 1983 and only had a 70K mortgage on the house. 70K!!! NY just doesnt offer the affordability it once did - people in their 60's are retired nicely at the expense of my generation. But what can I do? I was just born to late to reap the benefits, but just in time to take it real hard. But I wouldnt want to live anywhere else.

In 10 years time, the $2500 won't seems so bad. Of course, the total monthly payment will increase a bit because of ever-rising local taxes. In 10 years time the rent will have jumped up.
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Old 03-25-2012, 09:06 AM
 
37 posts, read 69,283 times
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well, i have to agree with a lot of ppl....port washington is in the top 6 school districts on long island (along with jericho, syosset, half hollow hills-in dix hills, cold spring harbor, great neck). PW is a great choice close to all but 500k is not enough for a decent size house so i would get on the road to savings if i were you....we are also looking at port washington has everything u wud want
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Old 03-26-2012, 08:46 AM
 
Location: Plandome, NY
6,463 posts, read 6,456,451 times
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2400 for 2 bedrrom in UWS does sound like a steal imo

I will try not to be preachy or repetitive. No matter where you live, I think you need to start saving for the 20% down & have some assets on the side for the mortgage application process. I refi not long ago & the mortgage process is far more rigourous then in the wild days of pre 98. Don't let it hinder you as most of us been there before, 100k or 120k downpayment sounds like a lot....like your old cc bills...u chip away & it builds up faster than you think.

How about renting in PW for a while to see if you like it? Maybe even an apartment in PW to start the saving process. Suck it for a few years then easing your way & look into buying process once those funds start to pile up.
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Old 03-26-2012, 07:31 PM
 
Location: Former LI'er Now a Rehoboth Beach Bunny
6,384 posts, read 8,019,036 times
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My only comment to PW is that while it is a lovely community with good schools, nice shops and plenty of places to eat, my sister lived there and I hated it when we had to go there. Maybe I am spoiled but it takes forever to get anywhere by car living there. Kind of like living in Oceanside, you can't get there from here, is what we always said. As I said, perhaps I am spoiled living nearby a mile form the LIE, & Northern State.
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Old 03-27-2012, 08:51 AM
 
Location: Plandome, NY
6,463 posts, read 6,456,451 times
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Quote:
Originally Posted by nuts2uiam View Post
Maybe I am spoiled but it takes forever to get anywhere by car living there.
I feel the same way! Obviously I live pretty close to there & I dislike driving there. It seeminly takes forever. I would much rather drive to center of LI like garden city than to PW which I actually do.
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Old 03-27-2012, 10:56 AM
 
56 posts, read 101,870 times
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I agree spomewhat being from Queens where you walked everywhere, but the drive down PW Blvd is not really that bad. Plus yo have Northern Blvd to service you which can sometimes be faster than the highways. We are from Bayside and Flushing so for us it is just a quick run down Northern. But I see your point.
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Old 03-27-2012, 11:30 AM
 
Location: Glen Head, NY
840 posts, read 1,934,942 times
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funy, living nowhere near highways is the thing i like best about my hood
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Old 03-27-2012, 03:02 PM
 
Location: Long Island, NY
1,725 posts, read 2,758,642 times
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What was said about Schreiber HS is right on point. Someone very close to me works at the HS as a staffer and regales me with stories about how absolutely spoled the kids are, how the teachers have a sense of entitlement, and how some of the administrators completely pander to the kids (to the point where 1 parent was called by his kid because he forgot his gym shoes at home, and the administrator left his post, drove home to fetch his son's sneakers, and drove right back and gave it to him in the middle of gym class!! Talk about SPOILED.

PW was one of the towns my husband and I would love to lve in, not just because of proximity to Queens (I, too, have family in Flushing and am always in Queens visiting my parents) but because of its feel. But the budget simply is NOT there for us. We have a good downpayment saved for a home but refuse to fork over $3,000/month in mortgage payments to do so. I am frankly, shocked, the OP makes $220K combined (which is more than my hubby and I bring in) yet still has very little in savings. If he called into the Suze Orman show, she would just shake her little finger at hime and say, "he can.Not. Afford. It, Boyfriend!!".

If I were you, I wouldn't even bother looking at homes right now. Spend the next 3 years saving up at least $50K for an emergency fund/savings and a DP - get out of the debt. I dont have kids but even though we have no plans for them, we live very comfortably right now in the South Shore knowing our mortgage is way under $200K and our property taxes aren't even $10K/year. We earn much less than you, yet my husband has almost half a million in the bank because he invested at a young age and is frugal with spending. Even though we technically "could" afford PW, GN or Manhasset - we choose not to go since costs will always go up (esp maintenance, property/schoolt taxes, etc).

I think we live in a very nice area, I dont know why people knock the South Shore. I am minutes from the Meadowbrook and the Southern State. 15 minutes away from GC, Westbury, Carle Place and only 5 min away from Jones Beach. If you want rolling hills and windy roads, just go to the park!!!
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Old 03-27-2012, 07:18 PM
 
Location: Glen Head, NY
840 posts, read 1,934,942 times
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i don't get the reluctance to carry a big mortgage. what is more important than one's home. Imo, nothing. i don't mean living opulently, i mean that there's nothing more important financially to a family than a good neighborhood, good schools, a good way of life, etc. there are spoiled kids in every school.
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Old 03-28-2012, 01:59 PM
 
344 posts, read 521,677 times
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Quote:
Originally Posted by LegalDiva View Post
.

PW was one of the towns my husband and I would love to lve in, not just because of proximity to Queens (I, too, have family in Flushing and am always in Queens visiting my parents) but because of its feel. But the budget simply is NOT there for us. We have a good downpayment saved for a home but refuse to fork over $3,000/month in mortgage payments to do so. I am frankly, shocked, the OP makes $220K combined (which is more than my hubby and I bring in) yet still has very little in savings. If he called into the Suze Orman show, she would just shake her little finger at hime and say, "he can.Not. Afford. It, Boyfriend!!".
I thought you were in BIGLAW.
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