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In addition, familiarized yourself with basic homeowner problems. For example, if you were to buy a home whose heating system was 20 years old or more when you bought it. Research how much a new system will cost. How much if the stove, fridge, dishwasher, washer or dryer needed to be replaced? A leaky or new roof? Not saying that any or even one will happen, just be a smart buyer and figure out all the costs associated with homeownership before you leap. If you are on a very tight leash, a 500 washer could really pput you behind the 8 ball quickly.
Note that both the Francine Drive North and the Carmans Rd properties are in Massapequa Park postal district (not Massapequa as the listing shows for Francine). Also be sure you're aware of what school district you're looking at - that is certainly more important than what your mailing address happens to be. In fact, most Long Islanders tend to identify where they "come from" by school district rather than postal district, fire district, water district or garbage district. I had a relative with a Seaford address, North Massapequa Fire District and Plainedge School District. In this case, Francine is in the Amityville School District and Carmans Road may be also depending on which side of the road it is located. Carmans Rd has been for sale for two years, not a good sign at that price.
when a house has been on the market for over 700 days, you better do your homework on it. Carmans Rd is obviously a very busy street, but at a low price you'd think there would be a buyer. Make sure a home inspection is extremely thorough. And find out if people have been murdered in it.
when a house has been on the market for over 700 days, you better do your homework on it. Carmans Rd is obviously a very busy street, but at a low price you'd think there would be a buyer. Make sure a home inspection is extremely thorough. And find out if people have been murdered in it.
Shoot... being on the market this long.......and no investor has touched it.............I should think the property has some VERY serious structural issues.
But for giggles:
229K
less 70K down
4.25% for 30 years
$782.18 principal and interest
566.66 monthly taxes based on $6800 show in MLS
Renting is a backup for sure. As as condo's and last resort co-ops. We will do whatever we need to do, here on Long Island, to live within our means. Our combined salary is 66,000 gross. I'm looking to up it as is she by the end of the summer. I am not in school. She is no longer in school, she is working to get her hours for her limited permit in mental health counseling.
She believes that renting is throwing money away. Not sure how to show her that it's not, or that it's a way to save money. We'd rather not have people below and above us that may or not be the best person to be around. Condo's feel more safe, as do homes, but what do I know? Never owned any of them.
She is right. Renting = throwing away $. It's better than being homeless but if you can buy, buy. Condos & co-ops are a good option if you want to own something but dont want all the expenses and upkeep of a house. Sometimes co-ops and condos can add up with the maint fees though so do your math.
Gotta be honest - $66k isnt a lot of dough so you better hope one of you gets a better paying job soon.
She is right. Renting = throwing away $. It's better than being homeless but if you can buy, buy. Condos & co-ops are a good option if you want to own something but dont want all the expenses and upkeep of a house. Sometimes co-ops and condos can add up with the maint fees though so do your math.
Gotta be honest - $66k isnt a lot of dough so you better hope one of you gets a better paying job soon.
Agreed. 66k is indeed not enough. We don't expect nor hope to have this low of an income at the time of looking in fall 2016.
Can you elaborate? Not looking to argue, I'd just like to understand that perspective.
Most homes on Long Island have non-mortgage expenses that add up to more than monthly rent (Taxes + Heat + Repairs). Huge repair expenses are expected in the types of homes the OP is looking at. This is all money down the drain, as well. Condos/coops are certainly a better idea.
The types of homes the OP is looking at are pretty run down in not so good neighborhoods. Unless these neighborhoods/schools have a sort of renaissance never seen before, and the houses can magically stop aging, the OP will not see the extreme appreciation of the 2000s ever again. Long Island is not a particularly booming place in areas too from NYC. Jobs/companies are leaving the Island left and right.
The OP can rent a nice 2 bed apartment garden apartment in Bayside/Little Neck with heat/gas included for $1500 and invest the 70k plus the extra $1000-1500 per month. He will be close to NYC, with better job prospects and higher incomes, and be much better off in a few years. If he buys a house, he will have all his dough in a run down house in an undesirable neighborhood on Long Island. Not only that, he will be dumping all his extra money into making the house livable (over and above necessary repairs), which will not pay off in the end.
Condos/coops are better deal, but he is looking at Yaphank, which might limit both him and his wife if their jobs take them elsewhere. Condos and coops (particularly) are really hard to sell. Remember, they are starting out in their careers and they don't know where they might end up.
If he concentrates on his career and saving/investing in the next 5-10 years, he could have as much as $300K, enough to buy a brand new house in most parts of the country and live debt free. Houses take too much effort and time, more than people realize. The only benefit I see for the OP would be the tax write off, but I don't wish a borderline condemnable house and ever increasing LI taxes on anyone.
Last edited by lebleu; 05-21-2014 at 12:39 AM..
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