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Bank loans are very strict right now. Maybe in 2 years it will get easier. Maybe it will get stricter. Much too early to make any type of determination of what you can or cannot buy now. The only thing that you can do, which you already have been doing is to put money aside for a future purchase. The other thing that you can do, which you already have been doing is becoming familiar with the different types of real property and the purchase process. But you will have to wait to actually start doing any real serious number crunching.
Not trying to bust your bubble, but realistically speaking I can 't think of where you can buy on LI for $250k. You might be able to get a house for that, but you would not want to live in those neighborhoods.
Not sure if that number is adjusted for the future or not, but even now, $250k is not going to get you what you are hoping for.
Not trying to bust your bubble, but realistically speaking I can 't think of where you can buy on LI for $250k that meets you wants. You might be able to get a house for that, but you would not want to live in those neighborhoods.
Not sure if that number is adjusted for the future or not, but even now, $250k is not going to get you what you are hoping for.
I know of a house in Bayshore selling for 220,000 but it's Brentwood schools. Not the best SD if you are planning on having kids. Taxes on this house are about $6,500
I know of a house in Bayshore selling for 220,000 but it's Brentwood schools. Not the best SD if you are planning on having kids. Taxes on this house are about $6,500
But in 2 years it will likely not be available anyway
The OP is being ridiculous. You dont need to start looking at homes now to buy in 2016, thats INSANE
I agree with a lot of the posts here. We are about to close on a property any day now in Oceanside and we put down 20%. We were going to put down 30% but it made more sense to put down the 20% and use our additional savings to renovate as the property as it needs work, hence why we got it at a decent price ($335k)Plus we will have some money in our savings for any unforeseen circumstances.
Another thing to think about is living within your means. We secured the loan only on one income. We are a young couple and have a 16 month old and are going to have another child next year and my wife will be taking time off from work for awhile. So we won't be cash strapped if she doesn't return to work straight away and if one of us loses our jobs (unlikely) we will be ok on one income.
One other thing also we put down around $70k deposit, but we still needed another $20k in closing fees and paid upfront items.
I agree with a lot of the posts here. We are about to close on a property any day now in Oceanside and we put down 20%. We were going to put down 30% but it made more sense to put down the 20% and use our additional savings to renovate as the property as it needs work, hence why we got it at a decent price ($335k)Plus we will have some money in our savings for any unforeseen circumstances.
Another thing to think about is living within your means. We secured the loan only on one income. We are a young couple and have a 16 month old and are going to have another child next year and my wife will be taking time off from work for awhile. So we won't be cash strapped if she doesn't return to work straight away and if one of us loses our jobs (unlikely) we will be ok on one income.
One other thing also we put down around $70k deposit, but we still needed another $20k in closing fees and paid upfront items.
"Living within your means?!!!" Are you a communist? This is America, son.
But in 2 years it will likely not be available anyway
The OP is being ridiculous. You dont need to start looking at homes now to buy in 2016, thats INSANE
I've seen homes that look great for 220 and 235 in Oyster Bay that are great starter homes. What's wrong with looking and educating oneself on homes and mortgages and info that comes along with it? Nothing. It inspires us. I've seen homes all over in neighborhoods I've been to and have researched and they are really nice for what we know we can afford now. Nothing wrong with that.
Not trying to bust your bubble, but realistically speaking I can 't think of where you can buy on LI for $250k. You might be able to get a house for that, but you would not want to live in those neighborhoods.
Not sure if that number is adjusted for the future or not, but even now, $250k is not going to get you what you are hoping for.
I came across a decent number of homes in that price range in good neighborhoods (like Islip, East Islip) when I was looking on Long Island, but most were fixer-uppers.
I've seen homes that look great for 220 and 235 in Oyster Bay that are great starter homes. What's wrong with looking and educating oneself on homes and mortgages and info that comes along with it? Nothing. It inspires us. I've seen homes all over in neighborhoods I've been to and have researched and they are really nice for what we know we can afford now. Nothing wrong with that.
How do you know you will still be engaged in 2016? No harm in doing what you are doing but it seems pointless as no one can predict the market or life
How do you know you will still be engaged in 2016? No harm in doing what you are doing but it seems pointless as no one can predict the market or life
Our relationship isn't the traditional one. This girl loves me with all of my heart and it took me a long time to realize issues of my past which stopped me from moving forward in life. She has always wanted me to propose and she even picked out the ring she wants and I am getting it soon. Her parents understand and agree about being engaged for two years. To save and enjoy our engagement.
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