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Old 11-08-2014, 09:04 PM
 
8 posts, read 16,336 times
Reputation: 10

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Hi Everyone,

The rents have gotten insanely out of hand so I have been looking online for a possible coop or condo to purchase. It seems the only two areas that are even remotely in my price range are Farmingdale (23 choices that I could find) and Levittown (4 choices that I could find)...at some point, I have to find a real estate broker to help me but I know they are for the seller and probably won't be all that honest with me, the buyer.

I live on Long Island and my impression of both areas is that they are safe. They are both reasonably close to my job (coming from different directions).

So, here are my questions (I am so grateful for any responses given!!):

1-Levittown seems to only have Newbridge Gardens with condos available...is that a safe community? Any positives or negatives?

2-Farmingdale seems to have a set of coops on Fulton, Jervis, Main St., Atlantic, Ivy St., Elizabeth St., Stratford Green...are they all comparable? Pros/cons?

3-Any advice on purchasing a coop vs. a condo vs. continuing to rent? Any hidden fees I should be aware of?

4-What are the advantages/disadvantages to a first floor vs. a second floor? (I am thinking I would like a first floor (no stairs, I won't bother anyone if I am walking around at night, maybe I will have a patio or something where I can grow some veggies....))

5-Also, if the condo/coop is, say $165,000 and I can put $100,000 down, is it better to put $100K down and just get a $65K mortgage or is it better to get a higher mortgage but keep the money in the bank...I kind of feel like it isn't making a whole lot of money so I might as well have a really low mortgage....Thoughts??

Rents seem to be $1200-$1800 for a one bedroom, which I think is crazy. What I think I will be paying per month, depending upon the coop or condo, would be about $825-$925 (which seems to include Heat, Water, Sewer, Landscaping, Snow Removal And Taxes), parking is 0-$20 depending upon the place (I am assuming that is a monthly fee). I think the only other thing I would have to pay would be homeowners insurance and electric. So, I am thinking between adding those two on, my monthly nut would be about $1100-$1200. Am I missing something? OH! Mortgage...I have to add mortgage on to that. And I have to take into account that the mortgage will be tax deductible, whereas my rent isn't.

Any part you can respond to would be so appreciated. I am so scared to do this but more scared to just keep throwing my money away on rent.

Thanks!
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Old 11-08-2014, 09:52 PM
 
Location: Long Island
9,918 posts, read 23,027,109 times
Reputation: 5871
Quote:
Originally Posted by EDH68 View Post
Hi Everyone,

The rents have gotten insanely out of hand so I have been looking online for a possible coop or condo to purchase. It seems the only two areas that are even remotely in my price range are Farmingdale (23 choices that I could find) and Levittown (4 choices that I could find)...at some point, I have to find a real estate broker to help me but I know they are for the seller and probably won't be all that honest with me, the buyer. Look for an agent who is an Accredited Buyer Representative - they've not only undergone training with regard to properly representing Buyers, but have proven they've had actual transactions in which they successfully represented Buyers, not the Sellers.

I live on Long Island and my impression of both areas is that they are safe. They are both reasonably close to my job (coming from different directions).

So, here are my questions (I am so grateful for any responses given!!):

1-Levittown seems to only have Newbridge Gardens with condos available...is that a safe community? Any positives or negatives?

2-Farmingdale seems to have a set of coops on Fulton, Jervis, Main St., Atlantic, Ivy St., Elizabeth St., Stratford Green...are they all comparable? Pros/cons?

3-Any advice on purchasing a coop vs. a condo vs. continuing to rent? Any hidden fees I should be aware of?
[color="red"] In a Co-op, you own shares, not real estate, and everything but electric is included in your monthly "Common Charges"; in a Condo, you own real estate and are therefore responsible for paying your own RE taxes plus maintenance/common charges. The RE taxes in a Condo are often similar to those of a single family house.

4-What are the advantages/disadvantages to a first floor vs. a second floor? (I am thinking I would like a first floor (no stairs, I won't bother anyone if I am walking around at night, maybe I will have a patio or something where I can grow some veggies....)) On the other hand, if you're on the first floor, the people above you may be walking around at night and disturb you--it's a trade-off.

5-Also, if the condo/coop is, say $165,000 and I can put $100,000 down, is it better to put $100K down and just get a $65K mortgage or is it better to get a higher mortgage but keep the money in the bank...I kind of feel like it isn't making a whole lot of money so I might as well have a really low mortgage....Thoughts?? Some lenders won't offer loans for less than $100,000 (not enough $$ in it for them). And if they do, chances are the rates might be higher. Currently, your amortized payment for a $100,000 mortgage is less than $500/mo (depending on your credit score, etc.). You can always pay your mortgage off faster by paying more towards your principal.

Rents seem to be $1200-$1800 for a one bedroom, which I think is crazy. What I think I will be paying per month, depending upon the coop or condo, would be about $825-$925 (which seems to include Heat, Water, Sewer, Landscaping, Snow Removal And Taxes) based on the numbers you are quoting, and what's included, you seem to be looking at Co-ops, not Condos. , parking is 0-$20 depending upon the place (I am assuming that is a monthly fee). I think the only other thing I would have to pay would be homeowners insurance and electric. So, I am thinking between adding those two on, my monthly nut would be about $1100-$1200. Am I missing something? OH! Mortgage...I have to add mortgage on to that. And I have to take into account that the mortgage will be tax deductible, whereas my rent isn't. Depending on your other possible itemized deductions, your mortgage expense may or may not be deductible; standard deduction for a single filer was $6,100 for 2013.

Any part you can respond to would be so appreciated. I am so scared to do this but more scared to just keep throwing my money away on rent.

Thanks!
Co-Ops are generally more affordable. You will be dealing with a Board that enforces the established rules as far as eligibility is concerned (income, downpayment, etc.). It's good to find out what the restrictions are, not only while you're living there, but also if/when the time comes to sell. It can limit who your future buyer is.
It's also important to look at the financials to make sure there are adequate reserves to take care not only of regular maintenance, but long term repairs, such as roof repairs, heating unit(s), etc. The larger lenders have lists of co-ops which are approved for mortgages--some are not!

A good, experienced agent will be able to assist you with all these things.

There's (always) more, but it's enough for me for now
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Old 11-09-2014, 06:32 AM
 
659 posts, read 2,507,010 times
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Levittown is a very safe community with good schools. Farmingdale is not bad, but some areas are seedy. Be careful where you buy in Farmingdale. Also, the Farmingdale schools aren't very good.
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Old 11-09-2014, 08:30 AM
 
Location: under the beautiful Carolina blue
22,615 posts, read 36,521,804 times
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LIQUEST, is that you?
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Old 11-09-2014, 09:22 AM
 
8 posts, read 16,336 times
Reputation: 10
Thanks all! I ran the numbers this morning and it seems I would run approx $3000 over what I make if I bought a co-op. So, now I am back to looking at apartments. And a year from now, I should be in the position to easily afford a coop. I am DEFINITELY still interested in hearing anything further on this subject since it is just a postponement...I'm not forgetting the idea.

Elke, thanks for such a detailed response! I was looking at Condos in Levittown and Coops in Farmingdale...the costs seem to be similar per month when accounting for everything (that I am aware of).
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Old 11-09-2014, 10:02 AM
 
2,407 posts, read 3,161,690 times
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I lived in Ivy St in Farmingdale when it was apartment rentals in 1975. We lived on the second floor in an end unit furthest away from the railroad tracks. It had a vaulted ceiling in the living room- don't remember the bedroom. It made the unit seem bigger, it was quite nice. Every since, every place I've lived in has had at least one room with a high ceiling.

We lived there so long ago, the trains were not yet electrified and every time one of those diesel trains came by when we had the windows open you'd have to stop talking until it passed. At that time the tracks were ground level and there was an open field between the parking lot and the station. I remember once running across that field when there was light snow on it and the conductor holding the train so I could make it.
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Old 11-09-2014, 12:10 PM
 
Location: Levittown, NY
14 posts, read 33,516 times
Reputation: 10
Default Condo living in Newbridge Gardens

Hello and I'll wish you the best of luck with your search in advance. I bought a condo in NG in 1994 and sold it mid 2006 via a divorce. It was an excellent investment at the time buying for 103K and selling for 292K. Of course there was the balance of my original mortgage 87K, the real estate fee 6K, and splitting the remainder with the ex, but we both walked away with nearly 100K each. It was a textbook example of buying low and selling high. If you have been throwing away $ on rent as I did the previous 20 plus years prior to purchasing that place, I highly recommend doing so IF you can swing it without crashing and burning as so many people have done here on Long Island. Be informed that there are monthly maintenance fees, better known as common charges in condo lingo. They include both your water usage AND the heat for your unit which is definitely a bonus, your cable and electric will obviously be paid by you. Don't have a clue what any units are going for lately, but it was nice to come home and pretty much not worry about anything with the place! Just prior to selling they were in the process of reroofing and brickpointing all the buildings. They also installed thermostats in each unit which more precisely controlled the heat as the old manual on/off valve near the floor in a corner was neither efficient nor that easy to access.
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Old 11-09-2014, 12:18 PM
 
Location: Levittown, NY
14 posts, read 33,516 times
Reputation: 10
Default Newbridge Garden condo

Sorry but I forgot to mention in my previous post that I had a 2 bedroom on the second floor, which is the largest unit you can buy there. If you buy a 2BR on the first floor, it comes with a patio, and higher property taxes. Good thing that the condo had an attorney actively grieve the taxes, and eventually ended up getting my share of the refund!
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Old 11-09-2014, 01:16 PM
 
8 posts, read 16,336 times
Reputation: 10
Quote:
Originally Posted by SolarCrazed View Post
Hello and I'll wish you the best of luck with your search in advance. I bought a condo in NG in 1994 and sold it mid 2006 via a divorce. It was an excellent investment at the time buying for 103K and selling for 292K. Of course there was the balance of my original mortgage 87K, the real estate fee 6K, and splitting the remainder with the ex, but we both walked away with nearly 100K each. It was a textbook example of buying low and selling high. If you have been throwing away $ on rent as I did the previous 20 plus years prior to purchasing that place, I highly recommend doing so IF you can swing it without crashing and burning as so many people have done here on Long Island. Be informed that there are monthly maintenance fees, better known as common charges in condo lingo. They include both your water usage AND the heat for your unit which is definitely a bonus, your cable and electric will obviously be paid by you. Don't have a clue what any units are going for lately, but it was nice to come home and pretty much not worry about anything with the place! Just prior to selling they were in the process of reroofing and brickpointing all the buildings. They also installed thermostats in each unit which more precisely controlled the heat as the old manual on/off valve near the floor in a corner was neither efficient nor that easy to access.
The condos at Newbridge Gardens are about $165K (give or take). Only one 2 BR unit is available and it is 279K and it has been on the market for almost a year. You bought as things were about to go CRAZY in the market so that is AMAZING that your property went up so much! We bought a house in Plainview for $209K back in 1991 but we thought it was a little small for us (it wasn't...we just were good consumers doing our part to keep the economy going!) I remember my husband (at the time) and I would go house hunting every year and every year we would be $100K short on what we could afford because the housing prices were going up so fast. I can't see that happening now because the taxes and maintenance are already so incredibly high...the buying cost needs to be lower to make it at all affordable.
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Old 11-09-2014, 04:22 PM
 
11,541 posts, read 12,565,080 times
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If there are individual thermostats in each unit, then most likely heat is not included in the maintenance fee.

Try to find out the policy for owners renting out their units and if possible, the percentage of renters in the complex when you are ready to buy.
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