First Time Home Buyer: Great Neck vs. White Plains (apartments, to rent)

[mvny]

We're currently renting in LIC where I also work (15 mins walk). Now, we're considering to buy a 2 bed/2 bath co-op as we are expecting a baby next year. Budget ~$450K, monthly payment (mortgage + main fees) <$3K

We originally started looking in Forest Hills & Rego Park because of the easy commute. Yet, the inventory is very low and market is too hot. The neighbor is nice but most buildings are very dated and lack of parking space.

Therefore, we expanded our search range. Visited both Great Neck and White Plains. Both towns seem to offer similar commute time to LIC with express trains to the City.

I like WP a little more because of its downtown and apartments there are priced lower than GN. Under my budget, we can possibly get a 3 bedroom. However, without an express train, coming to the city from WP takes about 1 hour. It's also far from any big airports. No good public school system and not sure if there are good pre-schools.

GN is nice. I like the school system. This gives us an option to stay in the same neighborhood when our child is ready for school. But GN is a little bit more suburb than WP. Not much to do in the downtown area. Under my budget, no chance to get 3-bedroom like WP. Also, there seems to always have traffic going to the city during weekends.

We wanted to stay focus while hunting for our first dream home but are challenged to do so. Any recommendations?

[85dumbo]

If you are expecting a kid in future, I wouldn't even bother looking for a co-op. You will inevitably want to upgrade to a house, and co-ops in the suburbs are harder to sell (although in Great Neck, because of the LIRR line, co-ops there probably have better re-sale value). I would save up for a house.

[S.I.B.]

skip the co-op and try looking for a larger apartment to rent (assuming you really need more space) until you're ready to buy a house.

[nuts2uiam]

As you have figured out, you want it all and nothing will meet all your criteria. Sit down and write up a list of "needs" vs. "wants". Do you value the commute over the good school system, or the parking over the downtown area for example. The one thing that you already know is your max budget, now prioritize the needs vs. wants and your answer will be a lot easier for you, and also easier for us to help you with.

[SandyJet]

That broken English is hard to read.

[Yankuba]

Downtown Great Neck is great for babies. There are four parks walkable to the co-op areas and tons of subsidized activities for the kids. The schools are great and the co-ops hold their value well. A big two bedroom two bath co-op is fine for one kid and many people with two kids have them share a room. If you don't need to be near the LIRR there are houses in the sixes and sevens a couple of miles north of the train with decent taxes.

[chetstash]

All things being equal, White Plains without a doubt. However, I would never do a Westchester to LIC commute.