Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-03-2016, 11:14 AM
 
9,254 posts, read 3,542,195 times
Reputation: 4852

Advertisements

Quote:
Originally Posted by nyccs View Post
Prices will go up for everything....not really a hypothetical. You're renting from a homeowner who faces the same economic problems you think you're getting away from by renting. Prices haven't gone done in this day and age, its inflation.
OK, and how much will they go up in 3 years? 5 years? 10 years? You don't know. You're just speculating.
Reply With Quote Quick reply to this message

 
Old 05-03-2016, 11:16 AM
 
1,421 posts, read 1,926,248 times
Reputation: 573
Quote:
Originally Posted by TEPLimey View Post
OK, and how much will they go up in 3 years? 5 years? 10 years? You don't know. You're just speculating.
Speculating how? For the same home, Home prices were $300-400k 40-50 years ago? There were more like 10-30k. How much was a soda or pizza 40-50 years ago? What has gone down in price? My time window is more than 10 years.

Land is finite and the population is exploding. Unless LI gets flooded or we build homes underwater or another planet, i dont see investing in a primary house as a bad investment.
Reply With Quote Quick reply to this message
 
Old 05-03-2016, 11:31 AM
 
5,481 posts, read 8,499,597 times
Reputation: 8284
Quote:
Originally Posted by nyccs View Post
Prices will go up for everything....not really a hypothetical. You're renting from a homeowner who faces the same economic problems you think you're getting away from by renting. Prices haven't gone done in this day and age, its inflation.
The owner is a close friend of the family and the agreement is written in contract. Landlord made it clear to us that he'd rather rent to reliable long term renters such as my fiancé and I rather than deal with short term tenants who may or may not be reliable. The fact that we both have a good steady income, have no children and are non smokers make us ideal tenants. He could easily charge $1600-$1800/month for our apt but said that at that price it would give a tenant the incentive to stay temporarily and either look for something cheaper or save money to buy. Granted my situation is unique, but its the reason why I will continue to rent and milk the advantages for as long as I can. It's a great apt in a great neighborhood with great neighbors.
Reply With Quote Quick reply to this message
 
Old 05-03-2016, 11:32 AM
 
9,254 posts, read 3,542,195 times
Reputation: 4852
Quote:
Originally Posted by nyccs View Post
Speculating how? For the same home, Home prices were $300-400k 40-50 years ago? There were more like 10-30k. How much was a soda or pizza 40-50 years ago? What has gone down in price? My time window is more than 10 years.

Land is finite and the population is exploding. Unless LI gets flooded or we build homes underwater or another planet, i dont see investing in a primary house as a bad investment.
Who said owning a home Long Island was a "bad investment"? I certainly didn't. You were the one that was claiming that renting medium term for $1,300 was throwing your money away while ignoring the realities of home-ownership. The point was that investing your money in the market while paying $1,300 is probably an equal or even slightly better investment than buying a home in the medium term once you factor in the costs associated with buying, selling, and maintaining it. It's not rocket science, really.

Quote:
Originally Posted by louie0406 View Post
The owner is a close friend of the family and the agreement is written in contract. Landlord made it clear to us that he'd rather rent to reliable long term renters such as my fiancé and I rather than deal with short term tenants who may or may not be reliable. The fact that we both have a good steady income, have no children and are non smokers make us ideal tenants. He could easily charge $1600-$1800/month for our apt but said that at that price it would give a tenant the incentive to stay temporarily and either look for something cheaper or save money to buy. Granted my situation is unique, but its the reason why I will continue to rent and milk the advantages for as long as I can. It's a great apt in a great neighborhood with great neighbors.
Which proves my point. Thank you.
Reply With Quote Quick reply to this message
 
Old 05-03-2016, 11:34 AM
 
1,421 posts, read 1,926,248 times
Reputation: 573
Quote:
Originally Posted by louie0406 View Post
The owner is a close friend of the family and the agreement is written in contract. Landlord made it clear to us that he'd rather rent to reliable long term renters such as my fiancé and I rather than deal with short term tenants who may or may not be reliable. The fact that we both have a good steady income, have no children and are non smokers make us ideal tenants. He could easily charge $1600-$1800/month for our apt but said that at that price it would give a tenant the incentive to stay temporarily and either look for something cheaper or save money to buy. Granted my situation is unique, but its the reason why I will continue to rent and milk the advantages for as long as I can. It's a great apt in a great neighborhood with great neighbors.
I don't blame you, I would do the same. Enjoy it while you can. I was able to save a good amount in my early 20s renting from a family member for well below market rate and no increases for a few years.

Last edited by nyccs; 05-03-2016 at 11:43 AM..
Reply With Quote Quick reply to this message
 
Old 05-03-2016, 11:37 AM
 
1,421 posts, read 1,926,248 times
Reputation: 573
Quote:
Originally Posted by TEPLimey View Post
Who said owning a home Long Island was a "bad investment"? I certainly didn't. You were the one that was claiming that renting medium term for $1,300 was throwing your money away while ignoring the realities of home-ownership. The point was that investing your money in the market while paying $1,300 is probably an equal or even slightly better investment than buying a home in the medium term once you factor in the costs associated with buying, selling, and maintaining it. It's not rocket science, really.


Which proves my point. Thank you.
Yea for folks renting from a family member or friend.
Reply With Quote Quick reply to this message
 
Old 05-03-2016, 11:45 AM
 
9,254 posts, read 3,542,195 times
Reputation: 4852
Quote:
Originally Posted by nyccs View Post
Yea for folks renting from a family member or friend.
Well since my post was only addressing the person who was paying $1,300 a month for the medium term as he said in the first instance, I don't see why you would think I'm talking about anything else. You were the one who said he was throwing his money away. It seems you were wrong.
Reply With Quote Quick reply to this message
 
Old 05-03-2016, 11:58 AM
 
1,421 posts, read 1,926,248 times
Reputation: 573
Quote:
Originally Posted by TEPLimey View Post
Well since my post was only addressing the person who was paying $1,300 a month for the medium term as he said in the first instance, I don't see why you would think I'm talking about anything else. You were the one who said he was throwing his money away. It seems you were wrong.
Well he or she only mentioned he was renting from a friend of a family member in the last post. That obviously changes the situation. Majority of renters are not renting this way. They are renting from strangers subject to the same price increases like everyone else. You're renting from homeowners and if their expenses go up, it's more than likely to increase in rent for the renters. The smart thing would be to live with your parents' house until you get married and move out. That way you can pay just for utilities and save lots , but that's for another thread.
Reply With Quote Quick reply to this message
 
Old 05-03-2016, 12:12 PM
 
9,254 posts, read 3,542,195 times
Reputation: 4852
Quote:
Originally Posted by louie0406 View Post
Well that depends. Once you factor in property tax, homeowners insurance, heating oil, upkeep/maintenance/repairs, etc... you're looking at about what someone pays in rent per year anywhere outside of the expensive areas of manhattan and its surrounding areas.

I live in Middle Village Queens and pay $1,300 for a 2br w/ backyard and parking. My rent has stayed the same for the past 3yrs with a written agreement to not raise it for as long as I'm residing there (unless the building is sold of course). I did the math and I'm better off renting vs owning for what I pay. In the meantime I will continue to save $ until the day comes where my wife and I decide to buy something NOT IN NY. Well I would consider Westchester County where you get more bang for your buck. Home prices/taxes here are flat out ridiculous! In my area I've seen fixer uppers go for around a half mil!
He said that his rent was not being raised in the first post.
Reply With Quote Quick reply to this message
 
Old 05-03-2016, 12:12 PM
 
5,481 posts, read 8,499,597 times
Reputation: 8284
Quote:
Originally Posted by nyccs View Post
Well he or she only mentioned he was renting from a friend of a family member in the last post. That obviously changes the situation. Majority of renters are not renting this way. They are renting from strangers subject to the same price increases like everyone else. You're renting from homeowners and if their expenses go up, it's more than likely to increase in rent for the renters. The smart thing would be to live with your parents' house until you get married and move out. That way you can pay just for utilities and save lots , but that's for another thread.
From what I see, when you're living in large apt buildings with management offices, you're rent is more than likely going to increase every year or 2. On the other hand, I know many people who rent apt's in private homes and build good relations with their respected landlords. In return they go many years with no increase and when they do have to pay more it isn't a significant bump. My fiancé's cousin lives one town over in Glendale and pays $800/month for a 1br. She's single with no kids, stable job and is a quiet tenant. Her landlord said he values that. Prior to my current residence, I lived in an apt in the same area and went 5yrs without a rent increase. When my landlord did increase my rent it only went up $75.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top