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So we bought our house in Levittown in 2009 for 275k (short sale in mint condition, we got lucky). We have 2 kids now so space is a major issue with no basement or garage. The local schools are have gotten way better than when we first bought. We’ve paid off 75k so far. Our taxes are about 9000.
We’re trying to decide if it would be worth it to move (I would want to be closer to the city but somewhere affordable) or just add the dormer and renovate our kitchen since it’s too small. I’m seeing houses in SD 13 and 24 in valley stream that were sold for 300-350k that look like they’re in pristine condition. Schools seems to be similar to levittown. How are they so cheap?
Our budget is about 350-maybe 375k
Anyone go through anything similar and have advice?
Those houses must have had some issues or awful locations.
Truly nice houses in Valley Stream start near 500k. The convenience to the city is fantastic esp compared to Levittown. I don’t really think it’s any more upscale or anything. You are definitely more likely to find a house with a basement though.
I think you may be better off buying a new house (whether in Valley Stream or elsewhere) because the tax consequences of a major expansion may be painful.
I'll reiterate my advice to not even think about considering a move until you first know what the costs AND tax consequences will be for an expansion of what you have. Once you have those numbers, you can realistically compare the results of Stay versus Move. Before doing that, you will be flying blind and may be in for a nasty financial surprise regardless of your eventual decision.
In my experience people (including myself sometimes, and after 5 houses I should know better) tend to underestimate the true cost of remodeling by at least 30%. You also have to project the tax increases over time, if you are planning to stay in the house for 10 years or more. If you are sure you will be moving sooner than that, and are looking mostly toward present convenience + future resale value, the tax consequences of expansion may not loom so large, though they will still be there every year.
People also often assume that because they (or the home inspector) can't see a problem with a potential house purchase, there won't be major surprise renovation expenses. Never assume! I didn't expect to have to immediately replace all the flooring, all the windows, and to gut an entire finished basement because of problems that were completely hidden behind carpeting and fresh coats of paint .... but it happened. None of those issues were visible to the naked eye which is all you (and the home inspector) are basing your evaluation on. Sometimes the devil you know is a safer financial bet than the devil you don't.
But first you need to know what your How Much $ To Stay numbers are. Only then can you can have a base of comparison for How Much $ To Move, should you want to.
I'll reiterate my advice to not even think about considering a move until you first know what the costs AND tax consequences will be for an expansion of what you have. Once you have those numbers, you can realistically compare the results of Stay versus Move. Before doing that, you will be flying blind and may be in for a nasty financial surprise regardless of your eventual decision.
In my experience people (including myself sometimes, and after 5 houses I should know better) tend to underestimate the true cost of remodeling by at least 30%. You also have to project the tax increases over time, if you are planning to stay in the house for 10 years or more. If you are sure you will be moving sooner than that, and are looking mostly toward present convenience + future resale value, the tax consequences of expansion may not loom so large, though they will still be there every year.
People also often assume that because they (or the home inspector) can't see a problem with a potential house purchase, there won't be major surprise renovation expenses. Never assume! I didn't expect to have to immediately replace all the flooring, all the windows, and to gut an entire finished basement because of problems that were completely hidden behind carpeting and fresh coats of paint .... but it happened. None of those issues were visible to the naked eye which is all you (and the home inspector) are basing your evaluation on. Sometimes the devil you know is a safer financial bet than the devil you don't.
But first you need to know what your How Much $ To Stay numbers are. Only then can you can have a base of comparison for How Much $ To Move, should you want to.
Yeah we do plan on running the numbers first. Just wanted to see if anyone had experience in this first. Thanks for the advice
I’m seeing houses in SD 13 and 24 in valley stream that were sold for 300-350k that look like they’re in pristine condition. Schools seems to be similar to levittown. How are they so cheap?
Our budget is about 350-maybe 375k
Were you looking at VS houses in 2012? That was the last time you could get something larger and in nice shape with a price ceiling of $375K. Houses in dated livable condition with one bathroom sell for $400K+ in VS these days. Anything cheaper would need major rehab or in a less desirable location (such as abutting Sunrise Hwy). City access is something people are willing to pay a lot for. I would know because I lived and sold in VS.
I agree you should run the numbers as far as fixing up the Levittown house. You got very lucky with your current house, so why spoil it? There's high expense involved just to move also.
I'll reiterate my advice to not even think about considering a move until you first know what the costs AND tax consequences will be for an expansion of what you have. Once you have those numbers, you can realistically compare the results of Stay versus Move. Before doing that, you will be flying blind and may be in for a nasty financial surprise regardless of your eventual decision.
In my experience people (including myself sometimes, and after 5 houses I should know better) tend to underestimate the true cost of remodeling by at least 30%. You also have to project the tax increases over time, if you are planning to stay in the house for 10 years or more. If you are sure you will be moving sooner than that, and are looking mostly toward present convenience + future resale value, the tax consequences of expansion may not loom so large, though they will still be there every year.
People also often assume that because they (or the home inspector) can't see a problem with a potential house purchase, there won't be major surprise renovation expenses. Never assume! I didn't expect to have to immediately replace all the flooring, all the windows, and to gut an entire finished basement because of problems that were completely hidden behind carpeting and fresh coats of paint .... but it happened. None of those issues were visible to the naked eye which is all you (and the home inspector) are basing your evaluation on. Sometimes the devil you know is a safer financial bet than the devil you don't.
But first you need to know what your How Much $ To Stay numbers are. Only then can you can have a base of comparison for How Much $ To Move, should you want to.
Yup, the OP is effed either way. She was warned right here back when she bought the house but what can you do.
Unless she can find a house that's a great deal it's probably going to be 6 of one, half dozen of the other when all is said and done.
There are updated condos for under $400 that are larger than a Levitt house, but I don't think she wants a condo. They also have maintenance fees, but taxes are usually low(ish).
You only live once, just make a move before the kids get any bigger, your best bet is to stay and do construction, you’re not gonna get anything great for 375 in valley stream. You’re actually not in bad shape you only owe 200000 on your house. If you really want to move, then search like hell you might find something with potential (fixer upper)with the space you need, and just use your tax returns each year and make improvements with reliable handyman. Also if you do decide to do the former, do it first and then worry about the kitchen later. Also Your home value will increase and you may be able to take a line of credit to do your kitchen.
About the taxes all you gotta do is look at similar houses in your area with dormers and look at the taxes they pay that should give you an idea. However some homeowners do have special discounts. But everyone get a star reduction also you could always grieve your taxes after the increase
I'd avoid any area in which there are "good" parts and "bad parts" so close to each other. You aren't a stranger to LI - Read the paper and keep your eyes open. Some people are very PC and overly sensitive, so I'll stop here.
There are updated condos for under $400 that are larger than a Levitt house, but I don't think she wants a condo. They also have maintenance fees, but taxes are usually low(ish).
Where are you finding these? (Not counting 55+ units)
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