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Buying a new home, I have several questions about: mortgage, re taxes and homeowner insurance quotes. LI locals, which zip code and school district should I choose ?
Id LOVE to get some opinions, as I have basically gone about my home search on my own at this point...
Lets say:
1. You had $90,000 in the bank.
2. At your current job you make a solid $1000 a week (perhaps a bit more, as it is commision)
3. You are in a relationship where you wanted to think about living in an area with a good school system (for future kids).
4. Your job is located in the villiage of babylon (11702).
Where would you live? I would kill for any ideas of options...
A little bit about what I want or wish for.
1. I would like a two story home. (I know it might seem silly, but two stories just feels more like a "home" to me.
2. My current drive time to work is 25 minutes (one way). I would easily be willing to go 40 minutes, and perhaps a bit more depending on the deal.
3. Perfect world, I am shooting for a home that costs about 250,000 with taxes that would bring my total mortage and tax to around $1600-$1750 (assuming 20 percent down payment on the home). I dont think i could swing $2000 a month in mortage and taxes.
4. Neighborhood and neighbors are very important to me.
5. Would preferr not to live ontop of train tracks, or close to cell towers or anyhting else that is going to make me glow in the dark after too long.
I hope this isnt too weird of a question, I am looking forward to seeing what people come up with. Thanks in advance,
Id LOVE to get some opinions, as I have basically gone about my home search on my own at this point...
Lets say:
1. You had $90,000 in the bank.
2. At your current job you make a solid $1000 a week (perhaps a bit more, as it is commision)
3. You are in a relationship where you wanted to think about living in an area with a good school system (for future kids).
4. Your job is located in the villiage of babylon (11702).
Where would you live? I would kill for any ideas of options...
A little bit about what I want or wish for.
1. I would like a two story home. (I know it might seem silly, but two stories just feels more like a "home" to me.
2. My current drive time to work is 25 minutes (one way). I would easily be willing to go 40 minutes, and perhaps a bit more depending on the deal.
3. Perfect world, I am shooting for a home that costs about 250,000 with taxes that would bring my total mortage and tax to around $1600-$1750 (assuming 20 percent down payment on the home). I dont think i could swing $2000 a month in mortage and taxes.
4. Neighborhood and neighbors are very important to me.
5. Would preferr not to live ontop of train tracks, or close to cell towers or anyhting else that is going to make me glow in the dark after too long.
I hope this isnt too weird of a question, I am looking forward to seeing what people come up with. Thanks in advance,
Id LOVE to get some opinions, as I have basically gone about my home search on my own at this point...
Lets say:
1. You had $90,000 in the bank.
2. At your current job you make a solid $1000 a week (perhaps a bit more, as it is commision)
3. You are in a relationship where you wanted to think about living in an area with a good school system (for future kids).
4. Your job is located in the villiage of babylon (11702).
Where would you live? I would kill for any ideas of options...
A little bit about what I want or wish for.
1. I would like a two story home. (I know it might seem silly, but two stories just feels more like a "home" to me.
2. My current drive time to work is 25 minutes (one way). I would easily be willing to go 40 minutes, and perhaps a bit more depending on the deal.
3. Perfect world, I am shooting for a home that costs about 250,000 with taxes that would bring my total mortage and tax to around $1600-$1750 (assuming 20 percent down payment on the home). I dont think i could swing $2000 a month in mortage and taxes.
4. Neighborhood and neighbors are very important to me.
5. Would preferr not to live ontop of train tracks, or close to cell towers or anyhting else that is going to make me glow in the dark after too long.
I hope this isnt too weird of a question, I am looking forward to seeing what people come up with. Thanks in advance,
Here's just one possible approach:
Before going into neighborhood and schools, let's do the numbers, using $1,750 as the guideline
House $250,000
-Down payment 50,000
=Mortgage amount $200,000
Principal and interest @5% = $1,073.66/mo
Home owners insurance approx 100.00/mo
RE Taxes need to be approx 576.00/mo
As you have probably learned by now, because RE taxes on LI are so high, it's important to watch that amount closely when looking at homes; based on the above assumptions, your annual RE taxes can't be more than $6,912/yr
Of course the interest rate can change everything
at 4 3/4% = $1,043.30/mo
Insurance 100.00/mo
RE Taxes 607.00/mo or $7,284/yr
at 5 1/4% = $1,104.42/mo
Insurance 100.00/mo
RE Taxes 546.00/mo or $6,552/yr
What you'd be looking for is an area that has houses in your price preference, with taxes in the above range. Take the areas that are left, and see where you'd be comfortable...
To complicate matters further , in your income bracket, you don' have to be concerned with ATM (Alternative Income Tax), so you'd have nice itemized deductions, which will reduce your taxable income, and in effect lower your actual cost.
I'd look into town houses and condos.The market is pretty low now so you can purchase a place for less,build equity,and not have as big a mortgage so you can save up for future expenses. Town wide i'd look into Selden,Centereach,Lake Grove,Holbook,East Setauket. The home prices might be tough in some of these areas but condo/T.H. would be easier and all these school systems are decent and better.
The other thing is that you said you're in a relationship so obviously not married yet. If things didn't work out what do you need a whole house for when you could have had a smaller 2-3 bedroom(condo/t.h.)?Try blue ridge in Medford also!
Id LOVE to get some opinions, as I have basically gone about my home search on my own at this point...
2. At your current job you make a solid $1000 a week (perhaps a bit more, as it is commision)
This is the one thing that caught my eye - perhaps you consider your commissioned salary solid, but because it's commission there's always the possibility it could decrease.
Friends of mine bought a house quite a while back based mostly on the husband's high commissioned salary, but their heyday only lasted about 2 years, and after that his commission dropped so much they ran up their credit cards to pay bills, and actually had to scale down and sell their beautiful house and buy another more moderately priced smaller house.
Beware of a salary that can fluctuate - especially in this economy.
You should look into Islip!Its a nice townwith good schools and many nice homes that have been on the market and the prices are still coming down.You may also be able to find a deal in East islip.Definately stay away from Central islip though.I'd recommend Islip terrace but i don't think you'd find something with reasonable taxes.I bought my home in Patchogue last year for 215k.Its in a good area.I have to say i am not to sure about the schools though.I hear mixed things.I don't have any kids though so it doesn't bother me.I know there are many great homes on the market now priced great.Definately check Patchogue out.How about Babylon and North babylon?You'd be close to work.You just have to watch West babylon.Many homes listed there are really in Wyandanch.Scary stuff!You also have Ronkonkoma and Lake ronkonkoma to look into to.These message boards are great,im sure you'll get a lot of responses.Good luck in your search!
Save some more money and hang tight for a while..........
Excellent and succinct advice.
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, in your income bracket, you don' have to be concerned with ATM (Alternative Income Tax), so you'd have nice itemized deductions, which will reduce your taxable income, and in effect lower your actual cost.
