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Recently I overheard someone say one of the primary reasons people move back to the city after raising and educating their children in Long Island is because of its high property tax which is mostly made up of school tax. In some parts of Long Island with very good education system, the property tax is as high as $10,000 or more.
Which makes me wonder, "Is it worth living on Long Island if I am a single homeowner with no family? Is it worth continuing to live on Long Island if all my children are educated and they moved out? Would it be better to sell the house and live on rent?"
What would you do if any one of those scenarios fit you?
Recently I overheard someone say one of the primary reasons people move back to the city after raising and educating their children in Long Island is because of its high property tax which is mostly made up of school tax. In some parts of Long Island with very good education system, the property tax is as high as $10,000 or more.
Which makes me wonder, "Is it worth living on Long Island if I am a single homeowner with no family? Is it worth continuing to live on Long Island if all my children are educated and they moved out? Would it be better to sell the house and live on rent?"
What would you do if any one of those scenarios fit you?
Thanks in advance for any insights.
The only reason to move to Manhattan is because you really want to live in Manhattan. You will have much less space, high monthly maintenance fees on your coop, a ridiculous monthly fee if you choose to keep your car, plus a 4% city income tax if you're still working.
Assuming you have paid off your mortgage, you are much better off staying on LI.
Depends. If you have a large home and do not need the extra space, then downsizing is a good viable option, either a smaller home, if you enjoy your privacy, property taxes are less if you are a senior, but you still have the added expenses of heating, cooling and maintenance of the home, whereas a condo or renting would be less work and many units include utilities. There are many nice towns in nassau county and you could probably find something close to where you live now should you decide to stay in familiar surroundings, however, if you enjoy city living then relocating to one of the boroughs is good as well, there are many nice communities, where everything is accessible without having to drive and property taxes are way less if you decide to purchase a small home or condo. It is a personal choice, bec from personal experience, having lived in a home for many years it is difficult to just pick and go, there is that bond and emotional attachment to the home, community, etc., people tend to resist change as they get older, but change is sometimes good, and if planning is done right, you'd be just as happy, if not more.
I'm a single homeowner with no children and I love it here! Granted I am only 28 and do want kids and a husband one day, but I do think it is worth living here for me, b/c I love it. You should live where you are most happy. I would never leave LI, I love it too much!
I agree that if your kids have grown up that a condo or townhouse might be a better idea and taxes will probably be much lower.Common charges are the only thing to keep an eye on though.
RUN RUN as fast as you can. I have lived on LI for over 40 yrs, and have watched in go down hill. Overcrowded, rude, agressive drivers, way overpriced. What is good about it. I would be so out of here if it was not for my spouse's job. LI used to be nice, I remember those days. It is just not so nice anymore
02-15-2010, 11:34 PM
grant516
n/a posts
Try renting a Mariott Residence in for a month somewhere else, and see how you like living other places.
If you don't fall into the few categories of purposeful living here, you're paying a premium you don't need to.
I agree that if your kids have grown up that a condo or townhouse might be a better idea and taxes will probably be much lower.Common charges are the only thing to keep an eye on though.
You'd be surprised! Taxes can be as much as $10K, PLUS you have HOA fees and sometimes additional fees...
You'd be surprised! Taxes can be as much as $10K, PLUS you have HOA fees and sometimes additional fees...
That's why my parents finally threw in the towel - their townhouse had over $10K taxes, plus common charges. They finally moved last fall. ANd the only regret they have is that they didn't do it when they retired 15 years ago.
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You'd be surprised! Taxes can be as much as $10K, PLUS you have HOA fees and sometimes additional fees...
