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i found this apt which is about .4 miles from my work (i work in midtown) and id be paying roughly 1,800/month on mortgage + maintenance. due to its proximity to my work, i do not need the unlimited metro card.
the building also has a gym, which is a must for me. ALL utilities are included in the maintenance, including electric.
do u guys think paying 1,900 +- / month on mortgage, maintenance and utilities is too much for me?
i budgeted 900 on food / month (thats 30 bucks a day).
my net pay will be around 3,700/month.
i usually party 0-2x per week.
im seriously considering this apt since the entire interior was renovated. seriously, u walk in and its like brand new. marble floors and everything. 17th floor, nice view of midtown.
It's up to you. By the "40 times rent" rule that's typically used for rentals, you would seem to be OK, but I personally would find your budget a bit "tight." After housing and food, you're leaving $900/mo for your entertainment, cell phone, transportation (which I assume won't be zero unless you never go anywhere except between your apartment and your office), healthcare costs, personal care, clothes/dry cleaning... a lot of little things can add up pretty quickly. Not to mention savings.
Also -- I don't mean to question you, but your post isn't very specific -- are you sure about $1900/mo covering your mortgage, maintenance and ALL utilities? Unless you're putting down a particularly large down payment, that seems really cheap even in a not-particularly-trendy neighborhood. If it's a coop, are you sure the maintenance is stable and there aren't assessments coming down the pike? If it's a condo, does that monthly cost reflect a tax abatement that could expire and totally screw up your cashflow? Do you plan to stay in this place long enough for the closing costs to amortize over a reasonable period of time (keeping in mind especially if it's a condo that this can be serious money)?
You don't really need to budget $900 a month for food do you? I and my mother pay about $250 together for food per month and people I know still tell me we overspend (granted I live in Brooklyn but $900 for one person?)
It's up to you. By the "40 times rent" rule that's typically used for rentals, you would seem to be OK, but I personally would find your budget a bit "tight." After housing and food, you're leaving $900/mo for your entertainment, cell phone, transportation (which I assume won't be zero unless you never go anywhere except between your apartment and your office), healthcare costs, personal care, clothes/dry cleaning... a lot of little things can add up pretty quickly. Not to mention savings.
Holy cow, $900 left over per month seems like a fortune to me, especially if he/she can cut down that food bill some.
If you have no other debt, I'd say you are within conforming mortgage guidelines, depending upon how much you put down on the unit. Is it a 1BR or studio? If it's a co-op check the policies on renting, just in case life changes and you need not to live in the apartment.
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Holy cow, $900 left over per month seems like a fortune to me, especially if he/she can cut down that food bill some.
Actually, you guys are right about the food. I didn't think that through because my wife and I spend about that much. But we're 2 people, and even that's a lot. $900 for a single person probably means you're eating out every single meal, which is silly. Cutting $500 there gives you 50% more breathing room in the budget, which makes it a lot more doable.
That having been said, $1900 in mortgage+maintenance is NOT the same as $1900 rent. When you're paying rent, you're not worrying about suddenly replacing a $1000 refrigerator, paying a plumber to fix a leaky toilet, or a sudden $500/mo assessment to replace the roof. You need flexibility in the budget to account for things like that or you could end up in big trouble.
It's up to you. By the "40 times rent" rule that's typically used for rentals, you would seem to be OK, but I personally would find your budget a bit "tight." After housing and food, you're leaving $900/mo for your entertainment, cell phone, transportation (which I assume won't be zero unless you never go anywhere except between your apartment and your office), healthcare costs, personal care, clothes/dry cleaning... a lot of little things can add up pretty quickly. Not to mention savings.
Also -- I don't mean to question you, but your post isn't very specific -- are you sure about $1900/mo covering your mortgage, maintenance and ALL utilities? Unless you're putting down a particularly large down payment, that seems really cheap even in a not-particularly-trendy neighborhood. If it's a coop, are you sure the maintenance is stable and there aren't assessments coming down the pike? If it's a condo, does that monthly cost reflect a tax abatement that could expire and totally screw up your cashflow? Do you plan to stay in this place long enough for the closing costs to amortize over a reasonable period of time (keeping in mind especially if it's a condo that this can be serious money)?
thanks for the reply! 1900 for mortgage, maintenance and utilities. (i looked up verizon and their stuff (cable, internet, and phone) is 80 bucks or 90 if u get the best). i did my mortgage calculation by using the tool they had on the website with the co-op listings. (its a co-op, yes). i AM in the process of sending the realtor an email to figure out if there are any "planned" upgrades in the building. cause i am certainly concerned if the maintenance costs goes up, then money will be very tight.
Quote:
Originally Posted by BillyMW
You don't really need to budget $900 a month for food do you? I and my mother pay about $250 together for food per month and people I know still tell me we overspend (granted I live in Brooklyn but $900 for one person?)
how on earth do u do 250 for 2 people!? u go out to eat something "normal" here and ur gonna pay about 10 bucks. more if you get a drink... i honesly do not have time to cook.. so i usually get breakfast, lunch and dinner out. teach me ur ways and i'll def. eat a meal at home lol.
Quote:
Originally Posted by BillyMW
Holy cow, $900 left over per month seems like a fortune to me, especially if he/she can cut down that food bill some.
agreed. the thing is, i dont even see how i can spend any less on food... as i mentioned above, the average cost for a normal meal is about 10 bucks... so thats hard idk.. (and i like food lol)
Quote:
Originally Posted by nycangel
Go for it!
ohhh snapp
Quote:
Originally Posted by bmwguydc
If you have no other debt, I'd say you are within conforming mortgage guidelines, depending upon how much you put down on the unit. Is it a 1BR or studio? If it's a co-op check the policies on renting, just in case life changes and you need not to live in the apartment.
its a studio and im putting down 20%.
Quote:
Originally Posted by babadi
Actually, you guys are right about the food. I didn't think that through because my wife and I spend about that much. But we're 2 people, and even that's a lot. $900 for a single person probably means you're eating out every single meal, which is silly. Cutting $500 there gives you 50% more breathing room in the budget, which makes it a lot more doable.
That having been said, $1900 in mortgage+maintenance is NOT the same as $1900 rent. When you're paying rent, you're not worrying about suddenly replacing a $1000 refrigerator, paying a plumber to fix a leaky toilet, or a sudden $500/mo assessment to replace the roof. You need flexibility in the budget to account for things like that or you could end up in big trouble.
It sounds like some breakfast and dinner at home would save you a massive amount/month if you're eating out every meal. Cereal? Oven/microwave food? Eating out for lunch might be inevitable (unless there's a microwave in the office) but big possible savings otherwise...
That having been said, $1900 in mortgage+maintenance is NOT the same as $1900 rent. When you're paying rent, you're not worrying about suddenly replacing a $1000 refrigerator, paying a plumber to fix a leaky toilet, or a sudden $500/mo assessment to replace the roof. You need flexibility in the budget to account for things like that or you could end up in big trouble.
If the appliances are new, you wouldn't have to worry about replacing anything in the near future. If they are old, you can try asking the seller to install new ones or deduct from the asking price based on upgrades you may need. Also, since it's a co-op and would have as super, you would not have to pay for fixing things a leaky toilet (unless there are parts needed). As for the possibility of assessments, when you get far enough down the line in the process, you should be able to review the buildings financials. The last thing you want is to buy into a place that is poorly run and has no money in reserve for emergencies.
I think you'll be fine on your salary. However, you should really look into cutting down on your meal costs to save some money! I know you don't cook, but there are meals of the heat and serve variety that you can make in 10 minutes. I haven't bought one in a while but I'm sure they must be cheaper per meal than what you're paying to eat out. The down payment + the closing costs will put a serious dent in your bank account. With the responsibility of ownership, it's wise to try to re-cushion it as quickly as possible.
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