can i buy house in nyc on 80k (real estate, rent)

[NooYowkur81]

Originally Posted by jerksauce

Ok so it sounds like, I can buy a house now.
And I wont look foolish for going to the banks and other places for loans.
OK...
I am a little excited now.
The reason I want a house instead of co op or condo is for space and a place to park the car. And in the near future plans on having kids.
But I have been seriously thinking of reconsidering the coop/condo thing.

Well IMO (take if for what it's worth) buying an apartment is a better deal in NYC. You are not likely to get a great lot in NYC except for some spots in Queens that have good size lots. I just think for what you pay an apartment gets you more bang. For what you pay for a house in NYC you could get two houses with bigger lots in other parts of the country. Plus a lot of the houses in NYC are old and are fixer uppers (which means you might get a good deal but are you handy?), something else to consider.

[citylove101]

Originally Posted by dalebx28

mcu is a credit union looked them up on line......

and with an 80 k income u should be ok for a first time buyer program that requires just 3% down.......good luck.

wow some think you want to buy a 80k property!!!!! please read guy!!!!

Please do the math, guy!

OP said he had a 20K down payment. For a typical 20% downpayment that's a 100K purchase.

[jerksauce]

Originally Posted by NooYowkur81

Well IMO (take if for what it's worth) buying an apartment is a better deal in NYC. You are not likely to get a great lot in NYC except for some spots in Queens than have good size lots. I just think for what you pay an apartment gets you more bang. For what you pay for a house in NYC you could get two houses with bigger lots in other parts of the country. Plus a lot of the houses in NYC are old and are fixer uppers (which means you might get a good deal but are you handy?), something else to consider.

I was thinking about queens where i was born and raised as a kid. Right now Im in Harlem. And I love Harlem, that is why I was thinking about the coop/condo maybe townhome style? But i was thinking with kids in near future a house might be better right.

I have lived a few other place down south for a few months here and there a while back, and yes it is nice and cheap, but that is all it is.

So the houses for 300k would be fixer uppers. Nothing nice or decent.

[Miss J 74]

Originally Posted by jerksauce

I was thinking about queens where i was born and raised as a kid. Right now Im in Harlem. And I love Harlem, that is why I was thinking about the coop/condo maybe townhome style? But i was thinking with kids in near future a house might be better right.

I have lived a few other place down south for a few months here and there a while back, and yes it is nice and cheap, but that is all it is.

So the houses for 300k would be fixer uppers. Nothing nice or decent.

Exactly. There are deals out there, but even the deals will be 300K+. Even houses in crappy areas are sometimes going for 500k.

My brother bought a townhouse in Staten Island 10 years ago for 400K and can't even sell it now if he tried.

Do some research, there are deals out there and ways of putting down less than 20% but they are more for people on the lower end of the salary scale. The going down payment is 20%, and a lot of places are firm on this because of the housing bubble that burst not too long ago.

[jerksauce]

Originally Posted by Miss J 74

Exactly. There are deals out there, but even the deals will be 300K+. Even houses in crappy areas are sometimes going for 500k.

My brother bought a townhouse in Staten Island 10 years ago for 400K and can't even sell it now if he tried.

.

Why can't he sell his house...

[jerksauce]

So just for conversation.
Sometimes I glance homes.com
and dream.


Do you think this is a deal or it would be a fixer upper.
[url=http://www.homes.com/listing/151760862/227-33_113th_Dr_QUEENS_VILLAGE_NY_11429]MLS # 2430227 - 227-33 113th Dr, Queens Village NY, 11429 | Homes.com[/url]

[NooYowkur81]

Originally Posted by jerksauce

So just for conversation.
Sometimes I glance homes.com
and dream.


Do you think this is a deal or it would be a fixer upper.
MLS # 2430227 - 227-33 113th Dr, Queens Village NY, 11429 | Homes.com

Based on price vs size of house, I'm guessing fixer upper. Although Queens Village can be a hit or miss type neighborhood. Looks like the second floor was an extension on the original brick house. In any case a picture and a description can only tell you so much. The house could look good externally and then have all kinds of structural problems inside...

[jerksauce]

Originally Posted by NooYowkur81

Based on price vs size of house, I'm guessing fixer upper. Although Queens Village can be a hit or miss type neighborhood. Looks like the second floor was an extension on the original brick house. In any case a picture and a description can only tell you so much. The house could look good externally and then have all kinds of structural problems inside...

True...

So now my question is with kids do you see condo living ok. I want them to have what I had semi sorta. A small yard, able to have a dog.

I am not trying to move to Jersey or PA where others I know are at. LOL

[jerksauce]

So if I made a little less I could get tons of assistance, but where I am at now I can't

How much is a good/decent house if 300k are crappy ones.

and maybe if I buy a condo now and wait say 5 years and sell, will I be able to afford a decent house that way.

So should i buy a condo now and sell in 5yrs to get a house
or wait and save to just buy a house. (this will take forever)

[NooYowkur81]

Originally Posted by jerksauce

True...

So now my question is with kids do you see condo living ok. I want them to have what I had semi sorta. A small yard, able to have a dog.

I am not trying to move to Jersey or PA where others I know are at. LOL

I don't see why not. With some adjustments/concessions of course. For instance you may not have a yard but you may have access to a communal space.

Have you looked at via verde? Very nice new construction condo in the BX.