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Old 07-17-2018, 03:30 PM
 
Location: Staten Island
318 posts, read 223,252 times
Reputation: 482

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I've been retired for 8 years and my pension is only Federally taxed. While I do like getting out of the city you can't beat all the attractions here. I go to Carnegie Hall, Lincoln Center among other places . Any kind of doctor you might need is nearby and my house is paid off which is a big plus. I'm staying here. I love the seasons too though the summer heat is a bit much.
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Old 07-17-2018, 03:34 PM
 
64,820 posts, read 66,299,886 times
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the problem with a paid off house here in the trisate areas is it may not make things a whole lot cheaper .

when we all starting buying homes in the 1970's a home in suffolk was 35k . well today those 35k mortgages are paid off and the net effect is that payment today does not even cover the electric bill . taxes are 12-15k on those homes a year .

so when it comes to affordability and staying put it can be no big deal to have the mortgage paid off in the scheme of things . it really depends on how much everything else went up .
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Old 07-17-2018, 03:46 PM
 
Location: Staten Island, NY
7,910 posts, read 6,494,962 times
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Regardless of the amount of the previous mortgage, it’s still better than renting or paying a mortgage still. I couldn’t careless about people in Suffolk. My real estate tax is nowhere near even $5000. Of course it will go up, but it will still likely be worth keeping the house.
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Old 07-17-2018, 03:50 PM
 
64,820 posts, read 66,299,886 times
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it depends what you mean by better . i like our apartment in many ways better than the house with all it's headaches and expenses . we are rarely home all day so we really just sleep here and eat here .

don't forget a retired couple who rented a 3 or 4 bedroom apartment when the family was all together and rents a 1 bedroom now because they are all out sees better cash flow then most homeowners who try to maintain that big ole house in retirement.

we all rarely buy the same thing we would rent . we all tend to buy far more home .especially in nyc where you can get co-op ,condo and apartment building apartments ., many of which are rent stabilized .

in fact under scrie seniors can be exempt from seeing rent increases . so there are advantages to both ways of life in retirement .
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Old 07-17-2018, 04:25 PM
 
Location: Staten Island, NY
7,910 posts, read 6,494,962 times
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I could never be a renter again, especially not an apartment.
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Old 07-17-2018, 04:36 PM
 
599 posts, read 196,668 times
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Quote:
Originally Posted by Airborneguy View Post
I could never be a renter again, especially not an apartment.
Buy a condo or co-op.
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Old 07-17-2018, 04:58 PM
Status: "Halloween! Can't wait." (set 16 days ago)
 
Location: Manhattan
1,806 posts, read 765,375 times
Reputation: 825
Quote:
Originally Posted by mathjak107 View Post
so when it comes to affordability and staying put it can be no big deal to have the mortgage paid off in the scheme of things . it really depends on how much everything else went up .
Yeah. There's still monthly maintenance bills, capital assessments, property taxes (which are increasing by the year), electric bills to pay. Not to mention emergency repairs, insurance, etc.
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Old 07-17-2018, 05:04 PM
 
Location: Staten Island
318 posts, read 223,252 times
Reputation: 482
Quote:
Originally Posted by mathjak107 View Post
the problem with a paid off house here in the trisate areas is it may not make things a whole lot cheaper .

when we all starting buying homes in the 1970's a home in suffolk was 35k . well today those 35k mortgages are paid off and the net effect is that payment today does not even cover the electric bill . taxes are 12-15k on those homes a year .

so when it comes to affordability and staying put it can be no big deal to have the mortgage paid off in the scheme of things . it really depends on how much everything else went up .
Yea but I have a nice size yard and no one can tell me I can't have my two dogs. I'm on a quiet street and have a two family house where my Mother has the first floor apt. and my taxes are under 5,000. I like the advantages.
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Old 07-17-2018, 05:25 PM
 
18,318 posts, read 11,728,262 times
Reputation: 11965
Quote:
Originally Posted by Airborneguy View Post
Regardless of the amount of the previous mortgage, itís still better than renting or paying a mortgage still. I couldnít careless about people in Suffolk. My real estate tax is nowhere near even $5000. Of course it will go up, but it will still likely be worth keeping the house.
Single and two family homeowners in New York City are some of if the most coddled in entire state property tax wise. You only have to compare similar properties in parts of LI, NJ and Westchester to see what crushing property taxes truly look like.


Yet even with all the baked in cake incentives plenty still moan about needing property tax "relief".
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Old 07-17-2018, 05:36 PM
 
599 posts, read 196,668 times
Reputation: 364
Quote:
Originally Posted by BugsyPal View Post
Single and two family homeowners in New York City are some of if the most coddled in entire state property tax wise. You only have to compare similar properties in parts of LI, NJ and Westchester to see what crushing property taxes truly look like.


Yet even with all the baked in cake incentives plenty still moan about needing property tax "relief".
Its not like you get a lot to show for it with property taxes. roads are a mess, streets barely cleaned, public schools are bad. At least in LI/NJ you have good schools and a clean neighborhood.

Ill take higher taxes for better schools, cheaper than 30-40k a year on private school
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