U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 07-01-2009, 02:31 AM
 
29,434 posts, read 25,684,789 times
Reputation: 16965
i hope if you dont believe in 401ks your independently wealthy or have a huge pension.... if your counting on home appreciation to pull you threw home appreciation over long term periods even in new york has barley nudged out the lowly treasury bill..... its cool if you rent them out to get an income but after being a real estate investor in ny for over 20 years thats the last way id want to generate income in my retirement years..


the aggrevation, the grief , and the returns can be bettered easily with no headaches elsewhere... if you rent for an income you better have a few properties and enough income to get you through 6 months in case you need to evict a tenant.... one thing about rental property is its good until its not...one bad tenent and its a nightmare
Reply With Quote Quick reply to this message

 
Old 07-01-2009, 05:30 AM
 
5,453 posts, read 3,837,857 times
Reputation: 2141
why would you want to buy a house? and have to deal with property taxes, homeowners insurance, HOA's, if something brakes, you have to fix it........one more market downfall and your house goes from $500k down to $300k or less and you can't even refinance!? why bother? not to mention maintenance such as mowing the lawn...pool if you have one........and the list goes on and on! my brother is renting for the last 20+ years and is able to actually enjoy his life, he has enough money to go out.....travel.....etc...I don't think owning a home is or should be "the American Dream" mostly because like anything else it is an object it only takes a fire, earthquake or hurricane and it could all be gone! then what?......why put it on such a pedestal? owning a home here is not even true, you are not really owning anything while you have a mortgage, ohh if you buy it money down, then it's yours, otherwise it belongs to the bank and in our case here in FL to the Homeowners Associations who tell you how many minutes you're allowed to have the garbage cans out! before they'll take a picture and send you a warning letter! like they are expecting people to take lunch break from work to come home and put the garbage cans back in the garage! outrageous!! once you buy a home here you become it's slave! unless of course you're a millionaire and money is no object! we will never buy a house again ever.....way too many head aches! life's too short!
Reply With Quote Quick reply to this message
 
Old 07-01-2009, 05:50 AM
 
7,081 posts, read 24,263,416 times
Reputation: 3635
Quote:
Originally Posted by algia View Post
why would you want to buy a house? and have to deal with property taxes, homeowners insurance, HOA's, if something brakes, you have to fix it........one more market downfall and your house goes from $500k down to $300k or less and you can't even refinance!? why bother? not to mention maintenance such as mowing the lawn...pool if you have one........and the list goes on and on! my brother is renting for the last 20+ years and is able to actually enjoy his life, he has enough money to go out.....travel.....etc...I don't think owning a home is or should be "the American Dream" mostly because like anything else it is an object it only takes a fire, earthquake or hurricane and it could all be gone! then what?......why put it on such a pedestal? owning a home here is not even true, you are not really owning anything while you have a mortgage, ohh if you buy it money down, then it's yours, otherwise it belongs to the bank and in our case here in FL to the Homeowners Associations who tell you how many minutes you're allowed to have the garbage cans out! before they'll take a picture and send you a warning letter! like they are expecting people to take lunch break from work to come home and put the garbage cans back in the garage! outrageous!! once you buy a home here you become it's slave! unless of course you're a millionaire and money is no object! we will never buy a house again ever.....way too many head aches! life's too short!

For many of us it's not a HOUSE. It's often apartment ownership. Which is, actually, very nice.
Reply With Quote Quick reply to this message
 
Old 07-01-2009, 09:13 AM
 
Location: South Carolina
1,991 posts, read 2,265,704 times
Reputation: 866
Quote:
Originally Posted by algia View Post
why would you want to buy a house?
To get to a point in life where you don't have to pay rent/mortgage any more. And if that point in life comes BEFORE retirement, to pocket all that chaching that isn't going to pay rent or mortgage anymore. Which can be a pretty sizeable bundle over a year, or two, or ten.

Rent forever and you never have anything to show for all that chaching you dished out over all those years, plus you're forever vulnerable to being out on the street if the wrong set of circumstances come along.

Home ownership isn't about being well off or seeing your home value double or anything like that. It's about eventually getting to the point where even if you lose your job, you will always have shelter of your own. It's about when the home is completely paid off, it's about owning it outright, not about buying or having a mortgage or feeling a piece of the American dream or living the high life or any of that other window dressing.

As far as house vs. apartment, well nothing wrong with an apartment, but some people like to grill in the back yard and don't like the neighbors hearing them doing what they do or don't like hearing the neighbors do what they do. And if you're in an apartment (nothing wrong with that), you're not going to be grilling in your back yard and you're going to be hearing the neighbors and the neighbors are going to be hearing you. It's a matter of what a person is comfortable with.
Reply With Quote Quick reply to this message
 
Old 07-01-2009, 09:39 AM
 
Location: New Jersey
59 posts, read 17,190 times
Reputation: 137
Many people in NYC with families have to settle for the other four boroughs, North Jersey or Long Island.The majority of the homeowners in Manhattan are single and need little space.
Reply With Quote Quick reply to this message
 
Old 07-01-2009, 09:55 AM
 
7,081 posts, read 24,263,416 times
Reputation: 3635
Quote:
Originally Posted by AC/PHILLY/NJ/NYC View Post
Many people in NYC with families have to settle for the other four boroughs, North Jersey or Long Island.The majority of the homeowners in Manhattan are single and need little space.
Ummmm..and you know this how? I don't think this is correct. From my experience there are MANY couples and families.
Reply With Quote Quick reply to this message
 
Old 07-01-2009, 10:48 AM
 
29,434 posts, read 25,684,789 times
Reputation: 16965
Our decision to buy a 2nd home which will be a retirement home was strictly because we wanted those things a home gives us that are non financial......

we would probley be further ahead for the 2nd time by renting and investing elsewhere but financial was not part of the equation
Reply With Quote Quick reply to this message
 
Old 07-01-2009, 10:54 AM
 
Location: Beautiful Pelham Parkway,The Bronx
6,544 posts, read 11,119,329 times
Reputation: 4093
Quote:
Originally Posted by AC/PHILLY/NJ/NYC View Post
Many people in NYC with families have to settle for the other four boroughs, North Jersey or Long Island.The majority of the homeowners in Manhattan are single and need little space.
I have lived in a lot of buildings and in a lot of neighborhoods in Manhattan over the years and all of them had a lot of families.
Reply With Quote Quick reply to this message
 
Old 07-01-2009, 11:21 AM
 
Location: Brooklyn
2,790 posts, read 2,438,662 times
Reputation: 5108
Quote:
Originally Posted by MantaRay View Post
To get to a point in life where you don't have to pay rent/mortgage any more. And if that point in life comes BEFORE retirement, to pocket all that chaching that isn't going to pay rent or mortgage anymore. Which can be a pretty sizeable bundle over a year, or two, or ten.

Rent forever and you never have anything to show for all that chaching you dished out over all those years, plus you're forever vulnerable to being out on the street if the wrong set of circumstances come along.

Home ownership isn't about being well off or seeing your home value double or anything like that. It's about eventually getting to the point where even if you lose your job, you will always have shelter of your own. It's about when the home is completely paid off, it's about owning it outright, not about buying or having a mortgage or feeling a piece of the American dream or living the high life or any of that other window dressing.

As far as house vs. apartment, well nothing wrong with an apartment, but some people like to grill in the back yard and don't like the neighbors hearing them doing what they do or don't like hearing the neighbors do what they do. And if you're in an apartment (nothing wrong with that), you're not going to be grilling in your back yard and you're going to be hearing the neighbors and the neighbors are going to be hearing you. It's a matter of what a person is comfortable with.
Very well said!!!

For some it actually may be more economical to own rather than rent in certain circumstances.

I have four children which are only five years apart from oldest to youngest. There where no apartments anywhere in decent areas that provided the space for all of us at a price I could afford. Over time it did become even cheaper, rents rose but my mortage stayed the same.

It was necessary then, no regrets, I enjoyed it actually. Now, I have an empty nest (for years) and enjoy the ammenities of renting.

To each his own.
Reply With Quote Quick reply to this message
 
Old 07-01-2009, 03:49 PM
 
328 posts, read 541,667 times
Reputation: 192
Quote:
Originally Posted by mathjak107 View Post
i hope if you dont believe in 401ks your independently wealthy or have a huge pension.... if your counting on home appreciation to pull you threw home appreciation over long term periods even in new york has barley nudged out the lowly treasury bill..... its cool if you rent them out to get an income but after being a real estate investor in ny for over 20 years thats the last way id want to generate income in my retirement years..


the aggrevation, the grief , and the returns can be bettered easily with no headaches elsewhere... if you rent for an income you better have a few properties and enough income to get you through 6 months in case you need to evict a tenant.... one thing about rental property is its good until its not...one bad tenent and its a nightmare
Thanks for the advice. I plan to have 9 months to a year savings on hand. All facets of life can be stressful. I am not a investor or speculator. I just live within my means and I'm doing okay. Sorry.

You sound like you are pretty knowledgeable about the stock market. I just can't get into it. It does not interest me. I prefer real estate because it is personal to me and I love it. It's like being a parent. Parenting is tough and causes plenty of headaches but people have children anyway. I am agonizing over renting it out but I want a new experience. Selling is not any option for me. Thinking about it makes me sick inside.

I have friends who have been forced out of New York because the cost of rent is simply too high. I am stuck in NY because my mortgage is low. It's not easy especially when you have one income.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top