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Not me. But sometimes a house has rooms that can't be called a bedroom, maybe a study and/or a media room, a separate dining room, a family room. It's not necessarily a small house. I agree it seems too expensive.
Why not post the zillow/realtor.com link so we can opine? Obviously that wouldn't be a great place in a rural suburb but somewhere close to the city that could be considered a mansion.
It was sold 1/8/2014 for $165,172. The owner updated it and increased the value/price to $500,000.
I don't think a senior citizen wants stairs, so I'm thinking a 40 to 60 year old single person. In fact, it's perfect for a single person. A single friend grew up in Westchester, she wants to stay close to her sisters without owning a house. This townhouse is a lot nicer than her apartment. Also divorced parent would like to stay in the same town (Dobbs Ferry) as his/her kids.
There are many unhappy New Yorkers looking to leave NYC and would love this. Compare to Manhattan apartment prices, $500,000 is reasonable. Maintenance of $320 isn't bad. It's the Westchester taxes of $15,000 which are terrible. However, maintenance and monthly property taxes are probably equal to any Manhattan monthly maintenance charge.
Last edited by YorktownGal; 02-03-2021 at 08:21 PM..
We are eyeing some nice condos in a high rise in hartsdale .
Two bedroom two bath is about 435-450k ...hoa is about 600 a month and taxes 7k a year or so.
Here in bay terrace queens the apartment as a coop cost about the same and maintenance is 1400-1500 a month
In either case , our rent is way cheaper once you consider that 435-450k spent and tied up in the apartment will no longer be generating tens of thousands a year in income for us ....
In retirement cash flow is everything...an apartment that may appreciate can’t be spent at the supermarket.
It can only be used as collateral to take loans out. So opportunity cost can be a big deal when comparing rent vs buying
It's hard to compare the costs between an apartment and a townhouse. The breakdowns are different, although I suppose the total number spent is what matters in the end.
I currently own a 1.5 bed/1 bath co-op in Westchester. My mortgage and maintenance total just north of $1850. Maintenance here includes heat, hot water, gas, property taxes and parking. My electric bill...well it's hard to say since I moved here shortly only a few months before the pandemic began, and have been working from home since last March. So I don't think I have typical usage costs, but I also went to a level billing plan over the summer. I am currently paying $136 a month to ConEd. My homeowners' insurance is paid once a year, and is only $350, so I don't include it in my monthly costs. My monthly housing cost is ~$2000.
In 3-5 years, I would like to upgrade to a townhouse. I want more space, a garage, a basement, a backyard etc....without having to be responsible for maintaining anything outdoors. I'm looking at a few that are in the $550k range. To use one of them as a monthly cost example.....the mortgage and HOA fees look like they would run about $2500. Property taxes are $7k, so another $900 a month. Not sure what insurance would be in comparison, Zillow has it listed as $200 a month. And the utility bills would be exponentially higher - not only would the space be much larger, but I would now be responsible for the cost of heat, hot water and gas. I'd guesstimate around $250 for ConEd. Monthly costs are almost double at around $3800. BUT, I would have three bedrooms, 3 bathrooms, space for a home gym and office, and a garage, along with a backyard that I can have a grill/fire pit/etc. I'd think the amount I could deduct would also be significantly higher, so there's some back end math benefit there.
Some may look at that comparison and say for $3800 a month, why not just buy a single family house? And as I said in the other townhouse thread by the same OP, it all comes down to what lifestyle you want. It's not all about money. I'd argue that in similar Westchester towns, you will not get a SFH for $550k with $7k taxes. Increasing the purchase price budget to account for HOA costs would not get you the equivalent either. Additionally, as a single person, I have no interest in lawn care (nor do I want to deal with a service for it), I don't wanna shovel, and the list goes on and on. Co-op living has been great for my first experience in homeownership. Townhouse living seems like the right move for the second one. Not sure there will be a need for a third!
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