Move to NY (New York, New Rochelle, White Plains: to rent, insurance, mortgage)

[Aurore_ej]

Hello Everybody,
I have been reading quite a few posts but I wanted to write my own, see if I could get some more accurate responses.
My husband and I live in London for now and we are moving to NY in October/November. He is British/American from Florida and I am French.
We are probably going to rent in Manhattan the very first few months and look around, decide where we want to live but I would love your opinions!

We think we can afford a house for a maximum of $600,000 depending on how much deposit the banks require, we are hoping for 10%?
My husband will need to commute to Grand Central Station everyday and he would like to have a 30 minutes commute into the City.
I was wondering if we should consider commuting into Penn Station and then take the shuttle or something?

We don't intend to live in Manhattan and I would love to be near one of the French schools. The French-American school in Scarsdale/Larchmont/Mamaroneck seems really good. Did anybody hear about it?
I was tempted by New Rochelle because it's close to the ocean but I read a few bad reviews about it.

For now, we have mostly looked into areas North of NY but we are open to suggestions!

Thank you.

[znycgirl]

Not that I am very familiar with the area...but from reading this forum, Larchmont/ Mamaroneck seems to have a large French population and is a lovely area that has sections by the water (though even more pricey) & the French American school (though I believe is pricey) has a great reputation.

600K will not get you what you are expecting (I know...I generalize), but may be able to get you started. Double check with the down payment...banks have really changed things recently.

[Walter Greenspan]

Originally Posted by Aurore_ej

I have been reading quite a few posts but I wanted to write my own, see if I could get some more accurate responses.
My husband and I live in London for now and we are moving to NY in October/November. He is British/American from Florida and I am French."

Aurore_ej, in case you are unfamiliar with the local geography:

What people refer to colloquially as "towns" are actually villages and hamlets, which are within actual towns; and, because villages and hamlets are referred to as "towns", then, many times, the error is compounded when actual towns are referred to as "townships".

Also, many colloquially refer to a "downtown business district" in a hamlet as a "village".

http://www.city-data.com/forum/new-y...-glossary.html may be of some help to you in understanding the local geography in New York State.

When you do find a house that you like, you can find out in which community (city, village or CDP) that house is actually located, which is oftentimes different from the community named in that house's mailing address, by using the Census Bureau's online address search function. (CDP or Census Designated Place is the Census Bureau equivalent for a New York State hamlet.)


Oh, and by the way, the building located on 42nd Street between Lexington and Vanderbilt Avenues is Grand Central Terminal.

Grand Central Station is not on 42nd Street at all. The postal building on Lexington Avenue between 44th & 45th Streets is the Grand Central Station of the New York Post Office. (Sub-offices of a post office are either called "stations" or "branches", depending upon which part of the country one is in.)

[jyyanks]

Larchmont has a large French population and is a beautiful town with lovely town center and a REALLY nice waterfront park. It also has a train station and is a 30-40 minute commute to Grand Central. Schools are good and it has a walkable town center with some great restaurants.

However, Larchmont is quite pricey so not sure what $600K can buy thought now might be a good time to buy.

[Aurore_ej]

Thank you for all this.

We are not specifically looking to live in a French Community but if possible not too far from one of the French Schools.

It's reassuring to read that the French American School has a good reputation.

Larchmont seems out of our price range - I check realtors now and then and $600K would indeed not get us much!

We'll keep looking - thanks!

[havoc315]

New Rochelle may be a very good option for you. The "bad" things you have heard about New Rochelle basically focuses on the mixed reputation of the school district, especially at the upper levels. But if you are using private schools, then that is not an issue for you. New Rochelle has some very nice neighborhoods. Of course, especially considering your tight budget, you will want to check out the neighborhood of a prospective home very thoroughly.

Same with White Plains. It will be more affordable than Scarsdale/Larchmont. While it is a city, there are many neighborhoods of White Plains that are really more suburban.


In terms of your budget and mortgages -- The standard mortgage requires a 20% downpayment. Before the credit crisis, there were lots of banks with creative financing, and you could easily finance a home with less than a 20% downpayment. (We only put 10% down, 7 years ago.) Nowadays, it is much harder to get a mortgage with less than 20% down. It can still be done, but you will have to pay certain penalties (PMI-- personal mortgage insurance).

You can use a site like lendingtree.com or bankrate.com to start conversing with some lenders, and they can go over your options.

[Aurore_ej]

Thank you Havoc315 for the latest post - very helpful

[nonny]

Pelham is quite close by train and car -- about 20 minutes. It has a decent selection of houses in your range.

[Ekulu]

Originally Posted by Aurore_ej

Thank you for all this.

We are not specifically looking to live in a French Community but if possible not too far from one of the French Schools.

It's reassuring to read that the French American School has a good reputation.

Larchmont seems out of our price range - I check realtors now and then and $600K would indeed not get us much!

We'll keep looking - thanks!

You should search for a home in Mamaroneck or Rye Neck school district, you should be able to get something decent for $600k in the current market. If you end up not going to the French American School (which is pricey, but good), you will still be in a good school district.

There are a lot of French expats both in Larchmont and Mamaroneck, even if your kids don't end up in the French American School they can still attend some after school activities that are open the public some of which are conducted in French. Larchmont and Mamaroneck, share a school district and virtually all services and recreation, so do think wisely before spending your money. You may be better off for instance spending your money on a nice single family in Mamaroneck with a decent backyard, than a tiny one in Larchmont with no backyard. Playdates are more fun when there is a backyard.

[Ekulu]

Mod cut: TOS violation.www.greatschools.net is a good website for getting a feel of public schools.