Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 2 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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-11-2011, 11:19 AM
 
426 posts, read 955,668 times
Reputation: 271

Advertisements

Quote:
Originally Posted by Looking4MyHouse View Post
I was on the fence just like the OP a couple of years ago. Without question, for me, I'm very glad I made the plunge to become a homebuyer although it was daunting at first.

+ Owning your own property with no annoying landlord telling you what you can't do.
+ Not hearing the tenants above you
+ Having a backyard
+ Entertaining Guests/Company
+ Summer BBQ's
+ My previous 2 bedroom apt rent approaches my mortgage payement (via rent increase) every year. At some point in the next decade it will surpass the monthly mortgage payment.
+ I can sell my house and get some return on investment in the future.
So if you rent out a nice apartment in a garden complex and you have a balcony or little patio out back you can't entertain guests or have BBQ's?

This argument doesn't really make that much sense unless you wanted to have a backyard and property if you want to have kids and make it safer, etc....
Reply With Quote Quick reply to this message

 
Old 04-11-2011, 11:24 AM
 
426 posts, read 955,668 times
Reputation: 271
Also, another one of the posters said that the real estate values over the past 30-50 years have been proverbial roller coasters which is very true.....yes they went up in value during the "boom" years of 2002-2007 but now look at what happened.....just like all bubbles.....they crashed! And a lot of people are now underwater on their mortgages and the values of their homes....

It will take years to recover the 50-100K some people lost on the values of their homes the last 2-3 years.

And even now, after the crash, housing values on LI are still exhorbitantly overpriced and overtaxed.

If you took that money for the down payment you put on the house (100K) and invested it wisely in stocks or mutual funds (like Google stock or something) then you would be a millionaire now.

The stock market has snapped back a lot faster than the housing market for some reason....
Reply With Quote Quick reply to this message
 
Old 04-11-2011, 12:30 PM
 
13,506 posts, read 16,959,540 times
Reputation: 9684
Quote:
Originally Posted by Looking4MyHouse View Post
I'm not sure about that. Renting in a nice neighborhood in NYC is a costly affair that would easily cost more in the long run than buying a house in LI at what I consder to be rock bottom prices.
Why are you comparing NYC renting to LI buying? Apples to oranges.
Reply With Quote Quick reply to this message
 
Old 04-11-2011, 12:38 PM
 
Location: Inis Fada
16,966 posts, read 34,572,926 times
Reputation: 7722
Quote:
Originally Posted by daveoliva View Post
You don't have to buy a 400K house. There are plenty of houses out there on LI for 200K, they may not in the neighborhood you were hoping for but they exist. A lot of them are not bad either, and if you can get past the image of certain neighborhoods that's been implanted in your head since you were a child you'll find that you can have a nice place to live without selling your soul to a bank.

It's the people who can get around the preconception they've been given of an area's reputation who can bring about the change in that area. Look at the areas in NYC which have undergone gentrification. Unfortunately many people don't want to take that risk when there's a school aged child involved.
Reply With Quote Quick reply to this message
 
Old 04-11-2011, 12:38 PM
 
Location: Tri-State Area
2,942 posts, read 5,988,101 times
Reputation: 1839
Quote:
Originally Posted by Logical95 View Post
The stock market has snapped back a lot faster than the housing market for some reason....
The stock market is a fluid market with ease of entering and selling. A home is an illiquid investment which takes on average 30-60 days or longer to consumate a purchase or selling transaction. There are high costs involved in homes, whereas the costs to enter/exit a stock transaction are far less depending on volumes could cost 20 bps versus 5-10% on home purchase/selling prices and involve far more intermediaries - bank, purchasing attorney, sellers attorney, real estate appraiser, two sets of real estate brokers, state taxes for the seller, funding of transactions, etc.

If homes could be flipped the way stock could, then you'd either have an immediate drastic decline of home prices or on the way up, a skyrocketing price - the way it stands now, there is a more orderly move either up or down.
Reply With Quote Quick reply to this message
 
Old 04-11-2011, 12:51 PM
 
322 posts, read 933,816 times
Reputation: 206
Quote:
Originally Posted by Logical95 View Post
Also, another one of the posters said that the real estate values over the past 30-50 years have been proverbial roller coasters which is very true.....yes they went up in value during the "boom" years of 2002-2007 but now look at what happened.....just like all bubbles.....they crashed! And a lot of people are now underwater on their mortgages and the values of their homes....

It will take years to recover the 50-100K some people lost on the values of their homes the last 2-3 years.

And even now, after the crash, housing values on LI are still exhorbitantly overpriced and overtaxed.

If you took that money for the down payment you put on the house (100K) and invested it wisely in stocks or mutual funds (like Google stock or something) then you would be a millionaire now.

The stock market has snapped back a lot faster than the housing market for some reason....
The stock market is just as volatile as the housing market. If it was that easy to become a millionare everybody would be doing it.

Right now you feel renting is better than owning while you are in your 20-30's because you have the drive, energy, and resources to move around wherever and whenever. But as time goes by, not only does your financial situation change, you as a person will change. You may no longer enjoy the benefits of renting 20 years from now. You may suddenly take an interest in having your own backyard or building a kitchen/bathroom/basement they way you want it to be. Or the bulding you are renting in would end up with a bunch of 20-30 year old tenants who stay up late and get loud while you are trying to read or sleep!

Yes, people who bought houses in the last 6-7 years lost a lot of their property's value, but if their goal was for a home and not just a house, then they really didn't lose anything. Even a house that lost value would still provide enough capital to purchase another property. You can't do that if you are renting.
Reply With Quote Quick reply to this message
 
Old 04-11-2011, 01:17 PM
 
97 posts, read 311,161 times
Reputation: 56
Quote:
Originally Posted by dman72 View Post
Why are you comparing NYC renting to LI buying? Apples to oranges.
I didn't realize we were talking about LI renting to LI buying. I moved from the city to LI hence my response.
Reply With Quote Quick reply to this message
 
Old 04-11-2011, 02:15 PM
 
Location: New York
208 posts, read 490,663 times
Reputation: 68
Someone please tell me, what is the benefit of owning a house again??

insteed of giving money to Immigrants you give it to The Goverment
Reply With Quote Quick reply to this message
 
Old 04-11-2011, 02:31 PM
 
886 posts, read 2,636,916 times
Reputation: 913
No more mortgage or kids to claim and we owe $5,300 to Uncle Obama and $700 to Mr Sandra Lee.

Time to buy a condo somewhere down south I guess. THAT is the only advantage of owning a home.
Reply With Quote Quick reply to this message
 
Old 04-11-2011, 02:48 PM
 
63 posts, read 163,299 times
Reputation: 29
Stay away from co-op's. Condo's and townhouses are fine. Better resale
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 $104,000 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 > Long Island

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top