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Hi everyone! This is my first post and I'm really tired, so I apologize in advance for any mistakes made.
I'm considering a move with my family from PA to Long Island and I'm trying to get some feedback on feasibility. It seemed like a great idea at first, but now that I'm looking past the excitement of living near the beach and actually starting to think about finances I am having second thoughts.
Here's some background info:
Family Size: 6 (4 kids under 8 yrs, wife is stay at home)
Potential Household Income on LI: $110,000
Fundages for homebuying: Should have enough to make 20% downpayment on something in the $300k - $350k range. Minimum 3 bedrooms and 2 bathrooms is the plan.
The job would be in the Farmingdale area, and we were initially looking at Sayville, Islip, Babylon areas as possible neighborhoods to settle in.
Is this a crazy idea? Any input would be greatly appreciated. Thanks in advance!!!
Hi everyone! This is my first post and I'm really tired, so I apologize in advance for any mistakes made.
I'm considering a move with my family from PA to Long Island and I'm trying to get some feedback on feasibility. It seemed like a great idea at first, but now that I'm looking past the excitement of living near the beach and actually starting to think about finances I am having second thoughts.
Here's some background info:
Family Size: 6 (4 kids under 8 yrs, wife is stay at home)
Potential Household Income on LI: $110,000
Fundages for homebuying: Should have enough to make 20% downpayment on something in the $300k - $350k range. Minimum 3 bedrooms and 2 bathrooms is the plan.
The job would be in the Farmingdale area, and we were initially looking at Sayville, Islip, Babylon areas as possible neighborhoods to settle in.
Is this a crazy idea? Any input would be greatly appreciated. Thanks in advance!!!
Is that gross or net? If that is net (after federal and state taxes, etc etc) it might be worth the move. On top of that, all other expenses are greater here on Long Island. Sayville and Babylon are nce but you won't get much at all for the money.
Hi everyone! This is my first post and I'm really tired, so I apologize in advance for any mistakes made.
I'm considering a move with my family from PA to Long Island and I'm trying to get some feedback on feasibility. It seemed like a great idea at first, but now that I'm looking past the excitement of living near the beach and actually starting to think about finances I am having second thoughts.
Here's some background info:
Family Size: 6 (4 kids under 8 yrs, wife is stay at home)
Potential Household Income on LI: $110,000
Fundages for homebuying: Should have enough to make 20% downpayment on something in the $300k - $350k range. Minimum 3 bedrooms and 2 bathrooms is the plan.
The job would be in the Farmingdale area, and we were initially looking at Sayville, Islip, Babylon areas as possible neighborhoods to settle in.
Is this a crazy idea? Any input would be greatly appreciated. Thanks in advance!!!
Your property taxs will be around $8,000 +/- for the year.
Hi everyone! This is my first post and I'm really tired, so I apologize in advance for any mistakes made.
I'm considering a move with my family from PA to Long Island and I'm trying to get some feedback on feasibility. It seemed like a great idea at first, but now that I'm looking past the excitement of living near the beach and actually starting to think about finances I am having second thoughts.
Here's some background info:
Family Size: 6 (4 kids under 8 yrs, wife is stay at home)
Potential Household Income on LI: $110,000
Fundages for homebuying: Should have enough to make 20% downpayment on something in the $300k - $350k range. Minimum 3 bedrooms and 2 bathrooms is the plan.
The job would be in the Farmingdale area, and we were initially looking at Sayville, Islip, Babylon areas as possible neighborhoods to settle in.
Is this a crazy idea? Any input would be greatly appreciated. Thanks in advance!!!
You may be able to get something okay for 350K, but anything near 300K in those areas will be a totally not updated fixer-upper. I think your chance of getting anything in that range in Babylon is almost nil. Sayville will be tough, Islip maybe a little better. 110K gross is about bare minimum I'd recommend for anyone with a family moving here, and your family is larger than normal. I'd do a very conservative budget and make sure you know what you are getting into. Putting 20% down makes everything more feasible, but you should factor in:
$9,000 a year in taxes
Very high car insurance rates
Some of the highest electric rates in the country
Home heating oil
The fact that the house you're going to buy will be old and need mtc (most housing stock on LI is 30+ years old.
8.75 sales tax on everything
Plus all the lovely fees you have to pay to go to parks and such, like that beach you want to be near.
..and 4 kids looking to probably take part in activities and eventually go to college.
You really need to get a feel for how much the things dman mentioned cost on Long Island compared to where you live now. I'm not clear on whether you currently own a home.
Let's say you are insured with State Farm. Call a State Farm agent in one of the towns you mentioned, tell them you are moving to the area and you'd like a quote. Then you can compare prices.
Post how much you pay for utilites where you are now along with the size of your house and get some feedback from people here what they pay for the same situation. Frame of reference - when I lived on Long Island my electric bills for an 1800 sw foot house averaged well over $200 a month - I live in NC now and for a 3000 sw foot house my highest electric bill has been $200 - and we nearly set a record for 100 degree days this year.
Do you use oil to heat your home now? If not, you'll have to calculate the cost of that if you buy a home with oil service on Long Island.
In all honesty I am guessing if you are looking to improve the quality of your life by moving to Long Island it's probably not a great move. Beach season is about 2, maybe 3 months out of the year. If that's the only thing that has you excited about moving to Long Island, I'd dig deeper to find some other reasons.
check out Lindenhurst too. (and Farmingdale, East Meadow, Levittown, North Wantagh if you're considering Nassau too)... You'll be surprised at the selection of houses you can get there for under $350k , especially Lindy.
With a family of 6 and a mortgage, you're most likely going to be getting back a HUGE tax refund. Remember the property taxes are deductible too which will make your refund even larger. And mortgage rates are near 4%, if you have the cushion to upgrade to LI, I'd do it.
Also, the beach season is 5 months, May to September.. It's really all year round if you want it to be.
You may be able to get something okay for 350K, but anything near 300K in those areas will be a totally not updated fixer-upper. I think your chance of getting anything in that range in Babylon is almost nil. Sayville will be tough, Islip maybe a little better. 110K gross is about bare minimum I'd recommend for anyone with a family moving here, and your family is larger than normal. I'd do a very conservative budget and make sure you know what you are getting into. Putting 20% down makes everything more feasible, but you should factor in:
$9,000 a year in taxes
Very high car insurance rates
Some of the highest electric rates in the country
Home heating oil
The fact that the house you're going to buy will be old and need mtc (most housing stock on LI is 30+ years old.
8.75 sales tax on everything
Plus all the lovely fees you have to pay to go to parks and such, like that beach you want to be near.
..and 4 kids looking to probably take part in activities and eventually go to college.
You're cutting it close.
I agree.
And note -- the OP wrote POTENTIAL income $110,000, which leads me to believe that there is either a commission figured in here, or the OP is hoping to receive a certain salary, which has not yet been negotiated.
Hi everyone! This is my first post and I'm really tired, so I apologize in advance for any mistakes made.
I'm considering a move with my family from PA to Long Island and I'm trying to get some feedback on feasibility. It seemed like a great idea at first, but now that I'm looking past the excitement of living near the beach and actually starting to think about finances I am having second thoughts.
Here's some background info:
Family Size: 6 (4 kids under 8 yrs, wife is stay at home)
Potential Household Income on LI: $110,000
Fundages for homebuying: Should have enough to make 20% downpayment on something in the $300k - $350k range. Minimum 3 bedrooms and 2 bathrooms is the plan.
The job would be in the Farmingdale area, and we were initially looking at Sayville, Islip, Babylon areas as possible neighborhoods to settle in.
Is this a crazy idea? Any input would be greatly appreciated. Thanks in advance!!!
You are tired.... of what ? the workout you did today at the gym or life in Northeast PA in general ?
I see you mentioned potential as the other person pointed out.... can it be less ? Anyway, I want to just frankly tell you that if your gross income is $100k-$110k you are looking at almost zero savings on Long Island with 4 kids.
Housing, property tax, healthcare, utilities.... heck you name it... everything is expensive here. I am not sure if you are doing it now, but you will be spending every day after work (and possibly weekends) driving your 4 kids to all sorts of fancy development programs, so figure in the cost of gas plus the cost of those programs.
Do your kids own iphones and ipads ? Can they live without those and still have friends ? just kidding, but it will be an uphill battle.... Hmmm.... living near the beach huh ? how many times a year you plan to be hanging out there ?
Northeast PA is great for retirement but I doubt it has much opportunity for younger folks. Long Island isnt good at any age if you don't make enough money.
May I suggest you look further east. You probably can get a decent home in Mastic, Shirly, Coram, and, of course, Rocky Point for that money.
Northeast PA is great for retirement but I doubt it has much opportunity for younger folks. Long Island isnt good at any age if you don't make enough money.
May I suggest you look further east. You probably can get a decent home in Mastic, Shirly, Coram, and, of course, Rocky Point for that money.
better off in PA
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just kidding, but it will be an uphill battle.... Hmmm.... living near the beach huh ? how many times a year you plan to be hanging out there ?
