I have to ask. Why move to Long Island (Triangle: real estate market, rent)
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1.Space
2 less traffic
3.less development.
4.more things to do then go nuts when they build a new dennys.
5.less taxes
You already disproved number 4 and good job on your grammar. Your other points are good but, for many aren't reason enough to leave for less pay, disposable houses and leaving the only people that truly love them. Besides all the other great things that the area offers.
You already disproved number 4 and good job on your grammar. Your other points are good but, for many aren't reason enough to leave for less pay, disposable houses and leaving the only people that truly love them. Besides all the other great things that the area offers.
Well it's no secret that down south (Georgia, the Carolinas, Florida) and out west your money goes a lot farther and the taxes are a lot less.
You can get a brand new 4-5 bedroom house with about 2500 sq. feet for about 250,000 in those areas....brand spankin new....move in condition...with an acre of property....
Here that would cost you almost 3x that amount with 20K property taxes....
Well it's no secret that down south (Georgia, the Carolinas, Florida) and out west your money goes a lot farther and the taxes are a lot less.
You can get a brand new 4-5 bedroom house with about 2500 sq. feet for about 250,000 in those areas....brand spankin new....move in condition...with an acre of property....
Here that would cost you almost 3x that amount with 20K property taxes....
Only difference is your 250k will sell for 250k in 30yrs but, here on LI your 375K home will go for ??700k??/
Only difference is your 250k will sell for 250k in 30yrs but, here on LI your 375K home will go for ??700k??/
According to your logic, a homeowner on Long Island would profit an 'extra' $325K over the course of 30 years. However...assuming a $14K difference in property taxes (and that's probably a lowball assumption; the difference in property taxes will likely be higher)...you're looking at paying an 'extra' $420K in taxes over the course of 30 years. Hmmmm...I'm no Suze Orman but that doesn't look very appealing to me. So what may look like a $325K profit is really a $95K loss. Also, add in the increased homeowner's insurance premiums and you're really looking at a loss of over $100K. I'd rather not take that financial hit and enjoy 30 warmer winters!
According to your logic, a homeowner on Long Island would profit an 'extra' $325K over the course of 30 years. However...assuming a $14K difference in property taxes (and that's probably a lowball assumption; the difference in property taxes will likely be higher)...you're looking at paying an 'extra' $420K in taxes over the course of 30 years. Hmmmm...I'm no Suze Orman but that doesn't look very appealing to me. So what may look like a $325K profit is really a $95K loss. Also, add in the increased homeowner's insurance premiums and you're really looking at a loss of over $100K. I'd rather not take that financial hit and enjoy 30 warmer winters!
Not quite...a 375k home's taxes are probably 7-9K so do the math over. Also thats a low ball figure at that. It will be closer to 850-900. Also 30 95 degree and humid for 3.5 months.
I love your logic GPC! Add to that the absurd costs of home heating oil, higher insurance rates (both house and auto), LIPA, etc. it's a never ending money pit.
Not quite...a 375k home's taxes are probably 7-9K so do the math over. Also thats a low ball figure at that. It will be closer to 850-900. Also 30 95 degree and humid for 3.5 months.
I wouldn't want to see the condition of houses with such 'low' property taxes like that on Long Island. The house across the street from where I used to live just sold for $430K and it was a real dump. I was in it once and I felt like I travelled back in time to the 1950s. I wouldn't have paid half of that amount for it. I'd rather live in a nice house for $375K in another state than settle for something that hasn't been updated in 60 years. To get a nice house on Long Island you have to spend at least $500K which is ridiculous for young people just starting out. Also, I want to add that even though the dumpy house across the street from me sold for $430K, the current tax bill is still $13K so I'm not quite sure what areas of LI are 'only' $7 to $9K in taxes. All that comes to my mind is that they can't be desirable areas.
As far as the weather goes, to each his own but I'd take the heat over single digit temperatures any day. Of course 65 degrees and sunny is always preferable over either extreme but you have to remember that people can tolerate the heat better than extreme cold when they get old. It's something to think about if you plan on living in one state for so long that you'll be entering your 'golden years' during that timeframe.
I love your logic GPC! Add to that the absurd costs of home heating oil, higher insurance rates (both house and auto), LIPA, etc. it's a never ending money pit.
Good point. My utility and car insurance bills are also a lot lower now that I moved. My cars take less of a beating here too; the warmer weather means less 'wear and tear' on them. I heard someone say that mechanics in NC can tell when a car is from 'up north' just by looking under the hood.
I'm saving $8800 a year in property taxes, $800 a year in HO insurance and probably a couple thousand in utility bills.
However, if you live in any of the area mentioned, and work where the big companies are, you are not getting 4-5 BR new construction for $250K. The new construction near me (close to Raleigh, Duke, UNC and Research Triangle Park) is more like $500K and up. It can be really nice, but it's not necessarily a bargain. And plenty of people make the mistake of moving off LI and getting sucked into buying a house like that. Out of the frying pan and into the fire, so to speak.
I would love to see that guaranteed appreciation for Long Island homes though. Better start telling the buyers who are so picky to stop worrying so much! And the flip side of that is the bigger the bubble the bigger the bust. I know plenty of people on LI who are literally stuck in their homes which are worth $100K + less than what they paid. I don't know anyone here who is remotely in that position. We have friends that bought at the height here and they are about $30K down off what they paid. Not that big of a deal especially they aren't going anywhere for at least 10 years. I had a neighbor in NY who paid $650K for a house, knocked it down and rebuilt a huge house and the market value is now about .... $700K. Maybe their heirs will be able to pay off the mortgage someday, LOL.
I wouldn't want to see the condition of houses with such 'low' property taxes like that on Long Island. The house across the street from where I used to live just sold for $430K and it was a real dump. I was in it once and I felt like I travelled back in time to the 1950s. I wouldn't have paid half of that amount for it. I'd rather live in a nice house for $375K in another state than settle for something that hasn't been updated in 60 years. To get a nice house on Long Island you have to spend at least $500K which is ridiculous for young people just starting out. Also, I want to add that even though the dumpy house across the street from me sold for $430K, the current tax bill is still $13K so I'm not quite sure what areas of LI are 'only' $7 to $9K in taxes. All that comes to my mind is that they can't be desirable areas.
As far as the weather goes, to each his own but I'd take the heat over single digit temperatures any day. Of course 65 degrees and sunny is always preferable over either extreme but you have to remember that people can tolerate the heat better than extreme cold when they get old. It's something to think about if you plan on living in one state for so long that you'll be entering your 'golden years' during that timeframe.
That is all fair and good. If you follow the trend of cost of homes going back to the begining then you could be looking at more than a mil. If you are looking to move into an amazing brand new home as a 25-30 yr old then sure the 50's dump won't be for you. To me that sounds like a spoiled brat speaking. A friend just bought a home in Harbor Isle LI for 275k. Sure its nothing special only a 50x100 plot and normal cape which needed to be gutted and remodeled. After 35k and some hard work his home compares to others in the neighbor that sold for 400k. You are not going to find that in many places.
Regardless that is not the only reason as my post above clearly said less pay, disposable homes and being away from loved ones. If you can get past all 3 then I think moving away isn't a terrible idea. My brother did it and he is now stuck in Houston with 2 kids and a wife filing for divorce. Imagine how lonely that guy is gonna be when he is living in a ****ty apartment while his wife and kids enjoy his disposal new home.
The weather in NY is perfect. Never extreme for more than a couple days. Awesome spring and fall and summer is pretty great as well. If you can handle a little bit of cold you can't beat it.
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