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Curious on what the difference is as far as extra payments and which is better for paying as a first time/starter home? We are looking at range of 145 to 200 and in Suffolk.
For example this home, what is the difference payments and monthly payment wise to link 2:
There really is no difference in terms of payment for a mortgage. The common charges for the condo will include maintenance for the exterior, landscaping, snow removal etc. all which you would have to take care of if you had a house. With a condo, you probably will not have access to much outdoor land, limited use or no use for having a place to hold family outdoor bbqs or a place for your children to play. That's one of the reasons that condos are often more difficult to sell. People with children prefer having land and space for their children to play. To me, resale is the biggest drawback to condo ownership. In tough markets, condo sales lag behind home sales and you need to find buyers in a certain niche, such as empty nesters or perhaps people in their 20s without children. You would think that with a condo, the taxes should be lower since you don't own the land, but that is not always the case.
You make some really good points. So do you suggest if one can find a three bedroom and two bath house out in Yaphank for 200,000 compared to a condo that is two beds and two baths that they should take the house?
Because if you think about it the common charges are 350 for let's say that area in the link that I sent. So let's say someone puts down for arguments sake $60,000. And let's say the mortgages then 900+350. Will the payment even out if let's say someone buys the house for that same price and doesn't have to pay the 350? Or does that person save that 350?
I'm basically trying to figure out if you can get a similar deal for a home as opposed to a more restrictive place like a condo should one just go for the home?
I think it depends on what your needs are. When my significant other and I were shopping for a home a few months ago, we considered both. We ended up buying a house because it was a better value for us. We didn't have children at the time but knew we want to have children in the future, so we liked the idea of a back yard and a basement where we have tons of storage. He liked having a garage where he can work on his car for leisure. We didn't mind the extra work we have to do, like shoveling our own snow or fixing the leaky faucet. But that was our preference. Have you and your girlfriend talked about what's important to you? How handy are you both and how willing would you be to take care of a house?
We are definitely open to a house. I think our range would be probably between 180 to 215. Starter home. Although in Nassau County there are no homes like that in areas that we would like to live in. Fortunately out in Yaphank there are homes that we would definitely consider. The only thing is that we both need to work in Suffolk which all depends on where we are at years with our jobs.
We know a place in Nassau that is a co-op but the most it has is two beds and one bath and it's more of an apartment type of setting.
The condo when Yaphank has three floors. More of a home type of setting so we would be looking for something like a home in Yaphank.
At least you have the joy of time and are open to many areas, which is a great thing! I say go and check out the condos and houses that are in your price range. You have to know what you're willing to take on...whether you want to have to take care of a yard and worry about the exterior of your house.
I've grown up in condos and now am buying a condo with my wife, so I'm biased towards condo living, but I think it's great. I've never had to mow a yard in my life. I've never had to weed a garden or power wash a house. Yes, you pay a monthly commons charge, but they take care of everything for you.
You also need to keep taxes in mind. When we were looking for our condo, we immediately ruled out any condo complexes where the taxes were exoribtant. You're not buying property, so I don't understant why a condo should have taxes in the 10-12K a year range. The condo we're buying has taxes at just under $1,300 a year, which is phenomenal in the are we bought in (where houses have taxes in the 12-15K range).
One thing to look at though with the Whispering Pines development in Yaphank (I lived there years and years ago), unless you're looking at an end unit, you won't get a garage and will have to park in a parking spot. Only the end units of the buildings (and sometimes the 2nd unit in) have a garage (only the end unit has the garage attached to the unit).
There really is no difference in terms of payment for a mortgage. The common charges for the condo will include maintenance for the exterior, landscaping, snow removal etc. all which you would have to take care of if you had a house. With a condo, you probably will not have access to much outdoor land, limited use or no use for having a place to hold family outdoor bbqs or a place for your children to play. That's one of the reasons that condos are often more difficult to sell. People with children prefer having land and space for their children to play. To me, resale is the biggest drawback to condo ownership. In tough markets, condo sales lag behind home sales and you need to find buyers in a certain niche, such as empty nesters or perhaps people in their 20s without children. You would think that with a condo, the taxes should be lower since you don't own the land, but that is not always the case.
You are making a number of incorrect assumptions about townhome living, so let me provide some tips from a recent townhome purchaser:
1. Dues may be more than they are advertised. Check with the property manager on the real dues, how much they have been increasing and whether there are special assessments. Real estate agents are (purposely) ignorant on this stuff.
2. Do not assume that all of the items above are covered by maintenance charges. Much less may be covered than you think. The offering statement will tell you exactly what is covered. Do not believe what agents tell you on this subject. In much of Nassau, for example, we found that most complexes covered roofs, exterior painting, landscaping, plowing and maintenance of common areas, such as pools, tennis courts and clubhouses. If, for example, you wanted your siding replaced or your driveway repaved, you picked up the tab.
3. We own our own plot of land and our complex is so large that, if we had kids, they would have access to vast acres to play. They would also have use of a pool and tennis courts.
4. When we were looking to buy, we saw scads of older people at open houses looking for townhomes and condos as an alternative to their single-family homes. There will be a good market for these places among older Long Islanders who don't want to move, or can't for reasons of family or employment. We also saw quite a number of units that were snapped up quickly at rising prices . . . even the ones with electric heat.
5. While there may be a few exceptions, you buy the land along with the structure in a townhome complex. If there are 60 homes, for example, as a shareholder you own 1/60th of the land. As mentioned above, in my complex, the tax map shows that I own an actual, marked plot of land around my home as well as my appropriate share in the common areas.
6. Taxes are based on assessed valuations, so the value of the unit (as determined by the assessing authority) should dictate your taxes. There is no reason to think that taxes will automatically be lower in a condo. You also have to remember that someone has to pay the taxes on the common areas and these will be reflected either in your taxes or in the common charges.
With all of this said, every complex is different. The OP should do his/her homework before buying.
I live in a condo in Medford. Some condos are cheaper then houses. Some are not. You have to take into consideration that here on the east end condo developments have sewers while a lot of houses do not. Also basic cable is included with your common charges so I get a $20 or so discount on my cablebill . Water is included in my common charges while it wouldn't be in a house.
I live in a condo in Medford. Some condos are cheaper then houses. Some are not. You have to take into consideration that here on the east end condo developments have sewers while a lot of houses do not. Also basic cable is included with your common charges so I get a $20 or so discount on my cablebill . Water is included in my common charges while it wouldn't be in a house.
Maintanance for things like the roof is included in common charges. Also in my development they shovel the snow up to my door .
Now my unit is a 2 bedroom with 745sqft of space , I paid 155k(75k down) for it with $535 mortgage and $322 of common charges.
My taxes would be $1900 if I paid them myself.
Condos are a good for first time home buyers. You can work on getting a good job and Not have to worry about doing things on the house.
Just curious, do you have electric heat? If so, how have your bills been this winter? I've heard horror stories from some condo owners regarding their electric bill...
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