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You and your family should be fine with your budget in Bellmore, Massapequa, Mass. Park, Seaford and Merrick, maybe even Valley Stream, if you can extend your expected commute a bit. The Babylon LIRR line is one of the better lines in the system, and you can sleep more soundly at night knowing that you have a lot of financial cushion with your home. There are diversity issues but it's not bad enough for it to be a no-go for a family like yours that values education.
Great. There seems to be many other options. We are financial conscious people in general with the occasional splurge. I was under the impression that we would have to spend more money to be in a solid school district. Thanks for the tips.
I'd like to suggest you talk to a loan officer before you decide on a particular location.
Depending on what size downpayment you (will) have, plus given your stated monthly housing budget and the substantially higher than anticipated RE taxes, your purchase price may need to change--which could limit which of your preferred areas would be affordable.
Also, if by "maintenance charges" you mean utility costs and homeowners insurance, you'll have to adjust that estimate upwards as well.
Actually, I don't think that Great Neck will be a good fit for you either. There is a big Middle Eastern presence in Great Neck and sometimes there is conflict between the Chinese and Korean communities. Great Neck has a growing Chinese population.
Port Washington might be a better fit and it's a beautfiul town. As others said, multiply your property tax expectations by 3 or 4 and budget for future increases. As far as the requirement for STEM in schools, Long Island schools are run completely differently from NYC public schools. There really isn't that much variation in terms of STEM and since they don't have all of that private funding pouring in, as they do in NYC, to make it available for the disadvantaged children, you'll find that Long Island schools have less tech toys for the most part and the computery stuff is more of an elective. I've been told that in the wealthy areas, such as on the north shore, the parents are able to provide all the new toys anyway so there's no reason to inflame residents with higher school district budgets just to bring in the latest gadgets which will be outdated in 2 years.
Edited to add, prospective parents always assume that they will have a little genius who will love what their parents love. You don't have any children yet. You don't know if they will need special education services, which will become your priority if they are necessary or if your child/children will have a gift in the arts or some other non-STEM area. Pick an area wtih good schools for property and resale value for now and worry about special programs after your children are born and they are toddlers.
While there are many variables which we could consider, it's much easier to integrate most likely case scenario. That said, it is good to be reminded and, in other cases, informed for the first time, of other possible scenarios that may dampen our plans. We just have to be flexible. But you're right, many anticipate a little genius or something along those lines.
I'd like to suggest you talk to a loan officer before you decide on a particular location.
Depending on what size downpayment you (will) have, plus given your stated monthly housing budget and the substantially higher than anticipated RE taxes, your purchase price may need to change--which could limit which of your preferred areas would be affordable.
Also, if by "maintenance charges" you mean utility costs and homeowners insurance, you'll have to adjust that estimate upwards as well.
Totally forgot to mention the down-payment. It'll be in the neighborhood of 80K to 110K. We just don't want to spend as much as we can "afford" necessarily. They are always other expenses that come up later in life that one never budgets/expects. Just want in-case funds lying around. And we'll need a car (or two) as well. But you are right, we may have to select a different location that is more fitting. It's still early on. I call this the "discovery" phase. It's been quite educational. I've never been on the market to buy - always rented.
Totally forgot to mention the down-payment. It'll be in the neighborhood of 80K to 110K. We just don't want to spend as much as we can "afford" necessarily. They are always other expenses that come up later in life that one never budgets/expects. Just want in-case funds lying around. And we'll need a car (or two) as well. But you are right, we may have to select a different location that is more fitting. It's still early on. I call this the "discovery" phase. It's been quite educational. I've never been on the market to buy - always rented.
You will definitely need 20-25% down, plus a ton of money at closing. Don't forget to tip the title person!
Totally forgot to mention the down-payment. It'll be in the neighborhood of 80K to 110K. We just don't want to spend as much as we can "afford" necessarily. They are always other expenses that come up later in life that one never budgets/expects. Just want in-case funds lying around. And we'll need a car (or two) as well. But you are right, we may have to select a different location that is more fitting. It's still early on. I call this the "discovery" phase. It's been quite educational. I've never been on the market to buy - always rented.
You mentioned you wanted a house in the 650-750K range. So let's just say you found one for 700K. You're going to want to put a minimum of 140K down so you wont have to pay PMI. (Private Mortgage Insurance) You figure it's at least another 10K ...probably more for closing. So you're talking 150K for getting a set of keys for the place. You will need to borrow 560K at 30 years of a "jumbo" mortgage. That's approximately $2600 a month for a 30 year loan, or $3900 per month for a 15 year loan. Add at least 1,000 a month for taxes & insurance. So your monthly nut will range anyhwere depending on type of loan from... $3600 - $4900 a month JUST for a mortgage. Never mind the rest of your bills (gas, electric, cable, phone, water, cell phones, credit cards, car payments, medical insurance, groceries, fuel for cars, car insurance, and money for vodka...because we all love vodka. )
Good luck...with your combined income you should be able to do it.
If you need to be a 2 income household in Long island to be able to afford your home please remember the following:
1: Most school districts have NO pre-K , so you have to pay for private school $$$$.
2: Most school districts have NO afterschool. So your kid gets out at 3pm, you have no one to pick up the kids, what do you do since you both work? (assuming no grandma or paid/free babysitting)
3: Afterschool programs that are around are VERY expensive,,,I priced 2 programs for 3 kids at $800.00 per month.
4: Some school districts have a lottery for kinder or no kinder or if you are lucky full day kinder, so you have to pay for private school $$$$.
(mortgage+taxes+aftercare/private school, may = unaffordable).
If you need to be a 2 income household in Long island to be able to afford your home please remember the following:
1: Most school districts have NO pre-K , so you have to pay for private school $$$$.
2: Most school districts have NO afterschool. So your kid gets out at 3pm, you have no one to pick up the kids, what do you do since you both work? (assuming no grandma or paid/free babysitting)
3: Afterschool programs that are around are VERY expensive,,,I priced 2 programs for 3 kids at $800.00 per month.
4: Some school districts have a lottery for kinder or no kinder or if you are lucky full day kinder, so you have to pay for private school $$$$.
(mortgage+taxes+aftercare/private school, may = unaffordable).
Also, if any of your children end up with special needs you can throw the whole "both of us will commute to/from NYC" theory into the trash unless you have close family that will commit to help out - and then deliver on their commitment.
Costs aside, it's EXTREMELY stressful running to the train to make sure you get home in time only to find out that there's a delay...and you can count on that happening at least 1-2x a month. Many daycare places will give you a dirty look at first, fine you next, and then kick your kid out if you're consistently late (plus it's hard on the child). If at all possible only have one parent work in the city and the other work within a 20-30 minute drive of daycare.
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