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Correct. But we are on the Long Island forum here; there are no rentals cheaper than comparable owned properties.
Correct. Decent homes are going for north of 4k per month in desirable districts. Thats a 1.5k per month tax bill + a nearly 600,000 dollar mortgage. Renting is great if you move around quite often, i.e., every couple of years. Financially however its generally a dumb idea.
For example my aunt and uncle bought at home for 325k in Roslyn 20ish years ago. They can now easily get north of 1.1 million for it. Even after renovations through the years of probably around 200k they will walk away with over 500k in profit when they choose to move after retirement.
Where else will you get returns like that? Someone essentially paid you 500k to live in your house.
I sold my condo last year for 55% above purchase price within 3.5 years of moving in. My IRA didnt give me those returns.
Now you've gone completely off the rails and are just the defensive goofball we suspected. You're comparing permits for renovation with not being able to bang a nail without landlord's say so?! Are you really that daft or just trolling down the river at this point?
For the record, you can do all of those things, with a variance, some drawings and cash. As a renter, you have the option of going to court to keep from getting tossed to the curb on a whim. But good luck with that. You pay for the privilege of someone else having your key and right of entry. Enjoy.
I not a fan of LI but I like having a house and to rent the 2k sq ft I have now I'd pay $3k minimum per month, much more than my monthly nut now.
You don't really get how laughable your posts are now that it is such a lame rental market. In 2008, selling and renting was pure genius. In 2017, renting is paying a nice premium for risk aversion and flexibility and little else. It's an emotional move, not a slick fiscal one.
Okay so we started with saying owning is the only acceptable choice for financial security because of equity. When I pointed out that that argument doesn't work unless you plan on uprooting your life and moving to another market (because if you sell at a profit margin in Nassau County, for instance, because you sell during a seller's market, then you're at that point buying in the same market), you then said that owning is superior to renting because you make your own rules. When I reminded you of town permits, you then said "well a renter can't even put a nail in a wall." You got me there! So it all comes down to being able to drill nails into a wall okay, well I have well over 100K for a down payment. It's our life savings between my husband and I. Most financial advisors will tell you that having all of your money "invested" in one place is a bad idea, so now it's time to decide if it's worth it so we can drill nails into a wall (there are plenty of alternatives to puncturing walls, btw, if you want to hang something.) Again I'll say, I'm not against owning but I don't subscribe to the school of thought that it's the only path towards financial security. That is based on an old school post WW2 campaign that targeted "the greatest generation" aka parents of BB's. Boy was it effective.
As for your pointing out that, down payment aside, it's cheaper to own, I agree with you. We'd save money each month by owning (we'd lose that down payment but save it back up eventually). But we're not in a hurry. We're not frantic to play by crazy rules ($569K for a cape? No thx.)
Lastly, you're unfamiliar with landlord entry laws and I guess you think owning a co-op or condo is dumb too because you can't paint a door.
Last edited by Abby Schmitters; 10-04-2017 at 08:48 AM..
They are leaving, you just don't like what they're trying to charge you to buy their humble abode. You so generously want people to cash out their equity but at a price that YOU deem appropriate.
They're mostly not leaving, driving prices up for the few properties available. Hence low inventory / supply. Also, I was referring to those in these forums who proudly boast that they'll never leave (but Yay equity amirite).
Out of all my text about value being more than just return, you choose to respond only to 4 or 5 words, that I put in parenthesis.
So having use of something is worthless? There is no talking sense with you. Only cents.
"$93/mo. is a lot of money"... says the person paying $4100/mo. currently. Already more than many mortgages here.
Glad I don't deal with people like you everyday.
I've conceded many times that we'd save money each month by owning over our current rent (but kiss our life savings goodbye on the down payment.) That's not the point. The point is the product has to be worth it for us. 93 bucks a month that isn't necessary to our happiness is a lot of money. 93 bucks a month that holds value to us is not.
Seriously? The point of appreciation is to accumulate wealth. If and when that accumulated wealth is cashed in is a matter of financial planning and estate planning just as any type of investment. No one accumulates wealth by paying a landlord and limiting ones own tax advantages.
So it's fake money. It's there as long as you never use it.
Let's say you need it.
Quick! Sell your house.
Congrats you got a buyer! Good thing you sold during a sellers market
Now you're homeless.
That's okay, because you got all this money from your accumulated wealth!
Time to buy... in a sellers market.
Or move out of state.
Or downsize and be "wealthy" in a 2 BR condo.
Or be homeless.
It's good in theory but not thought all the way through. In fact, most financial advisors have completely backed off referring to the house you live in as an "investment." In other words, home ownership is not an investment. Now if you own several properties, *that's* a horse of a different color
Correct. Decent homes are going for north of 4k per month in desirable districts. Thats a 1.5k per month tax bill + a nearly 600,000 dollar mortgage. Renting is great if you move around quite often, i.e., every couple of years. Financially however its generally a dumb idea.
For example my aunt and uncle bought at home for 325k in Roslyn 20ish years ago. They can now easily get north of 1.1 million for it. Even after renovations through the years of probably around 200k they will walk away with over 500k in profit when they choose to move after retirement.
Where else will you get returns like that? Someone essentially paid you 500k to live in your house.
I sold my condo last year for 55% above purchase price within 3.5 years of moving in. My IRA didnt give me those returns.
It sounds great until you remember you now have to re "invest" in another place to live and your aunt and uncle have to move out of state because these were primary residences.
Abby, Years ago my parents taught their children that if you are the one that seems to find fault with others, perhaps the fault is with you.
I would ask that you sit back, stop posting and looking and by that I mean look and read what all these people including me have written. We all can't be wrong. Either your premise is faulty or your logic. Once you really read what people are trying to tell you maybe then start posting again and don't be angry with those who are just answering your questions, even if you disagree this is not a "gotcha" type place.
Okay so we started with saying owning is the only acceptable choice for financial security because of equity. When I pointed out that that argument doesn't work unless you plan on uprooting your life and moving to another market (because if you sell at a profit margin in Nassau County, for instance, because you sell during a seller's market, then you're at that point buying in the same market), you then said that owning is superior to renting because you make your own rules. When I reminded you of town permits, you then said "well a renter can't even put a nail in a wall." You got me there! So it all comes down to being able to drill nails into a wall okay, well I have well over 100K for a down payment. It's our life savings between my husband and I. Most financial advisors will tell you that having all of your money "invested" in one place is a bad idea, so now it's time to decide if it's worth it so we can drill nails into a wall (there are plenty of alternatives to puncturing walls, btw, if you want to hang something.) Again I'll say, I'm not against owning but I don't subscribe to the school of thought that it's the only path towards financial security. That is based on an old school post WW2 campaign that targeted "the greatest generation" aka parents of BB's. Boy was it effective.
As for your pointing out that, down payment aside, it's cheaper to own, I agree with you. We'd save money each month by owning (we'd lose that down payment but save it back up eventually). But we're not in a hurry. We're not frantic to play by crazy rules ($569K for a cape? No thx.)
Lastly, you're unfamiliar with landlord entry laws and I guess you think owning a co-op or condo is dumb too because you can't paint a door.
I think you just like to put words in my mouth to support your ridiculous narrative. Everything in bold are things I never said.
You give your psyche away every time. If you are "not ready to throw your life savings away" it's clear you aren't ready to buy, unless the perfect situation arises. That's fair. Why can't you just admit that!? No one here cares what you do in the end.
Your story is not unique. You saved up a nice cash nest egg, but LI (and Westchester, and Jersey, and NYC) is STILL a crappy value proposition with overpriced garbage, high taxes and bizzarro competition for them, so you are frustrated. Welcome to the club. Some bought, some moved out of state, some stayed put in their rental. It 'aint rocket science. It's risk vs reward and you're focused on the risk. Fair enough. When you start looking for the reward (outside of speculative investment markers), your perception may change. Or not, who knows with you?! lol
Last edited by monstermagnet; 10-04-2017 at 10:02 AM..
Abby, Years ago my parents taught their children that if you are the one that seems to find fault with others, perhaps the fault is with you.
I would ask that you sit back, stop posting and looking and by that I mean look and read what all these people including me have written. We all can't be wrong. Either your premise is faulty or your logic. Once you really read what people are trying to tell you maybe then start posting again and don't be angry with those who are just answering your questions, even if you disagree this is not a "gotcha" type place.
So a large group of people can't all be wrong?? Are you familiar with History?
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okay, well I have well over 100K for a down payment. It's our life savings between my husband and I. Most financial advisors will tell you that having all of your money "invested" in one place is a bad idea, so now it's time to decide if it's worth it so we can drill nails into a wall (there are plenty of alternatives to puncturing walls, btw, if you want to hang something.) Again I'll say, I'm not against owning but I don't subscribe to the school of thought that it's the only path towards financial security. That is based on an old school post WW2 campaign that targeted "the greatest generation" aka parents of BB's. Boy was it effective. 
Are you familiar with History?
