Condominium Complex Recommendations

[Quick Commenter]

Originally Posted by Esacni

You have to take into account rental v ownership difference and the investable return on that difference. The problem is that most people who rent aren't disciplined enough to save/invest that premium. In turn, homeownership becomes a forced savings vehicle which is a benefit unto itself.

A very expensive (considering repairs, maintenance, LI property taxes, insurance, upkeep…) forced savings vehicle.

[Jdawg8181]

Originally Posted by Elke Mariotti

Your assumption is based on the rent being less than the mortgage payment.
On Long Island, that often isn't so - at least at this time. I've had a few clients who decided to buy instead of rent, because it was less costly. Plus they didn't have to worry about the landlord maybe selling, etc.

Of course individual circumstances can make a difference. If a possible move looms in the near future (less than five years), buying is probably not a good idea.

I see buying as being less than rent in a lot of circumstances. I see 1 & 2 bedroom apts being listed for $2800. You can get a mortgage for that price

[Elke Mariotti]

Originally Posted by Jdawg8181

I see buying as being less than rent in a lot of circumstances. I see 1 & 2 bedroom apts being listed for $2800. You can get a mortgage for that price

Very true. Of course location and RE taxes will have an impact on the monthly cost.

[ShouldIMoveOrStayPut...?]

Lots of debate over buying vs. renting....

The OP could buy a legal two family, something with a legal accessory apartment or a property with mother/daughter potential (note: the residents do not necessarily have to be mother and daughter, that's just the term that kinda stuck on this type of setup). OP can also use projected rental income to bolster overall income for mortgage qualifying purposes, availing more areas and properties to consider.

Now... OP becomes BOTH a buyer AND a renter, but is the LANDLORD COLLECTING the rent....

Talk about having your cake and eating it too! And it will solve all this debating.

[cablegeek117]

Originally Posted by Jdawg8181

I see buying as being less than rent in a lot of circumstances. I see 1 & 2 bedroom apts being listed for $2800. You can get a mortgage for that price

Not at today's interest rates. A $550k home carries a monthly mortgage of $4,000+ now.