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Just for comparison we (2 adults) spend about $600 per month on food...about half IN and half OUT. When IN goes up, OUT goes down and vice versa. We can't get it much lower without my cooking EVERY meal, something I will not do unless I die and am consigned to the pit of Hell.
You might also get some nice tax deductions, YT, and that would lower your real monthly costs.
Can I presume you have a fixed rate mortgage?
Sounds like a pretty nice deal to me unless the place is painfully tiny.
p.s. Ask how much of a reserve fund the building has for the big unexpecteds.
(i looked up verizon and their stuff (cable, internet, and phone) is 80 bucks or 90 if u get the best).
$99 triple play deals are typically only good for the first year. My cable/phone/Internet started out at $99 and has increased every year since. It's about $175 now. If you're in an area where both cable and FiOS are available, you can avoid that by switching back and forth between them (or perhaps just threatening to).
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Originally Posted by jad2k
If the appliances are new, you wouldn't have to worry about replacing anything in the near future. If they are old, you can try asking the seller to install new ones or deduct from the asking price based on upgrades you may need. Also, since it's a co-op and would have as super, you would not have to pay for fixing things a leaky toilet (unless there are parts needed).
If you live in a place long enough, new things become old things that can break. And at least in my coop, anything outside my walls is my responsibility, including fixing a toilet.
I'm not intending to be a total buzzkill. I do think you can make this work. I just think it's important to think about the future. You can afford the payments, which is great and more than a lot of people can say. You just need to be prepared for the future costs that will inevitably arise.
I'm going to say one more thing about this, because your situation hits home for me a little. I bought a 1-bedroom coop in Queens a few years ago. Not even 4 years later, I've added a wife and cat into the mix, the apartment's started seeming kind of small, and my wife doesn't like the neighborhood. Meanwhile, the apartment has lost at least 10% of its value, and by the time I pay the realtor commission, transfer taxes, etc., I'll probably be out $50k. I bought the place because it seemed "better" than renting and because I could afford the payments, but I didn't really think about the fact that I wouldn't want to live here more than a few years. So just make sure you've given that some thought. If you're sure you're OK with living in a studio for 5-7 years and that you're not going to need/want to leave the city -- or if the building is lenient on subletting, which most coops are not -- it could certainly be a good move.
i found this apt which is about .4 miles from my work (i work in midtown) and id be paying roughly 1,800/month on mortgage + maintenance. due to its proximity to my work, i do not need the unlimited metro card.
the building also has a gym, which is a must for me. ALL utilities are included in the maintenance, including electric.
do u guys think paying 1,900 +- / month on mortgage, maintenance and utilities is too much for me?
i budgeted 900 on food / month (thats 30 bucks a day).
my net pay will be around 3,700/month.
i usually party 0-2x per week.
im seriously considering this apt since the entire interior was renovated. seriously, u walk in and its like brand new. marble floors and everything. 17th floor, nice view of midtown.
what do u guys think? should i do it?
Would love to hear more about this apartment in midtown that is completely renovated in a building with all utilities, gym.etc.
It couldn't cost much more than 250,000 for the the mortgage and maintenance payments to be so low and I didn't think there were any places ,either co ops or condos that cheap around midtown.
My income is very similar to yours and I bought a place a few years ago.I decided before looking that I didn't want my total monthly housing allowance( mortgage,maintenance and utilities) to be more than 1,500/mo so 1,800 seems like a bit high to me.
What is the actual price of the apartment ? Co Op or condo ? What's the sq ftg ? What's the actual maintenance figure and what is the actual mortgage figure?
$99 triple play deals are typically only good for the first year. My cable/phone/Internet started out at $99 and has increased every year since.
You can get TWO years at $89.95 + tax with Verizon FIOS (free MR-DVR for life, 25/25 Internet, Ultimate TV + free SHOWTIME and $6 for each additional box and Digital phone with all the bells and whistles) IF you sign a contract. I did because I have been waiting YEARS for the opportunity to ditch Comcast for FIOS so I am not likely to want to bail out anytime soon.
Two years from now and it will be time to RE-negotiate for a deal.
It sounds almost too good to be true.
Yes you can afford it.
And what can be nicer than a 10 minute walk to work? Most people would KILL for that!
And the expensive "eating out" (Yes, $900 a month is VERY easy to slip into...as is $1800/month) will take care of itself. When the cost begins to pinch after buying a 60 inch TV, a new sofa, and a week on Fire Island or a trip to Cozumel, you will discover the wonders of occasionally boiling $.80 pasta at home, the mixed joys of a Ramen lunch for a quarter and the ease of a 5 minute saute of a piece of tilapia with a splash of cheap leftover white wine.
Good luck with the apartment...give us the particulars after you close.
Last edited by Kefir King; 06-28-2012 at 05:00 AM..
But there are people who can run up a monthly $1800 BAR BILL in this City.
OK but when you state it's "easy" to slip into massive spending, I say it's not easy unless either
1) You have plenty of extra money to spend so you can easily afford it or eating well is your main priority in life, in which case fair game
or
2) You're irresponsible.
Like if you're trying to save for your kids' education or retirement but can't save as much as you'd like because you're spending hundreds of dollars a month eating out, or if you're having trouble paying your bills and you're spending that much eating out, that's irresponsible.
Last edited by BillyMW; 06-29-2012 at 10:08 AM..
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