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I could understand staten island and NJ, but if you are willing to go to all the way up to Westchester, why would you not consider anywhere in the Bronx exactly?
Schools is one thing. Safety is another.
And I'm not ready to be a neighborhood pioneer, if I was single maybe.
but not when I have a baby on the way.
You do realize the Bronx has 2 of the best schools in the country right? As for safety, the Bronx has plenty of safe nieghborhoods also. I think your assumptions are fairly common, and of course, incorrect. Before you dismiss an entire borough (who would dismiss the entire borough of Brooklyn because of East NY and Bed-stuy?), you should do your homework.
At the end of the day it makes no difference to me, except that it is kinda silly to dismiss an entire borough because of sheer ignorance and stereotyping. Using your logic, you should also be dismissing all of Manhattan (Harlem!), all of Westchester (Portchester!), and all of LI (Hempstead, Brentwood).
PS-if you live can tolerate living in Sunnyside, many Bronx neighborhoods would be a step-up.
You do realize the Bronx has 2 of the best schools in the country right? As for safety, the Bronx has plenty of safe nieghborhoods also. I think your assumptions are fairly common, and of course, incorrect. Before you dismiss an entire borough (who would dismiss the entire borough of Brooklyn because of East NY and Bed-stuy?), you should do your homework.
At the end of the day it makes no difference to me, except that it is kinda silly to dismiss an entire borough because of sheer ignorance and stereotyping. Using your logic, you should also be dismissing all of Manhattan (Harlem!), all of Westchester (Portchester!), and all of LI (Hempstead, Brentwood).
I'm sure the Bronx has many positive things going for it. But we don't want to live there. Nothing persona, it's just a personal preference.
We really are interested in Queens, Brooklyn, (especially) Westchester and to a lesser extent LI neighborhoods.
This is true. The monthly payments should be around the same as our rent.
Our current rent is $1,500 but I guess we could go up to $2,000 if the place is nice.
And we're planning on staying at least 5 yrs, that could could also be 15 yrs. But at the very least 5.
Thanks for your advice!
i think you misunderstood me.
Of course you want your budget to work and thats very important but my point is the following...
Rent is money that is down the drain if you will.
So is the money paid on interest and maintenance fees (altho interest is tax deductible and some part of the co-op maintenance fees can be as well)
On a 30yr fixed of lets say $225k property with 20% down at 3.5%, your first mortgage payment would be $808.28 plus lets say maintenace of $700 a month on a 2bd co-op. Your total housing cost is $1508.28. Of this amount you pay on your first payment, only $283.28 goes toward your principle and the balance is just down the drain. Again, mortgage interest and a part of your co--op maintenace can be tax deductible.
For me, as I do not have money coming out of my a$$, if i can rent a similiar place $1200 (unlikely), I would rather rent and save for a bigger down payment as the amount of down payment will change the figures. But if the rent for a similiar 2 bdroom is $1800 (which is more likely the case), I would rather buy and this would make financial sense to me.
I could not agree more with mathjak statement...in particular:
Rent is never money down the drain if you rent and buy other assets instead.
ITS ALL ABOUT ALTERNATIVE INVESTMENTS IF YOU DECIDE TO RENT.
Buying is not for everyone, especially in NYC. The amount in mortgage interest you could be paying alone could be more than you pay in rent, nevermind the taxes, maintenance, repairs etc that go along with that....it can easily be a money pit. Oftentimes it is much much better to simply rent, and put your money towards a diverse stock market portfolio...and just sit back and watch it grow...no headaches, no clogged toilets, no roof repairs, no random assessments.
A rule of thumb for me is I typically won't buy a property unless the income derived from it allows me to pay 100% of the mortgage (including taxes and insurance) in approximately 12 years give or take. I get a 30 year loan but pay it off in around 12....if the income exceeds 15 years to pay off, then the risk is too great and isn't for me.
the problem is most renters who have the down payment to buy and can afford the extra costs associated with buying usually end up renting a nicer apartment or getting a better car, more vacations ,etc but little goes into other investments.
I'm sure the Bronx has many positive things going for it. But we don't want to live there. Nothing persona, it's just a personal preference.
We really are interested in Queens, Brooklyn, (especially) Westchester and to a lesser extent LI neighborhoods.
Sobro is always pushing Bronx, even if it's not a fit so don't pay him any mind. You made your intentions clear, so that's where it would stick. I would say avoid Westchester and LI if you are going to commute to Brooklyn. To me it would be pricey and annoying. I'm going to say Western Queens and Brooklyn would make the most sense.
Buying, especially a co-op is a long process. They want a lot of info, are very strict, and you have less choice to do things to your own place. If you can stand that, it's probably going to be your best bet given your budget.
I've suggested it before. It's a great calculator that's easy to understand. If it's less then 20% downpayment, add in 50-80 dollars a month for the PMI. It will give you the min and max you should look at.
Skill: I am not pushing the Bronx, however using his logic no borough or area would suit his needs. I was trying to understand why specifically the entire Bronx is out of the question, but there is no answer other than "it's a personal preference." So I left it at that. For someone in the $200K price point in NYC for a 2 bedroom apt, I would say beggars can't be choosers, and the only way to find a place at that price is to be open to all possibilities, not less.
You do realize the Bronx has 2 of the best schools in the country right? As for safety, the Bronx has plenty of safe nieghborhoods also. I think your assumptions are fairly common, and of course, incorrect. Before you dismiss an entire borough (who would dismiss the entire borough of Brooklyn because of East NY and Bed-stuy?), you should do your homework.
At the end of the day it makes no difference to me, except that it is kinda silly to dismiss an entire borough because of sheer ignorance and stereotyping. Using your logic, you should also be dismissing all of Manhattan (Harlem!), all of Westchester (Portchester!), and all of LI (Hempstead, Brentwood).
PS-if you live can tolerate living in Sunnyside, many Bronx neighborhoods would be a step-up.
While I'm all for propping up the Bronx, the OP has indicated that the job may relocate to Brooklyn. Parkchester to Downtown Brooklyn, alone, is at least over an hour on the 6 and 4 lines. And the OP has not indicated if the job will even end up in Downtown Brooklyn. Something to consider.
Having said that, Westchester would be worse, commute wise!
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