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we're a young family, my wife will give birth to our first child by the end of this month. we're currently on a month-to-month basis on our current apartment. We live in long island city, queens and pay $1,500 for a pretty small place (approx. 700sqf). Since we're having a baby we are thinking of buying.
we are not from NY but plan on staying here for at least another 5 to 7 yrs, maybe more who knows.
I work in Downtown brooklyn, but my wife works around midtown east. we would like a commute that's convinient for both of us. ideally not more than 1hr. NJ is out right off the bat, due to my job requirements (city employees must live in NY).
we make a combined household salary of 120k, I will be getting a promotion soon, but I rather not count on it just yet. as far as savings go, we have about 60k but would prefer to not use it all for a down payment as we might need a rainy day fund.
any ideas, advice, thoughts on areas? on wether is a good idea to buy under these circumtances?
We're open to any borough that is safe and has a good commute to our job locations.
Thanks everybody!
Last edited by on-wheels; 12-10-2012 at 08:02 AM..
Reason: correcting sentence
You could try Jackson Heights, Queens. It's very popular with young families and there are many events and activities that have sprung up to accommodate this demographic. You can check out 78th St. Playstreet 78th St Playstreet. | Streetsblog New York City and many more (google ongoing events and activities for kids jackson heights)
The negative issues could be that a 2-bedroom is probably going to run you around $300K (although I have seen some listed between $250 and $300) So your savings will be used up in the downpayment and closing costs, etc. Also have you figured in your monthly maintenance costs?
The other negative issue is your commute to Downtown Brooklyn. I am not sure how long it would take -- I am guessing about an hour. Jackson Heights has the E/F/R/M and 7 and is very quick to Midtown, but not so much to Brooklyn.
If you end up looking, try Prudential Douglas Elliman for an idea of what the properties cost and the size. Also "Jackson Heights Properties"
Also another suggestion would be just to rent a larger apartment in an area like Jackson Heights. I think you could get the space you need for $2000/month. Maybe next Sunday if it's nice weather, you should head over to the Jackson Heights Greenmarket and let your kids play in Travers Park (where it's located) and meet some parents and ask opinions.
Edit - sorry, I see your child hasn't been born yet. You could still go over there and talk to parents.
Considering your job locations I would recommend some place in Brooklyn like Greenpoint or staying in LIC, but both neighborhoods are fairly pricey now.
I think a 2br in either one of them would go for about 400-500k. That's not considering maintenance as suggested above. Maintence fees can run anywhere from 700 to 2,000 depending on amenities.
Is that within your means?
I'm not a fan of Jackson heights (althgough I love the Indian food around there) but I think it could be a good compromise between price and commute into Manhattan. I think JH would be cheaper than Rego Park or Forest Hills, but maybe on the same range as Kew Gardens (with KG being much nicer but further away).
You could also look into Brooklyn neighborhoods like Kensington, Bay Ridge, etc.
I'm not a fan of Jackson heights (althgough I love the Indian food around there)
If OP has not been to visit the Jackson Heights historic district (maybe only stopped off for Indian food or looked at the view from the 7 train) then I definitely think it's worth a visit to check it out.
I find that may outside people's impressions of Jackson Heights consists of what they see from the 7 train, which is mostly unattractive, and maybe one or two Indian restaurants. What's funny is that almost none of the historic district is visible from the 7 train and the Indian area consists of about 2 blocks out of maybe 100 in the neighborhood.
Although perhaps OP will prefer the more suburban, less hectic shopping areas of Forest Hills (it depends on personal preference). The historic district in JH is very quiet, as I imagine are many of the side streets in Forest Hills. The commute time would be just a few minutes longer from Forest Hills as it is only one stop further than Jackson Heights on the express trains.
If OP has not been to visit the Jackson Heights historic district (maybe only stopped off for Indian food or looked at the view from the 7 train) then I definitely think it's worth a visit to check it out.
I find that may outside people's impressions of Jackson Heights consists of what they see from the 7 train, which is mostly unattractive, and maybe one or two Indian restaurants. What's funny is that almost none of the historic district is visible from the 7 train and the Indian area consists of about 2 blocks out of maybe 100 in the neighborhood.
Although perhaps OP will prefer the more suburban, less hectic shopping areas of Forest Hills (it depends on personal preference). The historic district in JH is very quiet, as I imagine are many of the side streets in Forest Hills. The commute time would be just a few minutes longer from Forest Hills as it is only one stop further than Jackson Heights on the express trains.
Maybe that's because the Indian district is in the heart of JH (74 St).
I was there not long ago, enjoying some lamb vindaloo and all the area from Roosvelt & 74 st down to almost 34ave is all Pakistani, Bangladeshi and Indian.
Anyway, I think the OP needs to give some specific details of how much he's willing to spend on downpayment, purchasing price, maintenice fee, and so on.
I personally would be looking to spend not much more of the current rent. So if the OP is paying 1,500 I would look to spend no more than 2,000 (mortage & maintenance) total each month.
Last edited by likeminas; 12-10-2012 at 10:38 AM..
My wife prefers Queens than Brooklyn. Her office is in Midtown but she has to travel to clients in the tri-state area and from Queens is easier to travel than it is from Brooklyn. I think Brooklyn tends to be more expnsice and has a higher population density too.
We do like some areas of Jackson heights, we also looked into Rego Park and Forest Hills.
How about Sunnyside?
We are looking to spend no more than 350k, and are hoping to give a down payment of no more than 40k. Maybe we'll need to save up some more before we can buy, but I've also heard of FHA loans which allow for low down payments.
Personally if my possible time frame for staying in the home was only 5-7 years, I would not buy. I've been a homeowner for 4 years now and intend to stay at least 5 more. I know those two extra years don't sound like much, but 9 is a LOT more than your possible 5 when it comes to home ownership. Barring a major real estate uptick within those 5-7 years, you would have done nothing more than rent the place for MORE than you would have rented somewhere else, unless you find a fixer-upper for a really good price and do a lot of the work yourself. In the current market, that is the only way you are going to come out ahead of renting via homeownership.
On the other hand, with a longer time frame, right now is about the best time to buy as it could possibly be. Interest rates are so low that there's really no possibility of them going lower. Recent reports do seem to point to a slow upturn in home prices, so if that stays the trend, we have finally hit bottom.
If you want some allowance in space in case you grow your family further, look at Bayside. Your wife can commute to Manhattan via LIRR or express bus while you can buy/lease a small car to get to work in Brooklyn.
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