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Old 01-14-2013, 03:36 PM
 
Location: Dallas, TX
2,898 posts, read 5,406,980 times
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How about Maspeth, Ridgewood, and Elmhurst? these neighborhoods while not GREAT, are fairly decent working class neighborhoods.

Somebody made a good point about your added monthly costs. Make sure your total monthly expenses are not as high as your end up being a poor or struggling homeowner.

Also have you thought about LI ?

There's LIIRR service to both Manhattan and downtown Brooklyn. Not sure what neighborhoods are good and affordable there, but it might be worth some consideration.
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Old 01-14-2013, 07:12 PM
 
890 posts, read 964,762 times
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If 50K is what you have for the downpayment, then I would recommend looking for a Co-op, that costs no more than 200-210K. 2br Condo's tend to be more expensive than that, and will probably be out of your price range with only 50K as a downpayment. Remember, you need at least 20% to buy, even with good credit, because otherwise you end up paying for PMI. In addition to the downpayment, there's closing costs along with other cost, plus you should also have 2 months of mortgage left over. That's why I recommend nothing more expensive than 210k.

As far as location goes, trying looking somewhere in the Jackson Heights, Woodside and Sunnyside neighborhoods. Some of the older Astoria Co-ops may also be in your price range. I'm not too familiar with Brooklyn, so I can't give any recommendations there.

Last edited by Astorian31; 01-14-2013 at 07:22 PM..
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Old 01-14-2013, 09:07 PM
 
39 posts, read 48,122 times
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Quote:
Originally Posted by Astorian31 View Post
you need at least 20% to buy, even with good credit, because otherwise you end up paying for PMI
The co-op itself may require no less than 20 percent down, so PMI is not possible. Some co-ops require more than 20 percent. So with $50K down, assuming the co-op is okay with 20 percent down, the OP obviously isn't going to be able to buy a place that's more than $250K. The only way to go higher than $250K is to talk the seller into giving a no-payment balloon loan on anything above $250K, but that might scare the primary lender.

Quote:
Originally Posted by on-wheels View Post
Household salary of 125k/yr
You should be able to qualify for a $200K mortgage with no problem, but make sure the co-op's monthly maintenance fee is reasonable, because the lender will add the monthly mortgage payment plus the monthly maintenance fee to come up with a total that must not be more than X percent of your gross income. The fact that you have no debt is good, particularly if you've had no debt for a while, because that allows your monthly nut to be bigger.
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Old 01-14-2013, 10:26 PM
 
1,092 posts, read 1,378,838 times
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Westchester.

Anyway, as long as the school is good no problems. That's what parents look for.

Honestly, school is overrated. Just make sure your kid can pass the SAT and presto you can get into NYU with 2100 or any top 30 school. Many high schools don't prep students for SATs yet colleges weigh it more than anything else. Ironic no?
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Old 01-15-2013, 05:17 AM
 
5,931 posts, read 6,022,364 times
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Quote:
Originally Posted by Astorian31 View Post
If 50K is what you have for the downpayment, then I would recommend looking for a Co-op, that costs no more than 200-210K. 2br Condo's tend to be more expensive than that, and will probably be out of your price range with only 50K as a downpayment. Remember, you need at least 20% to buy, even with good credit, because otherwise you end up paying for PMI. In addition to the downpayment, there's closing costs along with other cost, plus you should also have 2 months of mortgage left over. That's why I recommend nothing more expensive than 210k.

As far as location goes, trying looking somewhere in the Jackson Heights, Woodside and Sunnyside neighborhoods. Some of the older Astoria Co-ops may also be in your price range. I'm not too familiar with Brooklyn, so I can't give any recommendations there.

Just to add to that...

You are not going to find a two-bedroom condo in the 200s anywhere. You're going to have to stick to a co-op. Bensonhurst might be cheaper but I don't like the area as much. Dyker has a set of co-ops that are okay and the prices aren't that bad. Bay Ridge---the cheapest two-bedroom that didn't need renovations that I have seen in the past few years was listed at 250K (I thought it was underpriced on purpose) and the maintenance (which you also need to include) was in the 700s.

If you did decide on Brooklyn (I don't know a lot about the Queens market) I would probably save up a little more money if I were you and look for a two-bedroom between 250-350K that has maintenance that won't kill you. You can go on Trulia and search by neighborhood, put in your parameters and see what's out there so you start to know your neighborhood and the general pricing. I did that for 1-2 years before buying a co-op.
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Old 01-15-2013, 11:25 AM
 
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Quote:
Originally Posted by city living View Post
You can go on Trulia and search by neighborhood, put in your parameters and see what's out there so you start to know your neighborhood
I would suggest streeteasy.com instead of Trulia. Streeteasy has more listings, you can break it down to parts of neighborhoods, and the site lists monthly maintenance fees in addition to price. Trulia usually doesn't have the monthly maintenance fees. Streeteasy is free, too, like Trulia.
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Old 01-15-2013, 12:21 PM
 
84 posts, read 223,865 times
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Thanks for the tips guys.
You are right, my budget for this at most should be 250k. I saw quite a few listing at this price range on trulia. I wonder if they're legit.
In any case, I will start doing some legwork on the areas you guys mentioned. It doesn't hurt to go see a few apts.
One of my main concerns is that we might eventually outgrowth a 2br apt if we decide to have another child. I hear some many stories of people regretting the purchase of a co-op due to the many restrictions of the board.
Oh this is complicated. I, for one, would like to stop paying rent and finally get our own place, but I'm nervous to make the jump.
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Old 01-15-2013, 02:04 PM
 
Location: Washington, DC & New York
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Could you deal with the Downtown Brooklyn commute from Forest Hills or Riverdale? If so, you would have options for a 2BR, $250k or under, with good neighborhood schools (more in Riverdale than Forest Hills). The Midtown commute is very easy from either location, but Brooklyn adds a bit to the trip. From Riverdale, it would take over an hour to Downtown Brooklyn via subway (1 to the A or the 2, perhaps with a bus to the 1 depending upon the part of Riverdale), but you could save some time if you took Metro-North to Grand Central as then the trip to Brooklyn would be about 25-30 minutes via subway. From Forest Hills, it would be about an hour to Downtown Brooklyn.
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Old 01-15-2013, 02:24 PM
 
84 posts, read 223,865 times
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Some good news coming our way.
Wife is on maternity leave but just got a call from her HR person letting her know that she's being promoted 1 level higher, so her salary is going to see an increase of about 10%.
I was also offered a promotion but it hasn't been finalized yet. By my estimation, I think we'll go up to $160k by this year's end, but I rather play it safe and see our income as it currently is, instead of what it will be.

anyway, thanks BMWguy, I like Forest Hills a lot. I've seen a few listing there as well, but Kew Gardens, which is right next to it looks even more affordable.

I never thought of Riverdale. My wife has an irational distaste for the Bronx. Stereotypes and lack of knowledge of the bourgh are a big factor. I don't think I'll be able to sell her the idea of moving to that borough even though it might very well be the most affordable one.
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Old 01-15-2013, 02:30 PM
 
890 posts, read 964,762 times
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Quote:
Originally Posted by on-wheels View Post
Thanks for the tips guys.
You are right, my budget for this at most should be 250k. I saw quite a few listing at this price range on trulia. I wonder if they're legit.
In any case, I will start doing some legwork on the areas you guys mentioned. It doesn't hurt to go see a few apts.
One of my main concerns is that we might eventually outgrowth a 2br apt if we decide to have another child. I hear some many stories of people regretting the purchase of a co-op due to the many restrictions of the board.
Oh this is complicated. I, for one, would like to stop paying rent and finally get our own place, but I'm nervous to make the jump.
Co-ops are weird in the sense that you don't really own the apt, but rather the right to live in it, or something like that. And yeah, you can't really do anything to the apt except paint the walls without the board's permission. On the other hand Co-ops are really cheap compared to everything else, especially considering how expensive it is to own real-estate in NYC.

I wouldn't worry about outgrowing the Co-op, b/c part of every mortgage payment you are going to make is going towards the equity on the apt. If you do eventually outgrow the Co-op, sell it. You'll probably get back most of what you invested in it (excluding interest and maintenance payed,) if not a little bit more (unless the market crashes.) Thats the beauty of owning vs renting.

Last edited by Astorian31; 01-15-2013 at 02:43 PM..
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