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Location: Concrete jungle where dreams are made of.
8,900 posts, read 15,939,050 times
Reputation: 1819
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So here's the deal...some of you may know I'm tossed between buying a co-op in eastern Queens, or buying a starter house in Nassau County on Long Island.
Here's a little background information on my fiance and I: We're teachers and we make about 110,000 together. I'm 24 and he is 27. I teach in the west Bronx, he teaches in Flushing. We're getting married this July, so we aren't in a big big rush to get a place at the moment. We're moving in together by the wedding though.
Today we saw this house for sale in East Meadow on Long Island, about 10 miles east of Queens. It's a 2 bedroom house (but could be made into 3 bedrooms), 2 bath house. It's a short sale and the highest bid is 260,000 by this building company or something. We liked the house; but would use it just as a starter house for the next 6 years or so when we could trade up into a bigger house. The owner apparently owes 410,000 on it still (bought in 2003), so it must have been at least 450,000. The house is in excellent condition and the property is 80x100. I would need to get a car if we bought on LI. I would carpool with 2 others at work, so that would really cut down on the costs of going to the Bronx.
Our other option is buying a 1 bedroom co-op in the Whitestone area.. I would still carpool with the same 2 coworkers, but I wouldn't need a car since it's Queens. We would just keep his car. Most of the 1 bedrooms we're seeing are around 150-180k.
We really aren't sure what to do. I'm not sure which would be the better option for us. The agent showing us the house said the house would appraise a lot more than the co-op would, in the next 6 or so years.
what would your advice be? what would be a wiser choice?
So here's the deal...some of you may know I'm tossed between buying a co-op in eastern Queens, or buying a starter house in Nassau County on Long Island.
Here's a little background information on my fiance and I: We're teachers and we make about 110,000 together. I'm 24 and he is 27. I teach in the west Bronx, he teaches in Flushing. We're getting married this July, so we aren't in a big big rush to get a place at the moment. We're moving in together by the wedding though.
Today we saw this house for sale in East Meadow on Long Island, about 10 miles east of Queens. It's a 2 bedroom house (but could be made into 3 bedrooms), 2 bath house. It's a short sale and the highest bid is 260,000 by this building company or something. We liked the house; but would use it just as a starter house for the next 6 years or so when we could trade up into a bigger house. The owner apparently owes 410,000 on it still (bought in 2003), so it must have been at least 450,000. The house is in excellent condition and the property is 80x100. I would need to get a car if we bought on LI. I would carpool with 2 others at work, so that would really cut down on the costs of going to the Bronx.
Our other option is buying a 1 bedroom co-op in the Whitestone area.. I would still carpool with the same 2 coworkers, but I wouldn't need a car since it's Queens. We would just keep his car. Most of the 1 bedrooms we're seeing are around 150-180k.
We really aren't sure what to do. I'm not sure which would be the better option for us. The agent showing us the house said the house would appraise a lot more than the co-op would, in the next 6 or so years.
what would your advice be? what would be a wiser choice?
Dump him and move in with me and live happily ever after!
Well, since that doesn't seem a good option for you, I'd go for the house - more space, yard, cars. As much as I personally love Queens, I think the facts you presented and what I've learned about you from past posts suugest that Long Island/the house/etc., would be the way to go!
Location: Concrete jungle where dreams are made of.
8,900 posts, read 15,939,050 times
Reputation: 1819
LOL sorry, that's not possible. Well, even if we did do the co-op in Queens, it would be before our future kids would be of school age, so schools aren't a huge concern. The East meadow school district is a top notch school district on LI.
We really can't decide...for some reason we only got approved for 240k for a house, despite having excellent credit. But this was at Wamu not long ago, so maybe they knew the bank was going down and wouldn't give out any good loan. The real estate agent said it seemed pretty low. Said it would be around 300k
LOL sorry, that's not possible. Well, even if we did do the co-op in Queens, it would be before our future kids would be of school age, so schools aren't a huge concern. The East meadow school district is a top notch school district on LI.
We really can't decide...for some reason we only got approved for 240k for a house, despite having excellent credit. But this was at Wamu not long ago, so maybe they knew the bank was going down and wouldn't give out any good loan. The real estate agent said it seemed pretty low. Said it would be around 300k
I know we all have different experiences but I truly believe that that extra bedroom vs. a one bedroom is a fantastic difference - especially for a couple - for your own enjoyment when each of you has different things to pursue, for when Mom and Dad visit from Florida, and for his family too. A one bedroom for six years is doable, though. However, with the house, even if you have kids, you don't feel as much pressure to sell/move/buy.
Whatever you do, good luck.
Dunno why I'm wishing all the CD girls good luck when they're all dumping me for someone else - first jax, now you.
That seems like a very good deal for East Meadow, since most houses would likely fall in the $400-$500 range, but they might be a little larger. Still, it does look like a good value, and buying a second car really is not all that bad, especially since it's on the Island and not in the city proper.
The only thing to factor is that with a house you have to take care of the maintenance and repairs yourself, not having someone to handle it as you would in a building with a superintendent.
I would say to run the property tax numbers and then compare the costs between the two. If the market perks up, you're right on the cusp of when you like to move, since the general rule used to be (as in before the bubbles started) that one needed to remain in a house for seven years to earn back the transaction costs.
Now, one of you could study and get an agent's license in the meantime and then you could save on that end. LOL...I do know a teacher who did this years ago, btw, but her father owned a brokerage. But, she only used her license for her own transactions.
It's a tough call, but it boils down to lifestyle. Are you ready to give up the city? East Meadow is not too far out at all, so you're not far from the city via rail, and you can drive to Queens. It's good to have the better school district for resale, even if you don't plan to stay in that district when you have your own children.
That seems like a very good deal for East Meadow, since most houses would likely fall in the $400-$500 range, but they might be a little larger. Still, it does look like a good value, and buying a second car really is not all that bad, especially since it's on the Island and not in the city proper.
The only thing to factor is that with a house you have to take care of the maintenance and repairs yourself, not having someone to handle it as you would in a building with a superintendent.
I would say to run the property tax numbers and then compare the costs between the two. If the market perks up, you're right on the cusp of when you like to move, since the general rule used to be (as in before the bubbles started) that one needed to remain in a house for seven years to earn back the transaction costs.
Now, one of you could study and get an agent's license in the meantime and then you could save on that end. LOL...I do know a teacher who did this years ago, btw, but her father owned a brokerage. But, she only used her license for her own transactions.
It's a tough call, but it boils down to lifestyle. Are you ready to give up the city? East Meadow is not too far out at all, so you're not far from the city via rail, and you can drive to Queens. It's good to have the better school district for resale, even if you don't plan to stay in that district when you have your own children.
Location: Concrete jungle where dreams are made of.
8,900 posts, read 15,939,050 times
Reputation: 1819
I'm from Long Island, so it isn't that bad moving back. I miss it anyway. I do like Queens (I lived here as a little kid, but did most of my growing up on LI), but I ultimately want to go back to Long Island in the long-term.
I'm from Long Island, so it isn't that bad moving back. I miss it anyway. I do like Queens (I lived here as a little kid, but did most of my growing up on LI), but I ultimately want to go back to Long Island in the long-term.
okay then Rachael, I bid you adieu, and pray that you don't start one of those threads when you move - you know, like "Long Island is way, way better than that dump, NYC."
Very roughly, I'd say the house on LI will cost you about $3,000 more in taxes per year.
Here is the breakdown. Based on your income, staying in the city would cost you about $3,500 in city income tax and city property tax on the co-op would be about $1,600.
In the suburbs, of course, you pay no city income tax. However, you indicated that you thought the L.I. house was worth about $450K. This will cost roughly $8000 in annual property taxes.
Another thing to consider is that suburban property taxes go up at least a few percentage points every year without exception, mostly because each school district gets to set its own tax rate. Your property tax burden is mostly the school taxes. The city income tax isn't likely to go up anytime soon (and certainly not every year) because it is much more difficult pull off politically.
If you are getting a great deal on the house, maybe it's worth the extra tax cost!
I'm 25 and also originally from LI, and I bought a 1BR coop in Forest Hills a couple of months ago (my girlfriend lives with me). A couple of things that led me down that path, as opposed to looking to buy on LI, were:
- I paid in the upper $200s for my place. On LI, I'd be skeptical of getting anything decent regardless of size in that price range. Are you sure this place is as good a deal as it seems? Make sure you get all the appropriate inspections and stuff.
- Having a house just seems like a lot of work. Landscaping, plumbing, electrical system, heat, roof.. these are all things I'd just as soon leave to somebody else. Even if everything is working perfectly when you buy it, things will obviously go wrong.
- I don't need more space. In central/eastern Queens, apartments tend to be decent sized -- our 1BR is 850 s.f., which is fine for us.
- I've had it with having a car. We went from having 2 cars when we were on the island to 1 car in Astoria to no car here, and it's great -- not only far cheaper, but also just one less thing to worry about. We have subways, LIRR, and about 87 different bus lines within a 5-minute walk.
- I work in the city and would have to take the dreaded LIRR-to-the-subway route to the office from LI.
- LI taxes. Nuff said.
Now, one thing you didn't mention is whether you're planning to start a family soon. If so, and you want to have good schools and a yard and a community to settle down in for the kid(s) -- or if you really strongly prefer the suburban lifestyle -- then I could perhaps better understand the desire to buy on the island given the right opportunity. For me, I figure, I'm a few years away from having kids, then they won't be of school age till 5 years after that, and even then, the schools here aren't that bad, so we could conceivably stick around another 4 or 5 years still. (Although by then the 1BR will probably seem a little cramped!) And I actually kinda like being able to walk to stuff.
In any case, good luck with the decision!
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