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i keep on thinking if its even worth to buy a 3-4 bedroom where i live in BP where the morgatge will be approx $2000+ month and this is without the tzamkratzing a downpayment isnt it rather to stay renting a whole life??????
There are a lot of factors for you to consider, including your own personal financial situation, how long you plan to stay and half a dozen other things that I couldn’t think of off the top of my head.
Consult someone familiar with your personal financial situation.
The Wolf
$2000 per month? In BP? Don’t houses there cost at least 500k-600k? $2000 per month is not even a $400k loan, at a 4.5% interest rate. Don’t forget to add in insurance, higher utilities cost, and maintenance on a house.
work up the numbers first and then you can make an educated decision.
it is currently a buyers market. If you can afford the mortgage payments and have money saved up for a downpayment, def. buy. When you buy a house, you have equity. Renting only throws money into a big black hole you will never see again.
Feif
I just closed a deal for my client on a house in Bk a 40×100 lot and his payments come out to $2,200 and change/Mo, if you are going to rent a HOUSE in Bk you really cant get one for cheaper than that. The biggest question is, can you afford a down-payment?
Yes it is a Buyer’s market but it also depends on how badly the Seller want to let go of his property.
In my opinion it does not pay to buy a house in NYC in general and BP in particular. We just don’t have the same oppurtunity that our parents had. Twenty five years ago almost everyone was able to buy a house and a bungallow, and nowadays a young couple doesn’t even dream of it!
You really need to sit down with your accountant and figure out what you can afford to do. Yes renting is only throwing money away, but you have to take into account ALL the expenses of ownership which of course is everything everyone said above plus utilities and repairs including boilers, roof leaks, sidewalk repairs, lawn maintenance, etc. You need to look at the whole picture. That is why some people try to build equity slowly by buying an apartment and work themselves up. If you buy an apartment which is only 1/2 of a house or 1/3 of a house and share the costs you still build equity because you are not throwing your $2,000 away each month, you are paying off a mortgage and you still own your apartment which you can sell down the line and use that money as a downpayment for something you can better afford later on.
Only you and your financial advisor know what is best for you at this time. Hatzlocha.
Sac, where in Brooklyn? the frum neighborhoods are much more expensive than that for such a big lot. I live in Kensington where there are many big lots like that but the houses are at least in the 5-6 hundred thousand range for a lot that size.
common
Midwood. The PP was in the upper 6 range. He mortgaged a little over 4.
Sac, how much did the house sell for? How much did the buyer put down?
5% down (here’s where Buyer’s market helps you). Upper 6 (for obvious reasons I don’t want to give exact info)
To the OP:
A morgage on BP apt will cost you more than $2000 monthly.
Rent for a 3 bedroom will cost about $2000.
Either way is insane. We gotta get outta here!
If you are getting parsonage, then you can double deduct it, by deducting it from AGI “above the line”, and then deducting it from taxable income “below the line”.
It is a ?????? revenue ruling. 87-32
Sac
How does that figure? He got a mortgage for 4, put down 5% (lets say 30G), and got a house that sold for over 6? Am I missing something?
If I am thinking about staying put for around 5 years, and where I live (not ny) rent is 1500 and a mortgage is 1800 (all inclusive) and I can afford the 1800, should I do it?
oh_yeah
It’s possible but not through the typical channels and you need excellent credit, you may also need special arrangements such as private mortgage insurance (which gets pricey). There are also government programs (FHA) that insure mortgages for first time buyers with low down-payments (this is the route we went with my client).
seventy
Do the math.
If he only had to mortgage 4 and it costs 6 ____ ?
(He paid 2 out of pocket)
It still pays to buy and not rent 😉
seventy
If you are only planning on staying in the area (state?) for 5 years you have to factor in to your decision the risk of depreciation (I don’t know where you live but) in a real estate economy like this where, for the most part, nothing has picked up over the last 4 years, you don’t want to be left with a stale property.
Besides the mortgage there are real estate taxes, water, fuel, home insurance,gardening and extras that happen such as plumbing where a water main, hot water heater, furnace need repair or replacement. In addition is roofing that needs upkeep.
Make sure that you are able to cover both expected and unexpected expenses. Boro Park is still expensive. Anything going for 5-6 hundred needs alot of work which adds to expenses too. Many people forced into forclosure went ahead and purchased homes thinking that the mortgage was the only expense. I fargin you with my whole heart and good luck.
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