Should we buy a co-op? Maybe a condo? in NYC?
Together my fiance (27) & I (24) kind around $6,960/month AFTER import tax. We're currently living in an apt in Long Island thats nearly $1900/mon surrounded by rent; however we would much fairly own than verbs throwing our money away. We are considering a co-op in Nassau Co or Queens (pref. Queens b/c of the lower taxes). My credit is around 730, his around 640. He JUST purchased a motor (in his mark only) which prob wouldnt look the greatest when we apply for a mortgage, but I own no coup¨¦ donation (the 2001 Toyota is compensated past its sell-by date w/ plenty of + equity.. we've granted to sit w/ one sports car pmt for as long as we can!) We spend abt 3300 a month within bills (this inclds current rent), disappearing us w/ abt $3600 respectively month.
Should we return with a co-op? We plan to walk out NY within 3-4 years, and really dont want a house... Would a NICE 2br co-op within a "neighborhood setting" (a green nouns w/ landscape, etc... not a short time ago a hulking building of units) in Queens be feasiable? What could we afford respectively month?Is 249K too much for our budget?
Answers:
Co-ops are tricky. You should categorically buy afterwards rent. I am within impossible to tell apart boat as you right very soon and am decide wether or not to buy or rent. If you buy a co-op you should look at the downpayment requirement, co-op board rules, if in that is a flip import tax, parking, laundry services, proximity to NYC. You should look into Glen Oaks, Bayside, Little Neck, Douglaston, Forest Hills(big buildngs though). You can win a 2 br co-op surrounded by these neighborhoods besides Forest Hills surrounded by the 200k's.
Condo's are better because you own it out right but you cannot grasp one contained by the 200k's; you are lucky if you can catch within the 300k's. Long Island's condo bazaar is too expensive and the taxes are too dignified. You can however get hold of a house contained by the 300k's though. If you requirement minister to e-mail me.
I meditate you hold several decision to label. First, you want to want if you want a condo or co-op. Then you hold to opt where on earth you want to live (Queens, Nassau, NYC?). Then you should know that owning any TRUE estate for a short length of time can be risky because surrounded by the short run, history have shown, that prices can fluctuate down word.
Once you read between the lines the risk and the possibility of you holding on to your property beyond your duration of living in NYC, later you enjoy to want if you want to move forward. Assuming you want to do so, your income seem fine for a a $250,000 property and Queens or Brooklyn look similar to unadulterated possibilities base on your income. As they enunciate, look thorny and buy right!
All the best.
Jonathan
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Should we return with a co-op? We plan to walk out NY within 3-4 years, and really dont want a house... Would a NICE 2br co-op within a "neighborhood setting" (a green nouns w/ landscape, etc... not a short time ago a hulking building of units) in Queens be feasiable? What could we afford respectively month?Is 249K too much for our budget?
Answers:
Co-ops are tricky. You should categorically buy afterwards rent. I am within impossible to tell apart boat as you right very soon and am decide wether or not to buy or rent. If you buy a co-op you should look at the downpayment requirement, co-op board rules, if in that is a flip import tax, parking, laundry services, proximity to NYC. You should look into Glen Oaks, Bayside, Little Neck, Douglaston, Forest Hills(big buildngs though). You can win a 2 br co-op surrounded by these neighborhoods besides Forest Hills surrounded by the 200k's.
Condo's are better because you own it out right but you cannot grasp one contained by the 200k's; you are lucky if you can catch within the 300k's. Long Island's condo bazaar is too expensive and the taxes are too dignified. You can however get hold of a house contained by the 300k's though. If you requirement minister to e-mail me.
I meditate you hold several decision to label. First, you want to want if you want a condo or co-op. Then you hold to opt where on earth you want to live (Queens, Nassau, NYC?). Then you should know that owning any TRUE estate for a short length of time can be risky because surrounded by the short run, history have shown, that prices can fluctuate down word.
Once you read between the lines the risk and the possibility of you holding on to your property beyond your duration of living in NYC, later you enjoy to want if you want to move forward. Assuming you want to do so, your income seem fine for a a $250,000 property and Queens or Brooklyn look similar to unadulterated possibilities base on your income. As they enunciate, look thorny and buy right!
All the best.
Jonathan