Help! I want to invest and stop throwing away money in rent. I have looked at apartments in queens but the prices are insane! I can't afford to pay more than 13 or 14 hundred dollars for mortgage, taxes and maintenance total. Most places that are in a decent neighborhood run 275k and up! Should I just continue to save and invest while renting so that I have a solid down payment in 3-5 years?...but then i worry that prices will be even higher by the time i have enough money for a solid downpayment the property price would have increased the same amount that i have saved! Should i save and rent and in 5 or so years move to an area where it's not as expensive...like indiana!?
2006-08-17 04:58:23 · 5 answers · asked by Queen Nefertiti 3 in Business & Finance ➔ Renting & Real Estate
I forgot to mention.. these are for one bedroom apartments. The one i saw yesterday was only 400 square feet and they wanted 250k!
2006-08-17 05:15:22 · update #1
You are not throwing money away renting. People who say that without knowing specific circumstances of your life and finances have their heads up their butt hole.
You already see the issue for what it is; continue to rent and save. There are numerous articles about property devaluation in large urban areas (San Diego, Chicago, Atlanta, Denver, New York) so it's a good time to wait and see.
The expenses of home ownership are astronomical; talk to anyone who has a foundation issue or an issue of plumbing from their pipes out to the sewer main. Heck, just property taxes alone in some areas can run more than you would ever believe, so you have to know the tax percentage in that county. You may end up sticking with renting.
2006-08-17 06:16:44 · answer #1 · answered by rightonrighton 3 · 0⤊ 1⤋
I agree with Mike. In some cases, renting makes sense esp. if you are trying to buy in an overheated mkt where the avg price of a hse is well above the national average. You could try and buy with less money down but you will be penalized by paying PMI which is REALLY throwing away money. Save for a while and buy when you can afford the monthly obligation.....
2006-08-17 07:27:05 · answer #2 · answered by boston857 5 · 1⤊ 0⤋
I am in the same boat (and area) as you.
How did you manage to find places that were only $1,400 a month? The cheapest places I looked at were $2,000 to $2,500 with maint. and taxes.
I am saving for a house out of the area because the prices here are insane.
2006-08-17 08:24:15 · answer #3 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
enable me get this as we communicate: you're an individual that thinks he could purchase a "city abode" on Waverly place in basic terms via fact his daughter likes that practice???? Sorry, that in basic terms isn't credible! you're a teenager your self, and probable a rather youthful teen to be so naive! Waverly place is a quick highway interior the Village, regularly taken up via NYU homes and bisected via Washington sq. Park. There are no longer any "city properties" there in any respect! There are some residential place of residing homes, regularly no longer very severe (possibly 12 thoughts at maximum) and many NYU homes. next time, do no longer attempt to pretend you're an person. it rather is embarrassing!
2016-09-29 09:09:42 · answer #4 · answered by ? 4 · 0⤊ 0⤋
A really good website to browse local real estate/real estate agents is: http://www.realestateforsaleinnewyork.com
It's really easy to navigate and is full of info about realtors with links to their personal websites. What's nice about this site is you can check out all the listings available on the agent's personal sites without having to contact a realtor first.
But if you can't find anything that fits your criteria, you should consider contacting a realtor. It's their job to help you find what you're looking for in your price range. Hopefully that helps. Good luck!
2006-08-17 06:36:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋