OK, here is the situation . . . (living arrangements)

BriBri529 Posted: May 22, 2005 05:00 PM

OK, here is the situation . . . (living arrangements)

We have 2 options . . .

1) Very small one bedroom co-op in Middle Island. Beautiful, Meticulous. Efficiency kitchen, room for dining table right outside the kitchen. Bedroom is very tight but lovely. One tiny bathroom. This would be a purchase, but again, many factors can make this an investment or a 'dud'. We can end up stuck with this place and there is literally NO room to work with if in fact we end up having kids - LITERALLY NO ROOM. Anything else that we would be able to afford right now would be pretty unliveable and would need tons of work. Heat, water, Gas cooking, maintenance included CAC- responsible for electric. Laundry room must be payed for. Use of pool and tennis courts. Patio Deck.

2) Rent for about $200 more a month than our mortgage would be, HUGE- two bedrooms, two bathrooms- basically a two story condo but for rent. Community fees are included. We just have to pay for our electric. Cooking is electric. Can hook-up for washing machine and dryer. CAC, maintenance, hot water heater and heat included. Use of gym, clubhouse, pool, tennis courts.
attached is the link of the layout of the rental, don't have one for the co-op.

Which would you choose:

http://www.brookwoodtownhouses.com/prod03.htm

july06bride Posted: May 22, 2005 05:14 PM

Re: OK, here is the situation . . . (living arrangements)

i personally feel that renting is a waste of money! when you rent you basically are giving up a lot of money and not getting anything in return...

yes, you may be looking at a small condo- but it is an investment because you are putting $$$ into something that is YOURS, not helping someone else to pay their mortgage.

as far as it being small, you can make it work- the only thing i can say is if you r planning on having children with the next year or two it may not be worth it...cause youd have to buy something else at that point...

but if you can stay in this place for like 2 years, save $$ , use condo as an investment (either sell or rent )when you are ready to have children and then buy something bigger i say DO IT!

good luck deciding

Mrs. dleeny Posted: May 22, 2005 05:23 PM

Re: OK, here is the situation . . . (living arrangements)

I would normally say BUY! but I voted for renting b/c you said the co-op was so small. if you & your FH decide to start a family in the next few yrs, I would rather have the bigger place now. it's such a PAIN in you know what to move!

BriBri529 Posted: May 22, 2005 05:26 PM

Re: OK, here is the situation . . . (living arrangements)

My main fear is that we may not be able to get rid of the co-op when we want to and will be stuck there . . .

july06bride Posted: May 22, 2005 05:27 PM

Re: OK, here is the situation . . . (living arrangements)

you could always use it as a rental property for a single person/young couple/college student , eldery single or couple and then could still use the $$ as investment

Mrs. dleeny Posted: May 22, 2005 05:30 PM

Re: OK, here is the situation . . . (living arrangements)

Posted by BriBri529

My main fear is that we may not be able to get rid of the co-op when we want to and will be stuck there . . .

this is a piece of advice that someone (in real estate) once told me. he said never buy anything with less than 2 bedrooms.

Although on LI there are alwys singles looking for 1 bedrom apt. it's a tough decision!!!

good luck

jaclyncalderon Posted: May 22, 2005 05:34 PM

Re: OK, here is the situation . . . (living arrangements)

I think you kinda answered your own question - if you re-read your post its so obvious that you want the townhouse so i say go with that!

BriBri529 Posted: May 22, 2005 05:40 PM

Re: OK, here is the situation . . . (living arrangements)

Posted by jaclyncalderon

I think you kinda answered your own question - if you re-read your post its so obvious that you want the townhouse so i say go with that!

I LOVE the co-op, but I just feel that as gorgeous as it is, it is TEENY!!!!

But then in the back of my mind I feel like we are throwing our money out the window on a rental . . . .

Here is a link to it . . . literally what you see is the size- nothing more to it . . .

http://www.mlsli.com/unidetails.cfm?mlnum=1692130&typeprop=1

We are paying for the wedding on our own and are really just starting out, so with common charges and little money for a down payment it will be a real struggle for a diamond 2 bedroom- co-op . . . .

july06bride Posted: May 22, 2005 05:42 PM

Re: OK, here is the situation . . . (living arrangements)

I really like it!

wood2be Posted: May 22, 2005 05:48 PM

Re: OK, here is the situation . . . (living arrangements)

If you can afford to buy something now, BUY it!! Real Estate prices may level off but are not going to drop enough to make it a real loss. I sell studio co-ops. I sold one in October for 140k and they are now going for 190K. To me it's worth living in a smaller place for a few years and building some equity.

kimmiekakes Posted: May 22, 2005 05:52 PM

Re: OK, here is the situation . . . (living arrangements)

Well I agree to some point that renting is a waste of money, BUT when you are paying for your own wedding, like me and my FH, renting is our only option for now. Some people can afford to buy, but others can't. I say go with what you want. I used to be in such a rush to get a house, but I have realized after planning this wedding and seeing other couples we know struggle when buying a house right away, I don't want the struggle while we are newlyweds. I want happiness.

DebsNY Posted: May 22, 2005 06:13 PM

Re: OK, here is the situation . . . (living arrangements)

If you plan on waiting 2 or 3 years for kids, I'd buy the co-op, if you want to have kids right away, I'd rent the townhome.

In all honesty, I don't think you'll have a hard time selling the co-op - and if you have the money to buy, I think it's better to do so so that you have something to sell later.

Good luck with your decision!

RedHead Posted: May 22, 2005 06:31 PM

Re: OK, here is the situation . . . (living arrangements)

Posted by dleeny

Posted by BriBri529

My main fear is that we may not be able to get rid of the co-op when we want to and will be stuck there . . .

this is a piece of advice that someone (in real estate) once told me. he said never buy anything with less than 2 bedrooms.

Although on LI there are alwys singles looking for 1 bedrom apt. it's a tough decision!!!

good luck

Well tha tis EXTREMELY BAD ADVICE

ALWAYS buy! ALWAYS put your money in an investment that YOU WILL GET BACK!

Thankfully i did 3 years ago. bought our condo (1 bedroom by the way) and it has now MORE THAN DOUBLED in vlaue and is my down payment for our home!

ALWAYS ALWAYS BUY!

pschica Posted: May 22, 2005 06:43 PM

Re: OK, here is the situation . . . (living arrangements)

I AGREE, ooops...had my caps on - everyone i know who jumped on a good buy that was small, made money in the long run when they tried to sell....

sarahthegreat Posted: May 22, 2005 06:47 PM

Re: OK, here is the situation . . . (living arrangements)

i am not in real estate and when fh start looking for living arrangments, i'm sure it will be difficult for me to understand. but i do know this, we are going to avoid renting at all costs. its one thing me and chris agree on. whether its a condo or a house, is another issue altogther, but i do know that we will buy what we can afford.

i say go for the townhouse, you will not be stuck there.

good luck with whatever you decide

LImom Posted: May 22, 2005 09:42 PM

Re: OK, here is the situation . . . (living arrangements)

Can't you continue looking? I know this was not one of your choices, but I definitely agree with purchasing something of your own. If you are unsure of it's value as a resale, I wouldn't rush into it. Your instincts are probably right on.

Good luck.

BriBri529 Posted: May 22, 2005 09:45 PM

Re: OK, here is the situation . . . (living arrangements)

honestly, it is gorgeous and we are actually in 'competition' with another couple for this co-op . . . .

palebride Posted: May 22, 2005 09:55 PM

Re: OK, here is the situation . . . (living arrangements)

I would say buy the co-op!
Even if you decide to start a family in a year or two, you can sell it and at least have some money made.

We live in a co-op - it's pretty small - but we make it work.....you do what you have to do.

The woman who lives above us bought the same day we did....moved in about a month after us - so about a year ago. She just sold her's for $70,000 more than she paid for it a year ago. And this is not a desirable location.
Chances are in your favor that you will make money off the deal if you buy. If you rent, there's no chance you'll make money.