Buying a house in LI

dita531 Posted: Mar 31, 2005 02:24 PM

Buying a house in LI

I can't get over how damn expensive it is! FH and I currently live with my parents and will hopefully own our very own shack/cardboard box within a year of getting married.
We look back at our parents and even though we are doing better financially we can afford anything near what they were able to buy.
I get so depressed when I see what houses go for. The new houses they are building are HUGE too- who can afford to live there?

nov04LIbride Posted: Mar 31, 2005 02:28 PM

Re: Buying a house in LI

We bought a condo. It was still very expensive, but not as much as a house, and it has increased over $40,000 in value since we bought last June. It's been a great investment. I doubt either of us could have lived with our in-laws without going insane!

dkwife Posted: Mar 31, 2005 02:29 PM

Re: Buying a house in LI

check the home board, everyone is miserable!!

Mrs. dleeny Posted: Mar 31, 2005 02:35 PM

Re: Buying a house in LI

we're probably going to move out of state within a few years time, maybe sooner.

we're not spending $400-$500K on a fixer upper with $7k or higher a year in taxes.

there is no American dream on Long Island....well, unless you're rich

VS11 Posted: Mar 31, 2005 02:41 PM

Re: Buying a house in LI

Posted by dkwife

check the home board, everyone is miserable!!

steflily Posted: Mar 31, 2005 02:45 PM

Re: Buying a house in LI

Posted by dleeny

we're probably going to move out of state within a few years time, maybe sooner.

we're not spending $400-$500K on a fixer upper with $7k or higher a year in taxes.

there is no American dream on Long Island....well, unless you're rich

I've had two friends do this over the past two years - one of the my MOH.

I am so worried about this - we can't start small since he's already got two kids. How do other people do it?

RedHead Posted: Mar 31, 2005 02:46 PM

Re: Buying a house in LI

Posted by nov04LIbride

We bought a condo. It was still very expensive, but not as much as a house, and it has increased over $40,000 in value since we bought last June. It's been a great investment. I doubt either of us could have lived with our in-laws without going insane!

ditto

great intro to home ownership!

Mrs. dleeny Posted: Mar 31, 2005 02:48 PM

Re: Buying a house in LI

Posted by steflily

Posted by dleeny

we're probably going to move out of state within a few years time, maybe sooner.

we're not spending $400-$500K on a fixer upper with $7k or higher a year in taxes.

there is no American dream on Long Island....well, unless you're rich

I've had two friends do this over the past two years - one of the my MOH.

I am so worried about this - we can't start small since he's already got two kids. How do other people do it?

that's a good question. I guess they make WELL into the 6 figures and up.

FH and I have good jobs and could afford it, but it's a terrible value to buy on LI in this market. I would hate to leave NY, but it's not really an option to stay.

cantwait2bewed Posted: Mar 31, 2005 02:50 PM

Re: Buying a house in LI

Me and FH are in the process of building our home in PA. WE COULD NEVER AFFORD TO LIVE IN LI. Its' insane the prices for houses out here. The house we are building is so big and we are not spending very much for it. Out here the house would be worth $1million or more. And I'm serious.

SeptemberBride03 Posted: Mar 31, 2005 02:50 PM

Re: Buying a house in LI

We're in the process of buying a condo in Chicago right now and we've been married 1 1/2 years. If it makes you feel better - its just as expensive here! The 'burbs are cheaper than LI but the city isn't....

littlebookworm4 Posted: Mar 31, 2005 03:10 PM

Re: Buying a house in LI

we only did it because we bought FI parents house

mcaula Posted: Mar 31, 2005 03:11 PM

Re: Buying a house in LI

A condo sounds like a good investment maybe me anf future hubby will look into that because I know he does not want to live with my parents for too long

VS11 Posted: Mar 31, 2005 03:16 PM

Re: Buying a house in LI

We already have a place to live after we get married,,BUT we are seriously looking into buying a townhouse/condo....

I figure it will be better for us..and then in a couple of years buy a house..

It is just hard finding a townhouse in the areas we are interested in....

AND some of them are more than a house..

Buying a nice shed seems like a great idea right now...

boobobunny Posted: Mar 31, 2005 03:18 PM

Re: Buying a house in LI

we closed on our house last oct....its a struggle but is so worth it....everyone tells me if you can throught the 1st yr your golden.

jesslangen Posted: Mar 31, 2005 03:18 PM

Re: Buying a house in LI

We live with my parents. We dormored their house and took on half the mortgage. It turns out to be a great investment for us because in 15 years (when im 46) Ill own a house already!

After the added extension FH and I wound up with 4 bedrms, 1 full bath with tub, 1 bath with shower stall and potty, a living room, and eat in kitchen.

Sure living with my parents can be a pain, but it has so many more advantages....LIVE IN BABYSITTER!!

july06bride Posted: Mar 31, 2005 03:22 PM

Re: Buying a house in LI

living out of state and parents are moving 1/2 time in ct with me and 1/2 time in florida...so i wont be moving back to li

but i have fam there so i will visit often

SomethingBlu Posted: Mar 31, 2005 03:24 PM

Re: Buying a house in LI

Posted by mcaula

A condo sounds like a good investment maybe me anf future hubby will look into that because I know he does not want to live with my parents for too long

A condo is good, but I hate neighbors...so we'll have to come up with a huge downpayment and really look. Orange County, NJ, all options for us.

dita531 Posted: Mar 31, 2005 03:43 PM

Re: Buying a house in LI

I heard on news12 the other day that there are over 340,000 people between the ages of 24 and 31 still living with their parents on LI becuase they can't afford to move out.

Mrs. dleeny Posted: Mar 31, 2005 04:03 PM

Re: Buying a house in LI

Posted by dita531

I heard on news12 the other day that there are over 340,000 people between the ages of 24 and 31 still living with their parents on LI becuase they can't afford to move out.

my sister is one of them

leighdvm Posted: Mar 31, 2005 04:04 PM

Re: Buying a house in LI

Me and FH make good salaries -- but there is no way that we'll buy a house here. We don't want to struggle like we would here. So we are moving out of state.