For those of you buying a house on LI? How are you doing it at these prices?
peabody
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For those of you buying a house on LI? How are you doing it at these prices?
I look through the Sunday paper at the houses for sale. I am in SHOCK how much these houses are going for.
If we didn't buy (we bought about 2 1/2 years ago) when we did we would have had to move off LI. We just refinanced and our house appaised about $150,000 more than we paid. Which is great, but I think it's crazy how much it went up in 2 1/2 years. We wouldn't be able to buy our own home today.
For all of you who are house hunting and in the process of buying, how can you afford it when the average house is 350,000 in Suffolk and well over 400,000 in Nassau?
Good luck to you all.
swags1016
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Re: For those of you buying a house on LI? How are you doing it at these prices?
Sticker shock huh? Scary right!
For us (we closed in June) 2 incomes, savings and knowing that I will never be a SAHM I don't know we are doing it. We are paying all of our bills and still shopping and doing things. We are not spending like we used to but your priorities change as you know. What's scary is what will the prices be when our kids go to buy???
But I agree it is a little intimidating, but as the saying goes, 'If you can make here, you can make it anywhere!'
halloweenbride04
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Re: For those of you buying a house on LI? How are you doing it at these prices?
We're in 'serious' house hunting mode and I'm not sure how we will do it and we make decent salaries. We both work in Nassau amd wanted to buy somewhere near the Nassau/Suffolk border but we've now been talking more about buying a further east since we can get more house and more property for our $$. It's very tough though!
cluelessbride
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Re: For those of you buying a house on LI? How are you doing it at these prices?
We will be cash poor. In our budget there is no room for vacations or elaborate holiday shopping. I am looking forward to buying a home but I am also very nervous.
julz33
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Re: For those of you buying a house on LI? How are you doing it at these prices?
IMO the mortgage payments are not bad... have you looked at the cost of renting nowadays?? Our mortgage is not much more. Coming up with the downpayment and money for fixing up is what I assume to be the hardest part for people. For us we lived with parents and saved for 2 years and bought a fixer upper (and we are doing most of the work ourselves). It was worth it!
CherylBooch
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Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by julz33
IMO the mortgage payments are not bad... have you looked at the cost of renting nowadays?? Our mortgage is not much more. Coming up with the downpayment and money for fixing up is what I assume to be the hardest part for people. For us we lived with parents and saved for 2 years and bought a fixer upper (and we are doing most of the work ourselves). It was worth it!
ditto for us.
peabody
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Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by julz33
IMO the mortgage payments are not bad... have you looked at the cost of renting nowadays?? Our mortgage is not much more. Coming up with the downpayment and money for fixing up is what I assume to be the hardest part for people. For us we lived with parents and saved for 2 years and bought a fixer upper (and we are doing most of the work ourselves). It was worth it!
Yes, renting is quite expensive too.
I am just wondering how people are putting down 15% - 20% on a 400,000 home. That's about 80,000 without closing costs. With still a 300, 000 mortgage. How do afford a 300 - 350,000 mortgage?
julz33
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Re: For those of you buying a house on LI? How are you doing it at these prices?
Our mortgage is for about $230K, so our payments are only about $1350. We had a large downpayment plus paid closing costs out of pocket but that was from saving/living with parents for 2 years. It also took a lot of searching to find a house we didn't think was overpirced (well they are all overpirced, but you know what I mean). So for us it is not that bad. However, If we were not living with parents (therefore paying rent) for those 2 years we would have NO downpayment. In that case it seems impossible to buy a house!
cluelessbride
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Re: For those of you buying a house on LI? How are you doing it at these prices?
We are trying the living with parents thing now. It's not to our liking. We both lived on our own for years, so to go back to parents (we live with his mom) is rough.
But like Julie said, rents are really high too. So we've been sticking with the plan although lately we are soooo eager to get out.
swags1016
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Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by julz33
Our mortgage is for about $230K, so our payments are only about $1350. We had a large downpayment plus paid closing costs out of pocket but that was from saving/living with parents for 2 years. It also took a lot of searching to find a house we didn't think was overpirced (well they are all overpirced, but you know what I mean). So for us it is not that bad. However, If we were not living with parents (therefore paying rent) for those 2 years we would have NO downpayment. In that case it seems impossible to buy a house!
Exactly that is what makes it hard. We have not lived with our parents in years. DH's parents moved away when he was 18 and he has been on his own since. We were still able to save for a house and wedding all on our own. We weren't' able to put 20% but we did have a nice down payment and money left over. Our payments are over 2k and IMO that is a big difference from 1350. 1350 we would find much easier, but you have to get on the 'board' as they say, however you can. If we were younger, had family that could help us fix up a house and teach DH then that would be different but we were not in that situation. Am I complaining- NOPE I don't mind the sacrificing because this is our house, we love it an we will never have to leave it. Hopefully in a few years it will be easier but either way it is worth the sacrifice!
september2004
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Re: For those of you buying a house on LI? How are you doing it at these prices?
we are looking in jersey and coming across the same problem...
instead of a house we are now going to widen our search to include the condo option. i did not want to do this but feel financially it may be the better move for us. we don't want to rent anymore, and a 350-400K condo would be the equivalent of what we would pay for a 2 bedroom in our current building (the one bedroom is now way too small). the extra 100-150K we would look for in a house would put us in the poorhouse, we would manage but the stress level would be too great.
we are still undecided but continue to look...hopefully we will buy SOMETHING in 2005!
RedHead
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Re: For those of you buying a house on LI? How are you doing it at these prices?
We bought a condo that has doubled in price...hence this is our down payment! Without that, we wouldn't be able to do it... And it is abot the search..there are places out there!
RedHead
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Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by julz33
Our mortgage is for about $230K, so our payments are only about $1350.
how is that possible????
I have a 88K mortgage NOW. Our payments are 760 (and that is with VERY LOW taxes). How is it possible that you took out a 230 K mortgage and only have 1350???? PLUS taxes?
doesn't add up
DjPiLL
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Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by oct.2004bride
Posted by julz33
Our mortgage is for about $230K, so our payments are only about $1350.
how is that possible????
I have a 88K mortgage NOW. Our payments are 760 (and that is with VERY LOW taxes). How is it possible that you took out a 230 K mortgage and only have 1350???? PLUS taxes?
doesn't add up
That number probably doesn't include taxes. My $145k mortgage equals about $800 worth of payments (without taxes).
kpny622
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Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by oct.2004bride
Posted by julz33
Our mortgage is for about $230K, so our payments are only about $1350.
how is that possible????
I have a 88K mortgage NOW. Our payments are 760 (and that is with VERY LOW taxes). How is it possible that you took out a 230 K mortgage and only have 1350???? PLUS taxes?
doesn't add up
probably because she has a lower interest rate
we just bought and are VERY nervous about it too...it will just be that every single penny goes to bills for a little while...
julz33
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Re: For those of you buying a house on LI? How are you doing it at these prices?
That is without taxes. We pay the taxes seperately.
missmmpr
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Re: For those of you buying a house on LI? How are you doing it at these prices?
We have a mortgage of $280k and a HELOC for $40K...
princess99
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Re: For those of you buying a house on LI? How are you doing it at these prices?
The taxes are what is killing all of us. My house is 9,800 in taxes a year. I nearly fell over when I found out. I just bought my sister out of her share of the house, my parents have both passed away. We are going to closing any day now. I do not know how we would have afforded the house we are in. We are going to grieve our taxes, that is for sure. We also have a legal mother - daughter so we might rent out the apt too. DH is going to work the after school program at work and work summers while I work also. Our mortgage payment is going to be close to 2,000 amonth. They have to do something on LI so young peoole wil stay. It is ridiculous what we are paying in taxes! ( Sorry for my mini rant about taxes!)
RedHead
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Re: For those of you buying a house on LI? How are you doing it at these prices?
well then i have to say i am really happily surprised...If people are getting such low payments i can't wait for our search to begin We have been casually looking for a few months but didn't want to officially start the process until the new year... We will be putting about 100K DP and if people are having such low mortgage payments I AM EXCITED
Betty
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Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by oct.2004bride
well then i have to say i am really happily surprised...If people are getting such low payments i can't wait for our search to begin We have been casually looking for a few months but didn't want to officially start the process until the new year... We will be putting about 100K DP and if people are having such low mortgage payments I AM EXCITED
Don't get excited too fast . We were looking at a house a little over $400,000 (unfortunately the going rate for good houses) and we were going to put down $100,000 too........the mortgage payment was still going to be about $1800 . That was w/o taxes (and in Nassau County)
