For those of you buying a house on LI? How are you doing it at these prices?
Original post by peabody
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.
Karacg
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
I don't know of too many people who found living with the in-laws to be a good situation (except julz of course). I am just suggesting a starter home - coop or whatever - as opposed to living with family or renting. And while yes the market may slow down, you can sell later, as there is not much more building to be done (I bought in Queens where there is no more space) you should get back enough for a down payment.
So many people want to move into their 'dream house' immediately because they compare themselves to everyone else and think they should be able to have that lovely home immediately, but I think it takes time and hard work and savings and sacrifice. Sometimes that's what helps bring a couple closer together. And makes you appreciate what you do have, on your own without having to rely on someone else. And I could never live with my mom without contributing to the household fairly.
RedHead
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by Karacg
I don't know of too many people who found living with the in-laws to be a good situation (except julz of course). I am just suggesting a starter home - coop or whatever - as opposed to living with family or renting. And while yes the market may slow down, you can sell later, as there is not much more building to be done (I bought in Queens where there is no more space) you should get back enough for a down payment.
well i think this is an exaggeration...And although it may not be someones ideal place to live, people do it all the time. I know LOT's of people who have moved in with their parents to save for a year or two (including my own parents way back when). And if it means getting a house...i would put up with anything! But you are right, this isn't for everyone and some might not be able to even have this opportunity There is A LOT of building here on LI everywhere. But most of the building that is going on are the pricey 600k houses or 400K condos :( People are still building in QUeens too. I just saw condo's go up right by my job in Queen's Village. You and I were able to get that nice DP cause we bought at a great time. A time when prices were still low and the market was at an all time high. This has pretty much gone.
But i agree...everyone wants their dream home and i do agree getting a condo or a starter home is a great idea as opposed to paying high rent. And yes it definately takes A LOT of hard work and sacrifice! And although it may bring a couple together, it is what rips them apart! Money is the number 1 reason for divorce! So i guess, like i said before, if you can, a great way to save is living at home and saving all your money.
cluelessbride
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
We are really struggling right now about whether or not to purchase a home that is just out of our comfortable price range. We would have to use a mortgage with a partial ARM and we're uncomfortable with that, but it may be the only way we can get in the market.
RedHead
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by cluelessbride
We are really struggling right now about whether or not to purchase a home that is just out of our comfortable price range. We would have to use a mortgage with a partial ARM and we're uncomfortable with that, but it may be the only way we can get in the market.
jmarshall
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
We just bought a house and the mortgage payments are ~2,600 (including taxes) plus additional payments on a HELOC. This is with putting 20% down. We are definitely struggling, but it is so wonderful to have a home of our own! It was a tough decision to buy but we don't regret it at all.
Sassyz75
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
#1- I doubt I can purchase ANYTHING in the tri-state area that isn't a crack den for a $1400/month mortgage with a low down payment (say 5%). This is my rent now. This is what I can afford.
#2- I am 30 years old.. I am not moving in with my mommy and daddy for free rent. I am an adult.
So we rent- and we save- and we see what happens.
IMO I don't think rent is throwing money away if it is what you can afford. Better live within your means than get a mortgage that isn't within your means.
D&C
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
For us I know we would never be able to afford a house that is perfect so we are just looking for how big the houses are and the school districts and the potential of the hous.e We plan on eventually gutting the entire house and redoing every room anyway with us and help from our dads too. For us is is the right move. We do not lead pricey lives at all, both bring lunch from home everyday, we go out but watch the money we spend. I love to shop but eveything I buy is majorly cheap. We just set aside a certain amount every month for savings for our future home and now that we are house hunting it feels so good. Yes it will prob take us years to get our home the way we want it, but its ours and theres a certain satisfaction that we made it work together.
julz33
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by Sassyz75
#2- I am 30 years old.. I am not moving in with my mommy and daddy for free rent. I am an adult.
Are you saying people who live with thier parents aren't adults? I think people missed my point (and Jen's point). I am not saying everyone should move back in with their parents to not have rent. Although I didn't pay 'rent' I didn't live there for free. Without getting into my families personal business lets just say it was just as beneficial for my mother and brother to have me there as it was for me to save $1K a month. I know there are many brides-to-be on BHB who have posted about their parents offering a place for them to live whether it is in their actual house or an apartment in their house. If you are in that situation then I just wanted to let everybody know that it worked for me. Also when people first get engaged (who are still living at home) the first instinct is to move out into an apartment with thier FH...my opinion is if you are already living at home and it is working out then why not wait a year or two... a lot of money can be saved in that time period. Thats what families are for, to help eachother out.
Sassyz75
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by julz33
Posted by Sassyz75
#2- I am 30 years old.. I am not moving in with my mommy and daddy for free rent. I am an adult.
Are you saying people who live with thier parents aren't adults? I think people missed my point (and Jen's point). I am not saying everyone should move back in with their parents to not have rent. Although I didn't pay 'rent' I didn't live there for free. Without getting into my families personal business lets just say it was just as beneficial for my mother and brother to have me there as it was for me to save $1K a month. I know there are many brides-to-be on BHB who have posted about their parents offering a place for them to live whether it is in their actual house or an apartment in their house. If you are in that situation then I just wanted to let everybody know that it worked for me. Also when people first get engaged (who are still living at home) the first instinct is to move out into an apartment with thier FH...my opinion is if you are already living at home and it is working out then why not wait a year or two... a lot of money can be saved in that time period. Thats what families are for, to help eachother out.
I am saying that I wouldn't feel like an adult moving back home with my husband and living in my mother's house.
If your families think it is OK for you to move back, and you are OK with that- then by all means. But I wouldn't be OK with it and I know my parents wouldn't be either- not because they don't love me or don't want to help us, but because we are all adults and it would be akward.
I truly believe that when are you making a decent living then you owe it to your parents to move out and give them peace and quiet unless they need you there for financial support. This is why I moved out when I was 23- because I could support myself and it was time for my parents' job to be over.
Also- when I got engaged I was 25 and already living in my own apartment- as was my DH- so we sure as heck weren't going to move back home!!!
MrsTC
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by julz33
Posted by Sassyz75
#2- I am 30 years old.. I am not moving in with my mommy and daddy for free rent. I am an adult.
Are you saying people who live with thier parents aren't adults? I think people missed my point (and Jen's point). I am not saying everyone should move back in with their parents to not have rent. Although I didn't pay 'rent' I didn't live there for free. Without getting into my families personal business lets just say it was just as beneficial for my mother and brother to have me there as it was for me to save $1K a month. I know there are many brides-to-be on BHB who have posted about their parents offering a place for them to live whether it is in their actual house or an apartment in their house. If you are in that situation then I just wanted to let everybody know that it worked for me. Also when people first get engaged (who are still living at home) the first instinct is to move out into an apartment with thier FH...my opinion is if you are already living at home and it is working out then why not wait a year or two... a lot of money can be saved in that time period. Thats what families are for, to help eachother out.
Julz I don't think Dina was saying people that live with their parents are not adults...but in all fairness, aren't you (from what I recall) still in your early 20s - right out of college? What she is saying that as an adult several years out of college it is extremely akward to be living in their house....which is why for some people moving in with them to save $ is not an option. And they want to have their own lives and therefore sacrifice and rent and save $.
bluegrl24ny
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Craig and I bought our newly renovated ranch three years ago for 275K - and even THAT was above our original price range!!! We were only able to do it bc we had serious help from his family and we lived in a tiny apartment with cheap rent for 2 and a half years. We had some help from my family too, but the bulk of closing costs and down payment was from what we saved and what Craig's parents were kind enough to give us. We never could have done this on our own though, even with our frugal saving and 2 salaries, we would just be ready to actually buy about NOW, and today's prices are so unaffordable to me now! Our house has almost tripled in value over the last 3 years, and all we've done was some minor landscaping and a PVC fence around the backyard! We couldn't afford to buy our own house today.....LI real estate is just crazy. I can't even imagine how expensive it's going to be once we start a family..... hopefully our salaries will have increased enough by that point!
Recently I've been daydreaming about moving back to NJ. What sparked it was seeing the house I grew up in selling for 500K!!!!!!!! Craig and I both agreed that if we could have afforded that house, we'd move to NJ in a heartbeat! It's so tempting to leave LI too bc I'd be so much closer to all my friends and family again..... but there's no way we could afford to move now. Maybe in a few years though - I don't want my kids growing up with the same money problems I had to deal with as a kid!
dandg
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
RedHead
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by MrsTC
Posted by julz33
Posted by Sassyz75
#2- I am 30 years old.. I am not moving in with my mommy and daddy for free rent. I am an adult.
Are you saying people who live with thier parents aren't adults? I think people missed my point (and Jen's point). I am not saying everyone should move back in with their parents to not have rent. Although I didn't pay 'rent' I didn't live there for free. Without getting into my families personal business lets just say it was just as beneficial for my mother and brother to have me there as it was for me to save $1K a month. I know there are many brides-to-be on BHB who have posted about their parents offering a place for them to live whether it is in their actual house or an apartment in their house. If you are in that situation then I just wanted to let everybody know that it worked for me. Also when people first get engaged (who are still living at home) the first instinct is to move out into an apartment with thier FH...my opinion is if you are already living at home and it is working out then why not wait a year or two... a lot of money can be saved in that time period. Thats what families are for, to help eachother out.
Julz I don't think Dina was saying people that live with their parents are not adults...but in all fairness, aren't you (from what I recall) still in your early 20s - right out of college? What she is saying that as an adult several years out of college it is extremely akward to be living in their house....which is why for some people moving in with them to save $ is not an option. And they want to have their own lives and therefore sacrifice and rent and save $.
actually that was what she was implying and it is silly to even say... I AM IN MY 30's and if living with my parents for a year meant me having a house...well that is a sacrifice i WILL MAKE.... And although it isn't for eveyone...it is an option for some... So if you want to wait and throw money away on rent...BY ALL MEANS. It was a suggestion, if it is right for the person. And to say that living with your mom and dad makes you a child ...well that is false! So people with mother daughter homes...are they still children too? People do what they have to do and each of us make our own decisions what that is... CHILDISH IT IS NOT
pinky424
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
FH & I just bought a 2bdrm 2br condo one month ago for 260,000 in Queens. Our mortgage payment is 1800. and maintenance fee is 450. it is going to be a tight situation until after the wedding but we both felt buying property was the best for us.
Valentinegirl
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Our house was $310k and we put 5% down. Our mortgage is $2200 a month. We struggle a bit but its so worth it!
Sassyz75
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by oct.2004bride
Posted by MrsTC
Posted by julz33
Posted by Sassyz75
#2- I am 30 years old.. I am not moving in with my mommy and daddy for free rent. I am an adult.
Are you saying people who live with thier parents aren't adults? I think people missed my point (and Jen's point). I am not saying everyone should move back in with their parents to not have rent. Although I didn't pay 'rent' I didn't live there for free. Without getting into my families personal business lets just say it was just as beneficial for my mother and brother to have me there as it was for me to save $1K a month. I know there are many brides-to-be on BHB who have posted about their parents offering a place for them to live whether it is in their actual house or an apartment in their house. If you are in that situation then I just wanted to let everybody know that it worked for me. Also when people first get engaged (who are still living at home) the first instinct is to move out into an apartment with thier FH...my opinion is if you are already living at home and it is working out then why not wait a year or two... a lot of money can be saved in that time period. Thats what families are for, to help eachother out.
Julz I don't think Dina was saying people that live with their parents are not adults...but in all fairness, aren't you (from what I recall) still in your early 20s - right out of college? What she is saying that as an adult several years out of college it is extremely akward to be living in their house....which is why for some people moving in with them to save $ is not an option. And they want to have their own lives and therefore sacrifice and rent and save $.
actually that was what she was implying and it is silly to even say... I AM IN MY 30's and if living with my parents for a year meant me having a house...well that is a sacrifice i WILL MAKE.... And although it isn't for eveyone...it is an option for some... So if you want to wait and throw money away on rent...BY ALL MEANS. It was a suggestion, if it is right for the person. And to say that living with your mom and dad makes you a child ...well that is false! So people with mother daughter homes...are they still children too? People do what they have to do and each of us make our own decisions what that is... CHILDISH IT IS NOT
My post was in response to home owners looking down on renters by telling us we are 'throwing our money away' and making all sorts of suggestions on what we should do so we can own a home.
Just because you own a home doesn't mean you are a financial mastermind.
My mother didn't own a home until she was 42 years old.. because we couldn't afford it, because she didn't want to move in with her parents, because she wanted to be her own person and have her own roof under her head- and just 7 years after buying a home she paid the entire mortgage off....
So when people tell me that DH and I are throwing $ out the window I laugh, b/c how else SHOULD we live... buy a 450 square foot studio just so we could own?
I am just personally sick of those who look down on renters as being 'stupid'... because lets face it- telling someone they are 'throwing their money away' is just as nasty as telling someone that moving home to mommy or daddy when you are 30 years old just so you can buy a house makes you a moocher!!!!
To be fair, I am NOT talking about people who move home to help the elderly, sick or those in an unstable financial situation- I am talking about those that move home for the pure single reason to save money- thereby not paying the bills that they otherwise would have paid.
cluelessbride
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
If a gift from a parent comes in the form of $$$ for a DP, or in the form of 'live with us rent-free for this amount of time so you can save for a DP' what's the difference? If you can stomach living with the in-laws for a little while, who cares?
Sassy, you sound quite judgemental in your last sentence about having a problem with those who move in with parents to save $$$. Is that what you meant? Maybe I misunderstood you.
RedHead
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by Sassyz75
My post was in response to home owners looking down on renters by telling us we are 'throwing our money away' and making all sorts of suggestions on what we should do so we can own a home.
Just because you own a home doesn't mean you are a financial mastermind.
My mother didn't own a home until she was 42 years old.. because we couldn't afford it, because she didn't want to move in with her parents, because she wanted to be her own person and have her own roof under her head- and just 7 years after buying a home she paid the entire mortgage off....
So when people tell me that DH and I are throwing $ out the window I laugh, b/c how else SHOULD we live... buy a 450 square foot studio just so we could own?
I am just personally sick of those who look down on renters as being 'stupid'... because lets face it- telling someone they are 'throwing their money away' is just as nasty as telling someone that moving home to mommy or daddy when you are 30 years old just so you can buy a house makes you a moocher!!!!
To be fair, I am NOT talking about people who move home to help the elderly, sick or those in an unstable financial situation- I am talking about those that move home for the pure single reason to save money- thereby not paying the bills that they otherwise would have paid.
WOW...somebody is a little defensive 1. i NEVER said i was a financial anything...did i get a home that has made me money ...YES...if you don't like that TOO BAD...get over it.
2. Rent IS throwing money away...You aren't getting ANYTHING back for the hundreds of dollars you are spending on your apartment...those of us who bought, well we will be getting the money back...it is an investment...That is just a fact...
3. NOBODY was looking down at anyone on this thread until you posted your silly comments..
4. I am happy for your mother, if that is the route she choose...But that doesn't make her or you any more of an adult than people who choose to live with their parents...MY PARENTS, MY GRANDPARENTS, My Aunts and Uncles have all lived with either their parents or siblings to save money in order to buy a house...They are all were adults...And how quick someone pays off a mortgage doesn't mean SQUAT ...if you have a home and are happy...DOES
You obviously are very emotional and are taking things said on a thread VERY PERSONALLY...This thread wasn't a personal attack on you and your DH.....If youwant to wait until you are able to save...SO BE IT...it is your life...If some people want to move in with their parents to get their house a whole lot sooner...THEIR CHOICE...BOTH PEOLE CAN BE ADULTS...and you may call that mooching...to be honest...i could careless. I HAVE A HOME, I AM HAPPY, MY PARENTS ARE HAPPY TO HAVE HELPED, WE ARE ALL ADULTS
I was giving, along with everyone else an opinion...if you don't like it...move on
Sassyz75
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
I think it's pretty funny that you think I'm getting emotional... to be quite honest I don't really care if you live with the POPE to save money to get a home- good for you. Do you honestly think something on this website can make me emotional? Get a grip! Judging from YOUR tone on YOUR repsonses it sounds like you are the one that is unsecure with their decision to move home and that YOU have to defend it at all costs!
Sorry most of you on here are the ones getting defensive- if you look at my first post- I wasn't defensive at all and made what I thought was a funny comment
If you all are OK living with your parents at 30 years old to save for a house- good for you. I wouldn't be OK with it... I can provide for myself thank you very much...
RedHead
Posted:
Member since
Re: For those of you buying a house on LI? How are you doing it at these prices?
Posted by Sassyz75
I think it's pretty funny that you think I'm getting emotional... to be quite honest I don't really care if you live with the POPE to save money to get a home- good for you. Do you honestly think something on this website can make me emotional? Get a grip! Judging from YOUR tone on YOUR repsonses it sounds like you are the one that is unsecure with their decision to move home and that YOU have to defend it at all costs!
Sorry most of you on here are the ones getting defensive- if you look at my first post- I wasn't defensive at all and made what I thought was a funny comment
If you all are OK living with your parents at 30 years old to save for a house- good for you. I wouldn't be OK with it... I can pronk you very much...When i talked about moving home to save money i was speaking my thoughts on the situation not what i did!
sassy...i never 'moved' home...to save money... I lived with my parents and paid rent until i was 28, beofre i was married. We bought our condo BEFORE we were married...Something lots of people do...I have no shame what-so-ever...i am not emotional about it at all...I am proud of what i have and what i have accomplished...When i talked about moving home to save money i was speaking my thoughts on the situation not what i did! I never called anyone names on this thread nor did i look down on anyone,,, YOU can't say the same
