House hunting is overwhelming

BellaEyes Posted: Jan 07, 2007 07:44 PM

House hunting is overwhelming

It would not be so overwhelming if the taxes were not so high. We just started looking.. we are looking in Babylon, Babylon Village, and even started looking out east in Kings PArk, Commack.. Realisticly, do you HAVE to have 10-20% for a down payment? Of course having that would make the mortgage payments less but.. those who are in the same boat as I am please give some advice.. It's quite depressing.

conigs25 Posted: Jan 07, 2007 07:54 PM

Re: House hunting is overwhelming

Its a b*tch isnt it???

No you dont need 20% but you may have to pay an extra insurance called PMI.

Houses on LI are SO ridiculuos AND you dont even get a new/big house for your moeny.

This is why DH and i want OFF Long ISland. Its CRAZY

snydl40 Posted: Jan 07, 2007 07:56 PM

Re: House hunting is overwhelming

We went today and are so frustrated. We found a house we LOVE with 1/2 acre and it is all finished. Problem is it is $575K. We didn't want to go over $500K but it may just be easier and less $$ in the end to pay it. With all of the work the houses we have been looking at it works out to the same price as this house.

BellaEyes Posted: Jan 07, 2007 07:59 PM

Re: House hunting is overwhelming

Posted by conigs25

Its a b*tch isnt it???

No you dont need 20% but you may have to pay an extra insurance called PMI.

Houses on LI are SO ridiculuos AND you dont even get a new/big house for your moeny.

This is why DH and i want OFF Long ISland. Its CRAZY

I know We have been talking about relocating as well.. but not sure where and honestly we are worried we won't make as much in another state.

Where are you guys thinking of looking?

BellaEyes Posted: Jan 07, 2007 08:01 PM

Re: House hunting is overwhelming

Posted by snydl40

We went today and are so frustrated. We found a house we LOVE with 1/2 acre and it is all finished. Problem is it is $575K. We didn't want to go over $500K but it may just be easier and less $$ in the end to pay it. With all of the work the houses we have been looking at it works out to the same price as this house.

I can see where you are coming from.. where is the house?

snydl40 Posted: Jan 07, 2007 09:23 PM

Re: House hunting is overwhelming

It's in Smithtown-we love it but it would put us in a tight spot financially.

lacey&mark Posted: Jan 08, 2007 06:22 AM

Re: House hunting is overwhelming

thats why we moved off LI. we relocated to Charlotte, NC right after the wedding. We are renting now, but we are saving to buy a house here for when we are ready. it's true you *might* make less money in your profession here, but it doesn't even it out, because the cost of living here is much much much cheaper than LI. housing, insurance (car, house, everything), taxes are all cheaper. you can get a big, brand new, beautiful houses in great areas here for $150-300,000! i dont think we ever would be able to afford to live on LI, and even if we did manage to buy a house there, i don't think it would be our 'dream home' by any means. good luck to all!

ali120206 Posted: Jan 08, 2007 08:43 AM

Re: House hunting is overwhelming

I went to a couple of open houses yesterday, it's overwhelming.

So many of my good friends live out of state in these nice, brand new, beautiful homes that they got for about half of what I am looking at spending (which is for half of their house size-wise as well).

mtdr1106 Posted: Jan 08, 2007 09:49 AM

Re: House hunting is overwhelming

house hunting is so hard - i wish you a lot of luck.

when we were looking - they offered all kinds of mortgages - even ones that were 0% down!!!
if you do not put down 20% - you will have the PMI insurance to pay each month. so once you find the right house - the mortgage company will usually work with you to find the right mortgage for you that is affordable.

LaurenluvsTJ Posted: Jan 08, 2007 10:38 AM

Re: House hunting is overwhelming

You do not have to put down 20%. You can do a first mortgage with a piggyback mortgage to avoid PMI - for example the first mortgage will be 80% of the cost of the house and the second will be 20% of the cost.

MrsD06 Posted: Jan 08, 2007 04:34 PM

Re: House hunting is overwhelming

you guys are depressing me!

ahall04 Posted: Jan 08, 2007 04:51 PM

Re: House hunting is overwhelming

Posted by MrsD06

you guys are depressing me!

Oh yeah... check this out!!!

We just got married in October...
Found out we are pregnant on New Year's Day!
Currently rent a single family 3 bedroom house in Queens...
Owner of the house wants to move into it by September because he is getting married...

SO.... we have to find a house AND plan for a baby between now and September!!!

lipglossjunky73 Posted: Jan 08, 2007 06:04 PM

Re: House hunting is overwhelming

Thats why we rent, plain and simple. People say - oh, but then its so expensive- but any way you cut it, its expensive. We hardly have money for the deposit and security, let alone on a friggin house!!!

MrsD06 Posted: Jan 08, 2007 06:22 PM

Re: House hunting is overwhelming

If we didn't have family here I would pick up and move in a second..

ahall04 Posted: Jan 08, 2007 06:53 PM

Re: House hunting is overwhelming

Posted by lipglossjunky73

Thats why we rent, plain and simple. People say - oh, but then its so expensive- but any way you cut it, its expensive. We hardly have money for the deposit and security, let alone on a friggin house!!!

You said it girl!

I'm seriously considering suggesting to my DH that we find another place to rent for another couple of years! Ugh!!! It will all work out!

BellaEyes Posted: Jan 08, 2007 11:14 PM

Re: House hunting is overwhelming

I am hearing from a few realtors that the market is supposed to hit bottom soon. I hope so b.c this is absolutely ridiculous.

snydl40 Posted: Jan 08, 2007 11:27 PM

Re: House hunting is overwhelming

We wouldn't even mind a fixer-upper. My brother's Fil's are an archiect, engineer, and my FSIL works for a mortage company-we would be paying hardly anything for closing costs-and a RIDICULOUSLY low interest rate-but still-it's nearly impossible.

DandS Posted: Jan 09, 2007 11:26 AM

Re: House hunting is overwhelming

you have FM

MrsBrags7706 Posted: Jan 09, 2007 08:15 PM

Re: House hunting is overwhelming

No you don't need to have a certain percentage down. Some places are 5%. Some are none. We could have got a house with no money down, but we chose not to.

What about Sayville, Holbrook or Oakdale?
When me and DH buy a house, my top 2 pics are Oakdale and Sayville! Those houses are breath taking! [most of them!]

good luck!
and remember -you'll know the house when u see it....you'll just feel it! you'll just know!

BellaEyes Posted: Jan 09, 2007 08:19 PM

Re: House hunting is overwhelming

Posted by snydl40

We wouldn't even mind a fixer-upper. My brother's Fil's are an archiect, engineer, and my FSIL works for a mortage company-we would be paying hardly anything for closing costs-and a RIDICULOUSLY low interest rate-but still-it's nearly impossible.

Cool, my hubby is an architect.. wish he could build us a house right now LOL

Well, hopefully it will remain a buyers market nd the prices of the houses will keep dropping.