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houses

LaurenluvsTJ Posted:

houses

First of all, a disclaimer to anyone who has a house - I think it is wonderful that you were able to buy one, and this is nothing against you.

But now for what I wanted to say - I don't understand how people do it... we want so badly to become homeowners but it seems impossible. It makes me sick to be throwing away so much money in rent each month that could be going towards a house... I literally spent last night crying because I don't know how we are ever going to do it. We had talked about trying for a baby next year, but I don't know how we would do that AND buy a house... I feel like things are hopeless right now, does anyone have any words of wisdom?
nala3378 Posted:

Re: houses

Sorry no words of wisdom, but I feel your pain.

Luckily for FH and I we rent a 2 1/2 bedroom apartment for 1320/mth. We have a back yard, washer dryer. So we can stay here comfortable for a while.

We know that we can't afford a house on LI, so we are starting to look upstate, CT and PA.

We plan on putting all of our money from the wedding in the ING DIRECT FUND and letting it gain some money for 5 years and then see how the market looks.

FH just started a job in computer tech, so we will let him gain the experience and then we will start talking about moving..

I work for a freight forwarder, so I can work anywhere there is an airport....
ewickens Posted:

Re: houses

I don't have any words of wisdom, Lauren, but lots of for you!!!!!!!!!

I completely understand your frustration as well! FH and I are in the same boat. We want to get a home, not a starter one, that we can live in for the rest of our lives and raise our family, put them in a good school district, etc. It just doesn't seem possible with the cost of living on LI. Not to mention the fact that on top of buying a house, my car will need to be replaced in at least a year or two and where the h*ell will any of this money come from to buy that, much less buy the car and a home????

And why is RENT so damn expensive on LI? My BM livesin Rochester and has a 2-bedroom apartment, heat included and she pays under $600/month!
ali120206 Posted:

Re: houses

I don't have any words of wisdom but, I wanted to let you know I feel the same way as you do!!! It's depressing when we look at houses online and then put the information into the monthly payment calculator!!!

CLMon7906 Posted:

Re: houses

feeling your pain. it's LI...it's not us. i saw some mortgage payment estimator the other day..um, we'd have to save up a literal fortune to be able to get a house payment down to what our rent is...yikes. it would mean not eating for the next 10 years and certainly no new cars regardless of what happens....it's just insane. salaries are not keeping up with the cost of living...and how could they? if they paid all the young kids what they're paying the experienced, seasoned employees, they'd have to increase the older employees and watch their profits DROP drastically...not fair, not fair.

<---for the pity party we're all throwing.
BEANS Posted:

Re: houses

Lauren we are totally in the same boat. The only words of wisdom I have is to wait it out a little longer. I look online every couple weeks at houses and in the past month the prices have come down a little. The interest rate is up, but you can always re-finance. I don't know where you are looking, but I am in Queens and the taxes are not bad either. It will get better, we just have to be patient.
Thumballina Posted:

Re: houses

First off
I know exactly how you feel. The prices of homes for us are not even realistic. People post houses for sale that are 'great' prices - and they are - yet it is still too much for us - and we both make a decent income. I would LOVE to know how people are buying houses so I can to.

We bought a SMALL one bedroom co-op - and although we were able to afford the down payment, paying the mortgage and the rest of the bills and being able to save ANYTHING is going to be a struggle - but we felt the same way you did - and it will be a LONG time before we can get into anything bigger.

Please cheer up - enjoy your newlywed time - you're not stuck in renting - prices will go down an you will be able to get into a place that you will own...but know that you are DEFINATELY not alone - I'm crying with you
Kerrycec Posted:

Re: houses

totally feeling your pain. We are living rent free with my parents, and I am so appreciative, but I want my own nest. We have been looking and when you can only look at things under 3k, its tough

Keywi231 Posted:

Re: houses

i feel your pain, me and FH are un the same boat, only we have a 2 yr old son already, its even harder i think i came to reality that we will never on a home in ny or we have to move outstate...
Katie&Chris2006 Posted:

Re: houses

I totally know how you feel. I dont know how people do it either, without help from other sources or winning the lottery. FH and I both have good jobs and there is no way we could afford to live on LI or in the part of NJ that we live now.

I think after the wedding we are CT or PA bound. It's unfortunate because I always thought I would raise my family on LI...but it's just not feasible.
Jen2999 Posted:

Re: houses

Well, I was in your boat a few months ago and crying almost everynight thinkign we would either
a. have to live with our parents forever or
b. have to keep fred locked up in an apartment with no backyard

I was so upset and angry especially being that we both know people that make WAYYYY more money than us that cant afford houses.

We went to a mortgage broker to see what would even be feesible as we were looking for a condo or maybe a co-op so Fred could have some space (yes this really was my main concern lol)

Anyway we figured out that we could afford a house but at an IMPOSSIBLE price as nothing is under 300k on LI BUT we fell across this little house and it is so perfect for us. Luckily both our families have experience in carpentry, cabinets, electrical etc so we are pulling in all our favors and now everything is coming together.

Honestly, I still dont know if we will be ok with this mortgage, as we havent gotten all the other bills that go along with it yet, BUT we got some advice that really is true

YOU WILL NEVER feel like you have ENOUGH money to buy a house or have a baby BUT you always find a way.

We sat down and wrote done every single expense we have down to going to the movies and gas for the cars, even lunches at work and though it took some carfeul budgeting and sone of the wedding money we were ableto make it work.

My advice is this...go see a few mortgage people, and see what they tell you. Some of them will be totally unrealistic, others will be honest. BUT it will give you an idea of how much things cost and what you can do (at least on paper) acording to your salaries.

I cant tell you how fortunate I feel to be 25 and own a house, and this next year will be hard for us financially, but you make it work, ya know?
Brassgirl9 Posted:

Re: houses

I think I may be getting a condo first, at least you will own it and then you can always sell in a couple years and make a profit. Eventually you can get your own house. I was always told that nobody can really afford it at first but eventually (and hopefully) you will both be making more money because of raises and promotions at work and it wont' seem so bad anymore.

I hope this helps and good luck.
JandJ1224 Posted:

Re: houses

I completely understand how you feel. I really get myself upset thinking about how impossible long island really is. FH and I both have decent jobs. I just feel like to lock ourselves into a mortgage for 30 years where one salary alone would need to go towards a mortgage payment is crazy. What happens if something happens to one of us and we have to drop to one salary, then what!? We are open to the idea of moving out of state. We live in an apartment in my parents house now, rent free so we are saving like crazy and there is no rush for us to get out. Its not only home prices on long island either, its real estate taxes that in some areas are close to 1K a month, its the fact that car insurance is more in NY. Moving out of state is just seeming more and more promising. I don't know how I would leave my family though. Hopefully everyone will come with us!!!

Shellycakes123 Posted:

Re: houses

we bought a house last october and we are getting married in a few months. its not that bad if you get a decent rate on the loan. we only put 10,000 down. where are you looking? out=r hous eis small but very cute and quaint. we love it.

chellynyc Posted:

Re: houses

Sorry to jump on your boards.

I bought a coop studio apartment last year on my own. I decided to sell it since the market was still good and made 36K in a profit in just one year. With that money, FH and I were able to buy a house two months ago.

I would recommed that if you can't buy a house right away to maybe look into a coop, condo or townhouse to gain some equity...hopefully the market doens't go down.

I also agree that sitting down w/a mortgage broker is a great idea, I highly recommend ours (located in Sysosset) if anone is interested.

We never thought we could buy a house and the next year will be very hard w/house bills and paying for a wedding but at the end of the day....it's worth it!

Good Luck!
chrissyandvin Posted:

Re: houses

I have some good news for you....The market is dropping like crazy!!! we are house hunting.. and the prices have been dropping!! If you can hold for a little while.. houses might actually be affordable!
meniasta Posted:

Re: houses

louren..i feel your pain.......we are in the same situation!!!

MrsR72806 Posted:

Re: houses

I completely agree with you! The housing costs in NY are crazy...even with interest rates going up, prices of the houses are still too high...I've noticed a lot of houses are staying on the market way longer now.
My DH bought our house in NC....(he got a got transfer)...that is the only
way that we are homeowners
Soon2BeMrs2006 Posted:

Re: houses

Posted by chrissyandvin

I have some good news for you....The market is dropping like crazy!!! we are house hunting.. and the prices have been dropping!! If you can hold for a little while.. houses might actually be affordable!



I agree we had made an offer on a house about a month ago, we were countering back and forth, but the lady would only budge 15K according to the RA. So we decided you know what we'll wait it out. After that the RA actually called us back after the first price drop was listed online and asked if we wanted to bring in another offer we told her thanks but we're keeping our options open for now. Well since then we found two other beautiful houses and debated awhile on both. Just made an offer on one, its a bit higher than our budget, but this one is worth it. I was looking online today and that other house that the lady wouldn't budge has now come down again. Hmm have a feeling now she won't even get what we offered for her house bet she wishes she had taken our offer now.

Wait it out if you can, i look everyday and I have seen practically every house we looked at (and we've looked at almost 90 in total now) has dropped down since April.
kissy27 Posted:

Re: houses

All I can say is, hang in there!

DH & I bought our house almost 1 year ago (aug 18th) & we were not even married at the time. We did not buy your typical starter home either but a house we can grow into. With that said, it took us over a year to find what we wanted as we didn't want to just settle. Our price range got up'd twice bc we realized there was nothing out there that was worth it!

In the beginning, I didn't know how the heck we would afford a mortgage & all the house bills plus our own bills we incur ourselves! Now a year into it,I can honestly say it is hard. There are months we are 'just getting by' but in the long run, we know it is worth it. We have not been able to truly save any money besides what we made on the wedding. It is a long windy road but then again everything is.

Like Jenn said, definately go & speak to a couple of mortgage guys! You need to see what you can truly afford & that will determine a lot. It takes a lot of time & effort to find what you truly want & can afford. Don't give up & remember, there is a light at the end of the tunnel! The house market is also softening, so hang tight!

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