When we have no money? We're both basically starting out in our careers right now and my parents are pressuring us to buy a house or a condo or something as an investment, but we really do not have the money. We can't cut back anymore than we already have and I just don't see how it's possible. but at the same time, I REALLY don't want to throw my money away renting. How did everyone else do it? Where does the money come from because I certainly don't have any I'm so depressed. If anyone hears of any decently priced condos anywhere on the island, please let me know. I'm so overwhelmed.
februarybride
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Re: How are we supposed to buy a house?
Just wanted to send you some hugs Don't stress out about buying a house. If you can't do it, you can't do it. There's nothing worse than fighting over $!
Janice
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Re: How are we supposed to buy a house?
same situation here, everyone wants me to buy a house, but I am saving at an incredible rate, I don't want a high mortage incase I choose to stay at home with babies, so we re sacraficing big time living with my parents, not a dream life, but it will do for now and we reap benefits in future
nov04LIbride
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Re: How are we supposed to buy a house?
Well, we bought a condo but I had saved working for a couple years after college. It was still over $200,000, which we did not want to go above. I won't lie, it is really hard--there are lots and lots of other costs...And we both make decent money!
prncssrachel
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Re: How are we supposed to buy a house?
See, I am leaning towards a condo because I really do not want to incur the costs of keeping up the outside of a house, like siding, landscaping, etc. But at this point, we can probably only afford a one bedroom in a nice area or a two bedroom in a crappy area, and neither of those seem like good options to me I'm just so sad. I really feel like we will never be able to afford to live on Long Island. I hate that feeling and I know a lot of other people our age feel that way. It just sucks.
btrflygrl
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Re: How are we supposed to buy a house?
how did we do it? WE LEFT NY
it'll happen when it's supposed to happen Rachel!
nov04LIbride
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Re: How are we supposed to buy a house?
Posted by 121502
See, I am leaning towards a condo because I really do not want to incur the costs of keeping up the outside of a house, like siding, landscaping, etc. But at this point, we can probably only afford a one bedroom in a nice area or a two bedroom in a crappy area, and neither of those seem like good options to me I'm just so sad. I really feel like we will never be able to afford to live on Long Island. I hate that feeling and I know a lot of other people our age feel that way. It just sucks.
True-- but our condo monthy fees for a one bedroom are $300 a month, and we already spent $1000 on new carpet and $800 to repaint (ourselves!). Also, we still have to fix anything on the inside, and have to get a plumber and electrician in already.
kittyke
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Re: How are we supposed to buy a house?
Hello there! The only reason we we able to buy a house is because we owned a co-op for 3 1/2 years, We used that profit when selling to go as downpayment onto new house. Mortgage is still REALLY big but if we didn't do it now, I don't know if we would've been able to get something as decent. Have you ever thought of getting a co-op? It is better than renting.
goingtobemrs
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Re: How are we supposed to buy a house?
Posted by Janice
same situation here, everyone wants me to buy a house, but I am saving at an incredible rate, I don't want a high mortage incase I choose to stay at home with babies, so we re sacraficing big time living with my parents, not a dream life, but it will do for now and we reap benefits in future
That is our plan too!
julz33
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Re: How are we supposed to buy a house?
We lived with parents and saved for almost 2 years...we now are buying a 'cheap' house that needs a lot of work. What about a co-op? I have seen some for just over $100K.
goingtobemrs
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Re: How are we supposed to buy a house?
Do you think it is worth it to spend all that money on a co-op that is one bedroom if you plan to have kids? I never understood the idea of co-ops. I know people who own them. See, we can't get a fix-me-upper because FH doesn't know how to do any of that stuff. That is why we are sacraficing and moving in with parents after we get married (can't before that, Dad's rules) so we can save save save!
bride04
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Re: How are we supposed to buy a house?
I think it would be worth it to buy a 1 bedroom coop if you weren't planning on having kids right away. You will at least be building equity in something and hopefully if you were to sell it in a few years the value would have gone up and you will make a profit. Then you can take the $ you have built in equity plus any profit you make and can put it towards a down payment on something more expensive. We thought about buying a 1 bedroom coop about 3 or 4 years ago, but decided to rent instead. We would have made a ton of money if we had bought the coop because the value has gone up A LOT.
prncssrachel
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Re: How are we supposed to buy a house?
We are definitely thinking of buying a co-op, but I will not buy a one bedroom. We just have too much stuff to do that, and if we ended up getting pregnant before we want to, which is not for another 2 to 3 years, we'd be totally screwed in a one bedroom. My parents bought a co-op two years ago, stayed for ten months, put about 5K into it and sold it for just under 50K profit, so I know it would be worth it to do that, but that leaves us living in an area that I am not happy with. Most co-ops that we can afford are in places that I don't want to live, or places that are too far from where the both of us work. We are living with my parents right now and saving as much money as we can. Most of it is going towards our wedding and anything left over will be put towards a downpayment. We live in the middle of nowhere, but I can't see buying something this far east. It's just not practical. I'm sure it will work out in the end, but I'm a ball of panic right now. My dad and I were talking and he thinks we should rent something without a lease for a few months and see what our situation is this time next year. My main thing is that I do not want to be living in my parents house after I get married. We've been staying with them for too long as it is and I can't see coming home to this house after my wedding. I would just feel weird. So I guess we will just rent for a few months. ARGH! So overwhelming! Thanks for all of the responses. I had a feeling I was not the only one in this situation. I'm sure it will eventually work out for all of us, but until then, I plan to vent about it here
Florenze
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Re: How are we supposed to buy a house?
I agree with everyone else if you can't do you can't do it. However please weigh all the options prior to renting. DH and I started out renting a studio apt. It came to the point were we couldn't afford to rent anymore we needed tax dedduction becasue we were getting killed in taxes. We got smart and brought a large one bedroom co-op. The monthly maintence fee was 58% tax deductable and the interest on the mortage was also tax deductble. It was a win win situation. After living in the c0-0p for 2 years we were able to sell the co-op for $72k more than we purchased it. So we took that money and brought our first house. Not our dream house but a decent house. Now we are upgrading and buying a much larger home with the money from the sale of our first house. We would have been still saving for a downpayment for a house if we would have continue to rent.
You can totally have a baby in a large one bedroom for a short period of time maybe up to 2 years old. It may not be ideal but it will a small scarifce to make if you want to buy a house in the futue.
Thanks Julz. I did see these. I want to take JT to see some of them. Thanks for looking
Deb_n_Rob
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Re: How are we supposed to buy a house?
Did you look into Whispering Pines in Yaphank on William Floyd? I had friends who bought there. They had a three bedroom, three bath garage and basement condo. They sold it last December for around 230,000. I know that sounds like a lot, but sadly it's cheap. The common charges were around 250 a month. It was really a nice condo. They liked the fact that it had a basement and an attached garage. Just a thought. Good luck.
Did you look into Whispering Pines in Yaphank on William Floyd? I had friends who bought there. They had a three bedroom, three bath garage and basement condo. They sold it last December for around 230,000. I know that sounds like a lot, but sadly it's cheap. The common charges were around 250 a month. It was really a nice condo. They liked the fact that it had a basement and an attached garage. Just a thought. Good luck.
My aunt lives there and my sister just bought there. I really don't want to live that far out on the island since JT will most likely be working in Manhattan in a couple of years. But we definitely have considered it. It's very nice there and anyoen who is looking around should DEFINITELY look there
swags1016
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Re: How are we supposed to buy a house?
Posted by 121502
Posted by Deb_n_Rob
Did you look into Whispering Pines in Yaphank on William Floyd? I had friends who bought there. They had a three bedroom, three bath garage and basement condo. They sold it last December for around 230,000. I know that sounds like a lot, but sadly it's cheap. The common charges were around 250 a month. It was really a nice condo. They liked the fact that it had a basement and an attached garage. Just a thought. Good luck.
My aunt lives there and my sister just bought there. I really don't want to live that far out on the island since JT will most likely be working in Manhattan in a couple of years. But we definitely have considered it. It's very nice there and anyoen who is looking around should DEFINITELY look there
Small World my Grandmother lives in Colonial Woods. She has been there forever. I remember when those were being built.
