Re: Syosset Homes 400k

Re: Syosset Homes 400k

We all give you great advice and you don't appreciate it. You keep repeating the same thing.

Re: Syosset Homes 400k

Re: Syosset Homes 400k

Re: Syosset Homes 400k

Syosset Homes 400k

While you can/could swing 1800 (assuming that's including mortgage, taxes, and homeowners insurance - the last two increase yearly, by the way)..

are u also adding utilities?
Roughly..

*200+ for electric
*175+ for heat
*water bill
*sewer bill (depends)
*Cable/phone/internet

Then your "oh shit!" Fund - which is money set aside for home repairs (maybe you will suddenly need a new roof, a new fence, plumbing issue, etc- happens all the time when you have a Home)

Then what's left to save for your retirement?

What's left for basic living expenses such as car insurance, car repairs, healthcare co payments, groceries, toiletries, clothing

And then what's left for fun money? Vacations, splurges, gifts, hobbies, entertainment?

With all due respect, you're going about this the wrong way. Before you even consider a home, let alone a neighborhood, you have to nail down living expenses and goals and find out what you're qualified for. Take it from people who have been there, done that.

It's so easy to think you will be able to live just fine with X amount of a mortgage, but things add up quick. And did you discuss contingency plans in the event one of you get ill? Lose your job? Divorce? Would one of you be able to stay in the home or carry the mortgage?

Also bear in mind that when you get approved for a mortgage, they aren't your friend. They don't care if you're in that house and will never have money to buy name brand ice cream or that you will never be able to afford a vacation. They don't care if you won't be able to afford to put on the AC. The just care if you can cover the mortgage and have decent credit. I fell off my chair when I first found out how much I qualified for - it was hilarious. It wasn't reasonable after you add in utilities and living expenses, let alone saving.

You're saving and that's great. Keep doing that. But educate yourself on homeownership and what it entails - financially. Maybe make a mock budget based on a mortgage and utilities, etc and see how that feels.

I would venture to say that most people I have talked to who bought homes recently - most said that they spent what they thought they would be comfortable with (and what looked comfy on paper) and after being in their house for a bit - most have said that they wished they would have spent less. Even if it's not financially tight... You want to leave yourself as much financial room as possible. Homes, while a nice asset, are a money pit.. Plain and simple.

Syosset Homes 400k

Propety taxes on msli aren't Always accurate. And increase yearly. And after you buy a home, taxes go up usually.

And you need homeowners insurance too - have you looked into that price? Depending on home and zone, it can be a lot of money.

Message edited 2/15/2015 6:42:22 PM.

Syosset Homes 400k

Having trouble editing - have you looked into co ops or condo? If you have 200k in cash, that may be a safe bet. And you wouldn't have to worry about maintenance like you would for a home.

Re: Syosset Homes 400k

Syosset Homes 400k

my taxes have gone up 2200 in 4 years.
you can't count on your taxes remaining the same or low.

Syosset Homes 400k

At $65k per year, you cannot afford the taxes there. Syosset is super expensive. While you will see "some" affordable houses, I suggest you see them in person because it is either a dump at $300k or in a bad area. At $65k. You need to look at other areas on LI.

Syosset Homes 400k

I have to say, you are completely unrealistic about the housing market on LI. Nassau north shore is completely our of your price range. $1800 mortgage. Have you calculated yearly property tax, house insurance, etc, ? Some towns are $15k in taxes. That's an additional $1k+ in payment per month in addition to your $1800 per month mortgage. You cannot afford this on $65k.

Re: Syosset Homes 400k

While the threads are amusing to read, I don't understand why anyone gives this guy legit responses.

Re: Syosset Homes 400k

Re: Syosset Homes 400k

Re: Syosset Homes 400k

Posted by Sparrow

While the threads are amusing to read, I don't understand why anyone gives this guy legit responses.

Message edited 2/16/2015 9:22:21 AM.

Re: Syosset Homes 400k

Posted by Sparrow

While the threads are amusing to read, I don't understand why anyone gives this guy legit responses.

Re: Syosset Homes 400k

Re: Syosset Homes 400k

I swore off responding to these threads, but leaving aside the debate of whether you, the OP, can qualify for a mortgage, I think you also have to realize that market conditions change and can affect your buying powers significantly.

So while you may be saving and improving your personal financial situation for the next couple of years, prices may rise (as they have been in many of the desirable areas of LI), interest rates may go up, mortgage loan criteria may change, etc., etc. You are looking at houses on a very granular level, down to specific houses on specific blocks, but those won't be available when you are ready to buy and there may be nothing in your price range in many of the areas you are considering.

Also, I do think you are looking in areas where you can't even afford in entry-level home. If you are finding one or two houses online that look like amazing deals, I guarantee that there is a reason they are priced that way and you probably cannot buy them. Most consumer-oriented real estate sites don't give full information. I often have clients send me things they find online, I check it out on my broker version of MLS and see that there are remarks that only an agent can see that say things like 'Need a cash buyer only because there are no C/Os for major parts of the house -- extensions, dormers, etc." Or it may need a cash investor because the house needs so much work that it isn't mortgageable. It may be a short sale or an REO sale (bank owned property). Or it may be in a very undesirable location. There's always something, in my experience. If it looks too good to be true, it usually is.

Even if a cash sale isn't needed, a lot of these super low priced fixers are snapped up by all-cash investors... the investor market has been growing in good areas, because as prices rise, they can make better profits on flipping houses.

At this point in the process, you should consult a mortgage person, as I've said before, to get a handle on what you can/can't afford. There may be things you need to (or want to address) before you buy, with credit or debt (student loans, car loans, etc.). You keep throwing out your credit scores, and I don't know how you know them, but a lot of times what you get online is not what a bank uses. You usually get your credit score online (which goes back 2 years), where banks use a FICO score going back 7 years. Also, the mortgage partners I work with always point out that it's not the score that matters; it's more significant what's in the report. Someone can have a 700 credit score but have recent late payments or delinquencies, and someone else could have a low 600 score and qualify because they have older issues bringing down the score but a recent record of timely payments. Also realize that there can be mistakes/misreported events on a credit report that need to be cleared up before you can go forward. Even though you say you have low debt, you have mentioned student loans (and maybe a car loan), and with a lower income, your debt-to-income may be tight even if debt is not all that significant.

Why not take the time to deal with whatever financial things may need to be dealt with, get a handle (from a professional, not an online calculator) on what you can afford, and then start thinking about where you may want to buy and educate yourself on the areas (by going to open houses, driving around, etc.). Doing those things will be way more helpful to you at this stage than asking questions on a message board.

Re: Syosset Homes 400k

Re: Syosset Homes 400k

Re: Syosset Homes 400k

Posted by EclecticEsq10810

Posted by Sparrow

While the threads are amusing to read, I don't understand why anyone gives this guy legit responses.

I don't get it either. This guy is practically a troll and his user name was banned on City-Data because of this. He started 64 threads on City-Data since Feb. 27, 2014 and they all have said the same advice as this thread - ranging from :

How Much to Save as 1st Time Buyers for new home

Safe areas in Suffolk

How much House can we afford?

70K down

Donations for Down Payment

After renting, buying a home

Your personal experience buying a house?

Our current situation

Property taxes and mortgage question

This guy just needs to go away.

Syosset Homes 400k

Commack taxes are very also. I think in your price range you should be looking at Levittown, Hicksville, north babylon. Those towns are more in your price range and in line with your income and more affordable taxes.

Re: Syosset Homes 400k

Syosset Homes 400k

Please stop. You are more than a year away from buying a house and you are wasting our time, the real estate agent's time, and the time of the people selling their house every time you look at a property you have no intention of buying (or can even afford).

When I was selling my house, every time someone came to see it we were hopeful of receiving an offer. What you are doing to those homeowners is cruel.

Look online - MLSLI, listingbook, Trulia, Zilliow - any of the millions of websites out there but please stop making appointments and wasting peoples time.

Message edited 2/17/2015 10:02:02 AM.