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A friend listed her house in floral park
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Re: A friend listed her house in floral park
Posted by PhyllisNJoe
Posted by NYCGirl80
Posted by pnbplus1
Posted by mrsrainbow
I'm sure you're friend will have no problem selling bc it's a cute house but these prices are ridiculous for such tiny houses. I have almost 4000sqft for 100k less in Suffolk.
This. I can't believe it's that much for such a small house. We're OOS now but whenever we talk about moving back (not by choice, DH's job has asked a few times over the last couple of years) we agree that we'll just rent in Manhattan. No commuting for him and since a house on LI would be overpriced and tiny given what we're used to now, we might as well live in an apt.
But once you own it's really hard to go back to renting. You're basically throwing your money away each month and getting no equity in return. There are affordable houses on LI and other suburbs. No, you won't get a mansion, but you'll have a backyard and storage.
The only reason why I wouldn’t go back to renting now is because our house will hopefully be part of our retirement. When we are retired, we hope to buy something in a complex and pay HOA for all that nonsense. And if not, we’ll rent then.
But renting was a lot easier for sure. I come from renters (grew up in Brooklyn) and because we never purchased, my mother had zilch as she got older. I won’t make that mistake.
Home ownership was definitely one of the biggest ways for past generations to grow wealth. Especially in the 50s and 60s when many moved from NYC to LI with the help of GI loans. They saw their investment in property grow rapidly while they lived there.
Now I'm not sure real estate is really that good of an investment. Prices go up, prices go down. The cost of owning property is high - property taxes, repairs, interest, etc. You build equity, but honestly you would probably make more if you saved that money and invested it.
The only appeal I see to home-ownership is first you own it so you can make it yours, and stability, e.g., your landlord can't suddenly decide to sell or evict you and then you need to find a new place.
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Posted 7/25/19 4:30 PM  |
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Re: A friend listed her house in floral park
Posted by mrsrainbow
Posted by NYCGirl80
Posted by pnbplus1
Posted by mrsrainbow
I'm sure you're friend will have no problem selling bc it's a cute house but these prices are ridiculous for such tiny houses. I have almost 4000sqft for 100k less in Suffolk.
This. I can't believe it's that much for such a small house. We're OOS now but whenever we talk about moving back (not by choice, DH's job has asked a few times over the last couple of years) we agree that we'll just rent in Manhattan. No commuting for him and since a house on LI would be overpriced and tiny given what we're used to now, we might as well live in an apt.
But once you own it's really hard to go back to renting. You're basically throwing your money away each month and getting no equity in return. There are affordable houses on LI and other suburbs. No, you won't get a mansion, but you'll have a backyard and storage.
That's such a classist response. Plenty of people choose to rent because they don't want the headache and repsonsibilty of home ownership. They don't want to be bothered with calling repairmen and dealing with appointments and spending money on all that and having surprise emergencies. There is plenty of equity in peace of mind when a property management company is responsible for handling all of that and you simply pay a maintenance fee.
I live in the city and I rent because I don't want to pay $500+ for an attached house with no yard in a bad neighborhood.
You also aren't paying for nothing. You're paying for a place to live. Yes, you're not building equity, but having a roof over your head isn't nothing. It's exactly a place to live
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| Posted 8/1/19 2:09 PM |
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Re: A friend listed her house in floral park
Posted by starbrightgirl8
The only appeal I see to home-ownership is first you own it so you can make it yours, and stability, e.g., your landlord can't suddenly decide to sell or evict you and then you need to find a new place.
Yeah but on the flip, it is easier to rent again if you need to downsize, or someone loses a job, etc.
I have a friend who was told the whole line of bs about equity and blah blah, but she just couldn't afford the house which was the same amount as rent, because houses have other expenses. She lost her living room wall due to a flood and a bunch of other issues, and now she is in foreclosure and hoping for a loan mod to get out of it
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| Posted 8/1/19 2:12 PM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: A friend listed her house in floral park
Posted by Straightarrow
Posted by starbrightgirl8
The only appeal I see to home-ownership is first you own it so you can make it yours, and stability, e.g., your landlord can't suddenly decide to sell or evict you and then you need to find a new place.
Yeah but on the flip, it is easier to rent again if you need to downsize, or someone loses a job, etc.
I have a friend who was told the whole line of bs about equity and blah blah, but she just couldn't afford the house which was the same amount as rent, because houses have other expenses. She lost her living room wall due to a flood and a bunch of other issues, and now she is in foreclosure and hoping for a loan mod to get out of it
Stuff like that happens for sure. But even if she were renting, if she had a ****** landlord or if the landlord was having $ problems, she’d have to live that way or move anyway. Either way. What works for some , doesn’t work for others.
Another issue w renting vs owning is pets. I have pets and will always have them. Especially with my big dog (Rottweiler) if you are lucky enough to find a place that accepts them, good luck finding another spot within your price range. Some of these apartments are $1800+ for basement 1 bdrms
It doesn’t make sense. Especially here on LI
Message edited 8/2/2019 7:44:55 AM.
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| Posted 8/2/19 7:43 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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A friend listed her house in floral park
When we got our home, it was 340k. With 20% down, our total mortgage amount was 272k. At the 4.25% rate we had, our entire mortgage payment was like $1400, and with taxes it was approx. $2100. I know there's other expenses, like utilities, but for a nice apartment in this area it was going to cost the same amount in rent.
Also, because rates dropped a good bit, we were able to refinance to do CAC, windows, and a kitchen and our monthly payment is still approx. $2100.
You are still paying for cable, internet, cell phones, etc. etc. regardless of apartment or house, and our water bill is like nothing lol. Even our gas and electric bills aren't that bad honestly- I know real estate investments aren't like they used to be, but I like the idea of having something we can sell down the road and use to help us buy something smaller when we get older. Or if we decide to stay here long-term, then at least we have something DD can inherit from us
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| Posted 8/2/19 8:00 AM |
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Budjeg11
LIF Adult
Member since 4/11 2644 total posts
Name:
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A friend listed her house in floral park
Not at all snarky.. genuinely curious and want to be educated.. Can anyone tell me what makes Floral Park such a sought after area?
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| Posted 8/2/19 11:52 AM |
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CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
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Re: A friend listed her house in floral park
Posted by mommy2be716
When we got our home, it was 340k. With 20% down, our total mortgage amount was 272k. At the 4.25% rate we had, our entire mortgage payment was like $1400, and with taxes it was approx. $2100. I know there's other expenses, like utilities, but for a nice apartment in this area it was going to cost the same amount in rent.
Also, because rates dropped a good bit, we were able to refinance to do CAC, windows, and a kitchen and our monthly payment is still approx. $2100.
You are still paying for cable, internet, cell phones, etc. etc. regardless of apartment or house, and our water bill is like nothing lol. Even our gas and electric bills aren't that bad honestly- I know real estate investments aren't like they used to be, but I like the idea of having something we can sell down the road and use to help us buy something smaller when we get older. Or if we decide to stay here long-term, then at least we have something DD can inherit from us
Just so you understand, you're stating that your house is costing the same amount as rent... After you come up with a down payment of $68K, plus $10K in closing costs. Utilities may be the same, but you're also on the hook for anything breaking and all maintenance. AC breaks, its on you, boiler needs service, on you etc. Your not paying much principal for the first bunch of years, so most of your payment is interest. You're effectively counting on the appreciation of your house is going to payoff against all those costs.
if you want to move you have to pay a RE agent 5% of the sale price, so like $15K to sell your house plus any other closing costs.
In most areas, rent on a monthly basis should be higher than the mortgage for the same property. you don't have to come up with 80K to rent, you don't need to maintain the property to rent, you are not locked into a place for 30 years if you rent. You do pay for that freedom, but there are definitely times of your life that it is worth it.
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| Posted 8/2/19 2:20 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: A friend listed her house in floral park
Posted by CSK
Just so you understand, you're stating that your house is costing the same amount as rent... After you come up with a down payment of $68K, plus $10K in closing costs. Utilities may be the same, but you're also on the hook for anything breaking and all maintenance. AC breaks, its on you, boiler needs service, on you etc. Your not paying much principal for the first bunch of years, so most of your payment is interest. You're effectively counting on the appreciation of your house is going to payoff against all those costs.
if you want to move you have to pay a RE agent 5% of the sale price, so like $15K to sell your house plus any other closing costs.
In most areas, rent on a monthly basis should be higher than the mortgage for the same property. you don't have to come up with 80K to rent, you don't need to maintain the property to rent, you are not locked into a place for 30 years if you rent. You do pay for that freedom, but there are definitely times of your life that it is worth it.
True, and yes I'm completely going off of appreciation of my home. The way I was seeing it was that as long as we (knock on wood) remain here for a good while, it will benefit us in the future when we want to downsize/move for retirement/etc. as long as the value of the home does not significantly plummet. whereas if we were renting, every monthly payment is just going into nothing and leaving us with nothing to eventually sell and use the proceeds to use toward another property.
But I agree, with renting you don't need to have $$ for unexpected home repairs, you don't need 20% down, etc. I just like knowing we have something to pass on or sell down the road when our mortgage is paid off, or close to it
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| Posted 8/2/19 10:25 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: A friend listed her house in floral park
Posted by Budjeg11
Not at all snarky.. genuinely curious and want to be educated.. Can anyone tell me what makes Floral Park such a sought after area?
1. Village amenities: they have their own police and fire dept, along with a nice rec center and beautiful pool complex
2. Schools are great
3. MOST homes are in walking distance of the bellerose or floral park train station
4. Depending on where you live in Floral park, you can walk into town and get everything you need instead of drive. There's a few restaurants, a diner, a few bars, a supermarket, a drug store, a bank, a bagel store, a coffee shop, nail salons, you name it.
5. Most importantly: the commute/proximity to queens. Train is like 40 mins to Penn. Express trains are like maybe 30-35 min.
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| Posted 8/2/19 10:33 PM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Re: A friend listed her house in floral park
Posted by mommy2be716
Posted by Budjeg11
Not at all snarky.. genuinely curious and want to be educated.. Can anyone tell me what makes Floral Park such a sought after area?
5. Most importantly: the commute/proximity to queens. Train is like 40 mins to Penn. Express trains are like maybe 30-35 min.
Which also means is closer to literally everywhere that isn’t LI because you don’t have to drive across LI to get off the island.
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| Posted 8/4/19 11:08 AM |
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pnbplus1
Family
Member since 5/09 5751 total posts
Name:
Mommy
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Re: A friend listed her house in floral park
Posted by NYCGirl80
Posted by pnbplus1
Posted by mrsrainbow
I'm sure you're friend will have no problem selling bc it's a cute house but these prices are ridiculous for such tiny houses. I have almost 4000sqft for 100k less in Suffolk.
This. I can't believe it's that much for such a small house. We're OOS now but whenever we talk about moving back (not by choice, DH's job has asked a few times over the last couple of years) we agree that we'll just rent in Manhattan. No commuting for him and since a house on LI would be overpriced and tiny given what we're used to now, we might as well live in an apt.
But once you own it's really hard to go back to renting. You're basically throwing your money away each month and getting no equity in return. There are affordable houses on LI and other suburbs. No, you won't get a mansion, but you'll have a backyard and storage.
We rented in the city in the past and loved it and have "owned" two houses. You are assuming that those who rent feel that they are throwing money away and in saying that there are affordable houses on LI, you're assuming cost of a home is a the reason why people choose to rent. Some people rent bc they want to. Were we to rent in Manhattan, it would be bc financially, we could afford to "throw money away" and rent. Home ownership is not the only investment a person can make. We could easily invest the proceeds of the sale of our house. We would choose to rent bc the conveniences of living in the city, for our family, would outweigh any benefits to owning a house on LI. Living OOS has definitely changed my perspective on LI. Before moving, I too thought that living on LI was the thing to do but now when I go back to LI (I was just there) I can't imagine living there. When it's what you are used to, it's great, but no offense to others, now when I see it, I find it all very unappealing.
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| Posted 8/4/19 1:40 PM |
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| Pages: 1 [2] |
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