So currently my parents have been living in london for about a year and a half... and I moved out of my apt in manhattan to house sit for them. I still spend a considerable amount on upkeep costs... but probably less than I would on an apt.
There are downfalls here... too far from everything I do... long commutes... lack of exercise as a result of both.
Now I have the money and the market isn't "bad" for grabbing a lease on a new apt.
BUT... I figure I make about 100k a year or so, and if I save I can probably have the 20% down for a very meager apt ( condo / coop ) purchase somewhere in brooklyn in a year or two depending on circumstances. That's taking into account developing a bit of a cushion.
Apts in NYC start at about 250k ( utter crap ) and you can find decent smaller ones starting at 300k - 400k.
So the question is... is it worth entertaining the idea of saving ( despite being displeased with my current situation ) to buy.
I figure since I know nothing about buying anything... I'd ask for your random opinions.
There are downfalls here... too far from everything I do... long commutes... lack of exercise as a result of both.
Now I have the money and the market isn't "bad" for grabbing a lease on a new apt.
BUT... I figure I make about 100k a year or so, and if I save I can probably have the 20% down for a very meager apt ( condo / coop ) purchase somewhere in brooklyn in a year or two depending on circumstances. That's taking into account developing a bit of a cushion.
Apts in NYC start at about 250k ( utter crap ) and you can find decent smaller ones starting at 300k - 400k.
So the question is... is it worth entertaining the idea of saving ( despite being displeased with my current situation ) to buy.
I figure since I know nothing about buying anything... I'd ask for your random opinions.
what do you mean that an apartment in nyc is 300k? to buy? you can just buy a flat like that?
If it's a condo. coop is a bit harder. You can also flat out buy an apt in some buildings.
i see. what are the association/coop fees like?
depends on the building. in greater truth I don't know but I am aware of fees existing.
i'm highly adverse to such fees. if i own something, i want to own it. paying property tax is bad enough. association fees are very annoying to me.
but maybe buying would be worthwhile to you, depending on the fees.
but maybe buying would be worthwhile to you, depending on the fees.
are you privy to local property tax information?
do you know any local realtors that can get you historic pricing data and relative pricing data for neighboring units? or can you get it on your own through public services? i would gaze into the numbers a long time before investing 2 years to buy.
or if you've already decided that those are going rates for unit's you're interested in i guess that stuff doesn't matter. have you investigated the neighborhoods and the demographic?
consider costs of imperative/relevant insurance situations in the area: history of fires, floods, or other odd local phenomena.
here's something to consider: you should be able to view public permit information regarding the plumbing, and electrical in the property you want to buy. go to your city hall building or planning department and ask to see the permits available on the address of your interest. in california the documents are public, i'm guessing it's the same in most states. if you notice that plumbing hasn't been done in a very long time consider the drastic costs of remodeling and tearing out bad piping. electrical isn't so bad but if it's terribly old there are no GFI's and you have those old sockets.
you can see how many remodels have been done throughout time in this way. you can see the notes of inspectors, and any outstanding permits that may indicate bad workmanship that you have to correct yourself.
do you know any local realtors that can get you historic pricing data and relative pricing data for neighboring units? or can you get it on your own through public services? i would gaze into the numbers a long time before investing 2 years to buy.
or if you've already decided that those are going rates for unit's you're interested in i guess that stuff doesn't matter. have you investigated the neighborhoods and the demographic?
consider costs of imperative/relevant insurance situations in the area: history of fires, floods, or other odd local phenomena.
here's something to consider: you should be able to view public permit information regarding the plumbing, and electrical in the property you want to buy. go to your city hall building or planning department and ask to see the permits available on the address of your interest. in california the documents are public, i'm guessing it's the same in most states. if you notice that plumbing hasn't been done in a very long time consider the drastic costs of remodeling and tearing out bad piping. electrical isn't so bad but if it's terribly old there are no GFI's and you have those old sockets.
you can see how many remodels have been done throughout time in this way. you can see the notes of inspectors, and any outstanding permits that may indicate bad workmanship that you have to correct yourself.
solid tips. thanks for the post, dp.
welcome, i got more too... but it doesn't exactly relate to nny's issue:
generally if you're getting a house another big thing to look at is re-roofing. the most frequent thing i noticed in the LA area was that people were replacing clay tiles that were installed over 10 years ago with synthetic or other types of composite roofing materials. this is of consequence because leaky roofs cause a multitude of internal building problems. the issues that were directly costly were kitchen or room remodels. if you notice your house of interest has rather old roofing materials, you'll probably need to re-roof your house in several years.
oh and if you've purchased a house or a condo, ask if you can get the original floor plans (also from the planning department in city hall). sometimes owners keep these (the originals), other times they are in possession of the city. if you are the owner you can request these building plans, usually there is a service contracted with the city to pick up and make copies of your plans for a reasonable fee. this will save you so much legwork over a situation where you have to start from scratch and measure every wall and window and entry. if you get lucky you can get the original electrical layout with detailed notes, and plumbing that tells you where in the walls the pipes are. this coupled with the permit information can give you a wealth of information to get started on fixing up your place and solving various problems.
note: from my experience it is rare that the city retains copies of the original building plans (they have to pay for storage and are not required to save these plans), having your own plan as an owner is a great idea. plus if you're anything like me, you'll enjoy taking the bands off a plan and opening the big pages on a large desk, even if they are old and weathered.
generally if you're getting a house another big thing to look at is re-roofing. the most frequent thing i noticed in the LA area was that people were replacing clay tiles that were installed over 10 years ago with synthetic or other types of composite roofing materials. this is of consequence because leaky roofs cause a multitude of internal building problems. the issues that were directly costly were kitchen or room remodels. if you notice your house of interest has rather old roofing materials, you'll probably need to re-roof your house in several years.
oh and if you've purchased a house or a condo, ask if you can get the original floor plans (also from the planning department in city hall). sometimes owners keep these (the originals), other times they are in possession of the city. if you are the owner you can request these building plans, usually there is a service contracted with the city to pick up and make copies of your plans for a reasonable fee. this will save you so much legwork over a situation where you have to start from scratch and measure every wall and window and entry. if you get lucky you can get the original electrical layout with detailed notes, and plumbing that tells you where in the walls the pipes are. this coupled with the permit information can give you a wealth of information to get started on fixing up your place and solving various problems.
note: from my experience it is rare that the city retains copies of the original building plans (they have to pay for storage and are not required to save these plans), having your own plan as an owner is a great idea. plus if you're anything like me, you'll enjoy taking the bands off a plan and opening the big pages on a large desk, even if they are old and weathered.
This is NYC. Building owners routinely violate building codes and ignore filing anything they can. Odds are what the city planning office has was completely accurate six months before the building was built. Beyond that... seems unlikely to me.
Good tips. I am very aware of demographic and somewhat aware of pricing. I'd need to research more... but I am just looking for ballpark figures.
The thing is investing in a property means my monthly costs are partially coming back to me in the worth of the property... where as renting... it's a total wash.
NYC real estate market is fairly stable. Nothing really ever goes very far down in pricing... just up at varying speeds. Which is an unholy nightmare for first time buyers.
Also, investing time and effort in a place you rent is another loss. I'd rather get something back for doing work on my home when I leave.
These are some of my concerns.
It's a tough call.
Good tips. I am very aware of demographic and somewhat aware of pricing. I'd need to research more... but I am just looking for ballpark figures.
The thing is investing in a property means my monthly costs are partially coming back to me in the worth of the property... where as renting... it's a total wash.
NYC real estate market is fairly stable. Nothing really ever goes very far down in pricing... just up at varying speeds. Which is an unholy nightmare for first time buyers.
Also, investing time and effort in a place you rent is another loss. I'd rather get something back for doing work on my home when I leave.
These are some of my concerns.
It's a tough call.