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babymakes3
Almost there!
Member since 7/06 7376 total posts
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WWYD? Rent or buy?
DH and I moved to NY three years ago. We expected to be here about three years so we lived in rentals. After our time here, we would move back to the Midwest and buy a house.
Now things have changed. We will probably be here at least 2-3 more years after our lease is up in May.
I don't want to rent for another couple of years. Renting is not helping us. We need a tax deduction. We pay high Manhattan rent right now and our goal is to buy something for less than what we pay in rent and sock away a lot more than what we currently are for our house DP.
Would it be worth it to buy a condo/co-op if we plan to sell it in a couple years? WWYD?
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Posted 9/25/08 9:08 PM  |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: WWYD? Rent or buy?
IMO, if you're really planning to only be here for another 2-3 yrs, I would stay renting. closing costs alone could eat up your tax deduction - and you would have to pay a REA a % of your sale when you're ready to sell. just 2 things to factor in.
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| Posted 9/25/08 9:10 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
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Re: WWYD? Rent or buy?
I would not buy a co-op, I might consider a condo only if it had everything going for it and you are willing to accept that possiblity that selling in 2-3 years might be hard or impossible and I wouldn't plan on getting any money out when you sell.
Things are way too effed up right now to think they'll be totally right in 2-3 years.
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| Posted 9/25/08 9:12 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD? Rent or buy?
I would keep renting in this market
you could end up losing you shirt
what about moving out of the city to save money instead?
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| Posted 9/25/08 9:18 PM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
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Re: WWYD? Rent or buy?
Posted by Beth1210
I would keep renting in this market
you could end up losing you shirt
what about moving out of the city to save money instead?
That is an option. No matter what we do, we are limited to Queens or western Nassau only at this time because of DH's job.
I worry about being able to find an rental that allows a 45lb dog, has 2-3 bedrooms and is in a good neighborhood. We had such a tough time when we were looking last year before moving to where we are now.
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| Posted 9/25/08 9:39 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: WWYD? Rent or buy?
Posted by Beth1210
I would keep renting in this market
you could end up losing you shirt
what about moving out of the city to save money instead?
the other theory is that the market is so bad right now, you could pick up something for a steal and 2-3 years from now, you may make enough of a profit to cover the costs. Or, in 2-3 years you could just rent it out and wait until the market rebounds more.
So hard to tell.
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| Posted 9/25/08 9:43 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD? Rent or buy?
Posted by babymakes3
Posted by Beth1210
I would keep renting in this market
you could end up losing you shirt
what about moving out of the city to save money instead?
That is an option. No matter what we do, we are limited to Queens or western Nassau only at this time because of DH's job.
I worry about being able to find an rental that allows a 45lb dog, has 2-3 bedrooms and is in a good neighborhood. We had such a tough time when we were looking last year before moving to where we are now.
I live in a 3 bedroom in Queens for alot less then I was paying for a 1 bedroom in Manhattan 6 years ago
check craigs list- I live in a very nice area - close to shopping and public transportation
you might have to rent in a multi fmaily house - but they are more flexible- esp since you have a dog
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| Posted 9/25/08 9:58 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: WWYD? Rent or buy?
Posted by babymakes3
Renting is not helping us. We need a tax deduction.
That is the worst reason to go out and buy a house.
I would continue to rent.
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| Posted 9/25/08 10:06 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD? Rent or buy?
a few more reasons to rent
1- it takes 5 years on average in an INCREASING market to re-coup closing costs
2- bloomberg in rasing Manhattan property taxes 7%
3- the first 5 to 7 years of the loan are interest- so you will have paid nothing towards the principle in 2 to 3 years
so the market would have to go up enough for you to make back all this money PLUS average 6% for the real estate again
this is why real estate is suppose to be a long term investment
plus I wouldn't want the added stress of trying to sell and move OOS at the same time- that's alot to try to coordinate
I was freaking out trying to coordinate it with a lease (which thankfully I no longer have since I live in a multi- fmaily house- another benefit)
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| Posted 9/25/08 10:11 PM |
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Sneezy
Thankful for my miracle!
Member since 5/05 1939 total posts
Name:
Jen
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Re: WWYD? Rent or buy?
For 2-3 more years, I would keep renting. It will take you a few months to find a place and close on it if you buy. You could buy a place and only end up being there for 18 months.
Also, as volatile as the market is right now... 
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| Posted 9/26/08 6:21 AM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
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Re: WWYD? Rent or buy?
Thanks ladies. You're right, we should just continue to rent. DH read the responses and he agreed with them too. I hadn't heard that Bloomberg was going to raise property taxes but he did. (Thanks Beth for the breakdown!)
So, what are the absolute best neighborhoods in Queens?
I'm not too familiar with Queens. I've been to Target in College Point. DH said he likes Forest Hills and Bayside. How long does it take to get to Midtown from there?
TIA!
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| Posted 9/26/08 9:59 AM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: WWYD? Rent or buy?
I personally would not buy in a market like this especially if you're not planning on staying in NY. Even if you do get a great deal on property, the market is so unpredictable right now that you might even end up losing $$ in a couple of years. IMO it is a buyer's market right now for those that are looking for a long term investment and are planning on living on the property.
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| Posted 9/26/08 9:59 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD? Rent or buy?
Posted by babymakes3
Thanks ladies. You're right, we should just continue to rent. DH read the responses and he agreed with them too. I hadn't heard that Bloomberg was going to raise property taxes but he did. (Thanks Beth for the breakdown!)
So, what are the absolute best neighborhoods in Queens?
I'm not too familiar with Queens. I've been to Target in College Point. DH said he likes Forest Hills and Bayside. How long does it take to get to Midtown from there?
TIA!
your welcome
I live in Bayside and I love it! it's alittle more "suburban" compared to forest hills- but both are nice areas
the LIRR is 25 minutes from bayside (no subway here- but you can take the subway in forest hills)
or you can take the express bus which takes 45 to 60 minutes
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| Posted 9/26/08 10:10 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: WWYD? Rent or buy?
Posted by Beth1210
a few more reasons to rent
1- it takes 5 years on average in an INCREASING market to re-coup closing costs
2- bloomberg in rasing Manhattan property taxes 7%
3- the first 5 to 7 years of the loan are interest- so you will have paid nothing towards the principle in 2 to 3 years
so the market would have to go up enough for you to make back all this money PLUS average 6% for the real estate again
this is why real estate is suppose to be a long term investment
plus I wouldn't want the added stress of trying to sell and move OOS at the same time- that's alot to try to coordinate
I was freaking out trying to coordinate it with a lease (which thankfully I no longer have since I live in a multi- fmaily house- another benefit)
ITA.
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| Posted 9/26/08 12:24 PM |
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