Buying a house in nyc?
Under $600K in NYC? You can try the boros (Brooklyin, Queens, Staten Island, or the Bronx). Manhattan is a lot pricier (think 800K to 1.5 million or more). Edit: The condo in AnthonyD's response is a 630 Square ft, one bedroom apartment, not a 2 or 3 family house.
Question about buying a house or a condo?!?!?
the advantage of a condo is no maintenance, no lawn, common areas are cleaned, etc. Con is you have association dues, but they cover the expenses some cover heat, trash, and water. houses you have a yard, and have to take care of it, and every thing that could go wrong wit the house..so its more independance but a much bigger commitment If you want something with a payment of $600 a month, you're looking at properties under 90K, I bought a condo last year for 85K, my mortgage payment is $610/month and $200 association which covers lawn, snow removal, water, heat, and trash which isn't bad.
Should I buy a house or a condo?
Skip it Simple. Numerous unknowns determine when, where, if u should consider purchase of actual housing. Libraries got books on how. Good start books is "house buying kit for dummies" E Tyson to get educated. Condos ALL ways have HOAs . Better READ the HOA LAWS regulations b4 even making an offer. Renting is smarter until u learn. Cheaper in reality also especially if u learn to understand the myths hypes of house ownership.
Should we buy a house, condo or co-op in NYC area?
Wow! So much to consider! Personally, I think co-ops are a hassle. So I won't touch on those. Condos are less of a hassle to buy and sell, but then again, you can't pick your new neighbor as co-ops do. Do you both work in the city? If you're considering coop/condo in the city you'll be saving on transportation time, proximity to...well, everything. How important is being in Manhattan? Definitely no easy answers. Here's my personal opinion. Nothing beats owning your own house. A nice house with kids playing in the backyard, a lovely garden in front, and a white picket fence is the American dream. You say in 4-6 years you're planning a family, so for now get yourself a condo or small house. Preferably something that needs a little work. If your not handy get yourselves a how-to book and LEARN how to be handy. You would not believe the money you can save on doing things yourself. If doing the work yourself is out of the question, then still get a property that needs some work. It should cost you much less than the average home. Use the savings for improvements.
NYC-What's better? (Condo vs Loft vs House)?
lease is purely advantagious in case you haven't any longer have been given sufficient to purchase your person place. There are actually not any tax reward, yet once you will hit upon a place it particularly is inexpensive sufficient this is reliable to lease. many times water and trash is roofed. additionally the maintanance of the condominium is the accountability of the owner. condominium's are a reliable starter domicile. in case you could not arise with the money for a house yet locate the money for saved up for 20% of a condominium this is probable a reliable theory to purchase a condominium. you would be waiting to deduct your pastime which you pay on your person loan. A condominium is powerful additionally in case you're single and prefer low maintanance. some condominium's have a pool or tennis courtroom. condominium's even have shared partitions consisting of your acquaintances so there is way less privateness. maximum condominium's have not got a backyard area on your pets or a backyard. Alot of condominium's have month-to-month HOA or householders affiliation value which will conceal the fees of pool/landscaping expenses. maximum condominium's do no longer contain any application charges. Parking veries between having your person storage to in straight forward terms a parking spot. in case you could arise with the money for a house, this is proably maximum suitable to purchase one. in case you have a relatives a house is nice. Maintanance value circulate up when you consider that there are extra issues you very own. you will would desire to pay all your utilities. even in spite of the undeniable fact which you will have not have been given any shared partitions consisting of your neighbor (in usual circumstances) your person front and outdoor. your person storage and tension way. many times no HOA expenses till your in a gated community. you will get to deduct your pastime out of your place very own loan. In residences and condominium's you would be able to would desire to pay sources tax that's on the factor of a million.a million% of the value. you in addition to mght would desire to concider that residences and condominium's circulate up in value, jointly as you will desire to fork out extra on lease as time is going on. residences tend to circulate up in value a litte quicker than condominium's.
Advantages/Disadvantages of buying a condo vs. a house in NYC?
Douglaston is nice isn't it? We go there to sail. It does have a terrible snag though and that is that the public schools are abominable. Children take hour long train journeys into Manhattan because the schools are so bad. But I digress . . OK so you don't want to do exterior maintenance and so would rather live in a condo. Fair enough. But with a condo you are paying someone else to handle this and (unlike a co-op) you may have little or no control of what they charge or whether they can be fired. This is a big snag. Look into it. Also you will find the property taxes per square foot are going to be much higher than that of a house (quirk of NY tax policy). So look carefully at these recurring overheads and see if it would be cheaper to get a house and a lawn service. You might be surprised. And there are some lovely houses in Douglaston . . for no more than you are paying.
Should we buy a co-op? Maybe a condo? in NYC?
Wow! plenty to think approximately! individually, i think of co-ops are a difficulty. So I won't touch on those. Condos are much less of a difficulty to purchase and sell, yet in spite of this, you are able to not p.c.. your new neighbor as co-ops do. Do you the two artwork interior the city? while you're thinking coop/house interior the city you would be saving on transportation time, proximity to...nicely, each and every thing. How important is being in ny? easily no person-friendly solutions. right this is my very own opinion. not something beats possessing your very own residence. a beneficial domicile with young ones enjoying interior the outdoor, a fine looking backyard in front, and a white wooden fence is the yankee dream. you're saying in 4-6 years you're making plans a relatives, so for now get your self a house or small domicile. ideally something that desires a sprint artwork. in the journey that your not reachable get yourselves a how-to e book and study the thank you to be reachable. you does not have self assurance the money you are able to save on doing issues your self. If doing the artwork your self is out of the question, then nonetheless get a supplies that desires some artwork. it is going to fee you under the common domicile. Use the mark downs for advancements.
What are some tips for buying a condop apartment in NYC?
There are two different types of condop's but they are similar – one is a essentially a leasehold. The land is say owned by a nice old woman in New Jersey and often the first floor of the condop is some kind of retail. The rest of the building - The livable space – has to follow condo rules and some co-op rules. The biggest problem with condops is that the lady in New Jersey's land lease tends to go up and up as it gets sold to other people. So you could be paying a maintenance of three to $4000 or maybe as high as $7000 on a several million dollar property. Traditional kind of apps were created to get around an IRS rule that stated that co-ops could not benefit from commercial dwellings in the building – (80/20 provision in Section 216 of the IRS code (now amended) stated that a co-op could not earn more than 20 percent of its income from non-residential shareholders -- i.e., commercial spaces. If the figure went over 20 percent, the shareholders were not allowed to take advantage of homeowners tax deductions - to fix that problem is owners and developers divide up the buildings owners and developers “divided” their building into two components. The commercial space was considered one condo unit and the entire residential part of the building was subdivided into co-op shares (it says essentially a co-op within a condo and with two different boards!)…. There are a few more nuances depending on the building but this was a hot topic for me this weekend as we are in the middle of trying to figure out whether or not to buy one – we've been warned not to. We might just keep her condo as it seems to be a better bet. Co-op boards are unpredictable at best and conducts scare me because of the potentially high maintenance costs…
Is now a good time to buy a co-op or condo in NYC?
Given NYC’s global economic and cultural status, it’s unlikely that buying a condo or coop in NYC would ever be a bad investment over a long-term time horizon. No real estate market is immune to a temporary, recessionary downturn in prices, however NYC’s dynamism means that prices should on average continue to go up by a comfortable rate of growth every year.Regardless of when you buy a property in NYC, you can save money by requesting a NYC buyer closing credit. Asking for a buyer agent commission rebate as a buyer is a no brainer in NYC, because virtually all sellers have agreed to pay the full 6% standard NYC real estate commission even if you as a buyer are unrepresented.In addition to offering you a rebate, a quality buyer’s agent can also assist in developing an offer submission strategy, facilitate negotiations and help with the NYC coop board package application (if you are buying a coop in NYC).NYC Buyer Closing Credit:Should I buy a co-op or condo in NYC?Because coops are less expensive than condos, we’d suggest buying a co-op if you are simply looking for a place to live in NYC. We do realize, however, that life circumstances can change and there’s always a chance you may need to spend some time outside of NYC. Therefore, we always suggest selecting a coop that offers you at least some flexibility in subletting your NYC coop.If you are an investor or just focused on having more optionality, we’d suggest buying a condo. Coop vs. Condo in NYC:What if I need to sell my coop or condo?If you end up having to sell your apartment in NYC, you’ll want to be weary of NYC seller closing costs. They can end up eating away a large amount of your sale proceeds.Fortunately, the largest element of NYC seller closing costs (broker commissions) can be easily reduced by either listing FSBO in NYC with Hauseit or by listing with a full service listing agent for just 1%.
Is it possible to buy a condo in NYC?????!?
Ok, I'm looking to purchase within the next 60 days. Something tiny...nothing extravagant. I have seen a lot of studio/one bedrooms for 120-170k....but they are all co-ops! Which really turns me off. Why is everything in NYC a co-op and where can I find some decent condos??? It seems almost impossible. Does anyone have any suggestions?