Long Island housing solution??

[99445]

Hi all,

I was thinking...since price of living on Long Island is so expensive...what if I bought a house or apartment between 70k-160k, and sell it after 4 years? My parents would support it financially. Could it work? Have people this before?

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[JPA178]

If your parents are willing to buy you a house or condo, why not? Buying > renting since you're actually owning an asset. A home is an investment. But you always have to figure in the upkeep, utilities, the cost of property taxes (HIGH on Long Island), down payment, mortgage payment each month, homeowner's insurance, condo association fees if applicable, etc. There are a lot of additional costs that go into home ownership. You can always rent out the other rooms in your apartment/condo to your classmates to help cover costs for the house itself. You gotta figure out what you can afford, what your parents can afford if they're helping you (and you're VERY lucky if so), and what you can reasonably collect in rent and utilities from roommates. Does it still put you in a better situation than if you were renting? Cost/benefit analysis.

 

[LizzyM]

Also consider what a time sink it can be if you have an issue with plumbing, or an appliance that breaks and needs to be replaced, or bad weather causing flooding. Will you have time with everything going on with school to deal with that sort of stuff? At least in a rental unit or in university housing, those headaches are someone else's headaches.

 

[NYCdude]

Like the above posters have mentioned, it's a good idea in theory, but then you're essentially adding on the extra headaches of being a homeowner.

Also, I don't know where you'll find a house on the island for that cheap that isn't in some drug slum.

 

[jsquared91]

Hi all,

I was thinking...since price of living on Long Island is so expensive...what if I bought a house or apartment between 70k-160k, and sell it after 4 years? My parents would support it financially. Could it work? Have people this before?

My gut says it would be difficult to find anywhere out there you would want in that price range.

 

[moop]

Hi all,

I was thinking...since price of living on Long Island is so expensive...what if I bought a house or apartment between 70k-160k, and sell it after 4 years? My parents would support it financially. Could it work? Have people this before?

Get real. Let me know when you find a house that costs that little on Long Island. Have you any idea about the NY housing market? Your down payment will be 140k lmao

 

[moop]

My gut says it would be difficult to find anywhere out there you would want in that price range.

He can go to upstate NY and be just fine in country farm with that money

 

[jsquared91]

He can go to upstate NY and be just fine in country farm with that money

I found some places in Hempstead in that range. Then again I saw a drug deal go down there at 7am on a Tuesday last year, so there's that. Guessing OP is looking at hofstra.

 

[emlopez2]

Its possible to buy but you definately are not going to find much for under your $170k budget in Nassua. I bought in suffolk county right before residency but the house was no gem. It took a lot of work and construction to get it in the shape its in now. If you are not able to find a descent place im actually lookingrent mine out as im leaving for fellowship shortly here in June. Heres the ad. PM if interested



Thanks Matt


3 bedroom 1 bathroom home at 1333 5th Ave Bay Shore, NY available to rent late June 2015
>>
>> Amenities: 2 car driveway, fenced in private backyard, portable dishwasher, portable washer and dryer, plenty of closet space and extra storage.
>>
>> Conveniently located to Southern State and Sunrise Hwy with short commute to Southside Hospital (1.9miles) , Good Samaritan hospital (4.2mi), Plainview Hospital ( 17.2mi), Brookhaven Memorial (16.2mi).
>>
>> Also located close to downtown Bay Shore restaurants/bars (1.5mi), Southshore mall (1.5mi), Deer Park outlets (4mi), Fireisland Ferry (2mi), Robert Moses Beach (10mi), Bay Shore LIRR (1.2), and Deer park LIRR (4mi).
>>
>> Price: $1900 per month + electric and heat(oil). One month security deposit.
>> Small Pet considered with $250 nonrefundable Deposit

 

[caffeinemia]

Its possible to buy but you definately are not going to find much for under your $170k budget in Nassua. I bought in suffolk county right before residency but the house was no gem. It took a lot of work and construction to get it in the shape its in now. If you are not able to find a descent place im actually lookingrent mine out as im leaving for fellowship shortly here in June. Heres the ad. PM if interested

View attachment 189955 View attachment 189959 View attachment 189958

Thanks Matt


3 bedroom 1 bathroom home at 1333 5th Ave Bay Shore, NY available to rent late June 2015
>>
>> Amenities: 2 car driveway, fenced in private backyard, portable dishwasher, portable washer and dryer, plenty of closet space and extra storage.
>>
>> Conveniently located to Southern State and Sunrise Hwy with short commute to Southside Hospital (1.9miles) , Good Samaritan hospital (4.2mi), Plainview Hospital ( 17.2mi), Brookhaven Memorial (16.2mi).
>>
>> Also located close to downtown Bay Shore restaurants/bars (1.5mi), Southshore mall (1.5mi), Deer Park outlets (4mi), Fireisland Ferry (2mi), Robert Moses Beach (10mi), Bay Shore LIRR (1.2), and Deer park LIRR (4mi).
>>
>> Price: $1900 per month + electric and heat(oil). One month security deposit.
>> Small Pet considered with $250 nonrefundable Deposit

That's actually a decent price. My place is almost that much.. Effing NYC. I'd say rent in LI , buy in NYC if possible.