Buy APT now?
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- ********
Should I buy an apartment now or next year?
The prices havent decreased as dramatic as other parts of the country but even with more decline later, I am sick of renting.
- brandelec0
i say buy
- DrBombay0
Aren't you unsure about if you are even staying in America? Is it smart to buy a place if this is true?
- I dont think I said I am leaving anytime soon. If I was to leave, I would keep it as investment property.********
- kind of a sketchy time right now.DrBombay
- I agree. There is about another 10-20% drop but that would equalize with higher interest rate.********
- I fear what will happen when the artificiality of the market lifts when Fed stops providing funds.********
- That is what I would be worried about, especially in NYC.DrBombay
- Indeed, you only see outer city areas feeling the burn and reducing down.********
- bombay, what about banana republic?********
- ?DrBombay
- I dont think I said I am leaving anytime soon. If I was to leave, I would keep it as investment property.
- ********0
ask sid
- ********0
Go for if you can afford it - safe as houses innit...
- CygnusZero40
Buy..... an apartment? I don't get it.
- rson0
In the city?
- ********0
Also, in NY, it takes 1 year for any foreclosure to proceed so there are lots of units that could drive down the price along with higher interest rate coming next year.
- ninjasavant0
Here's your options:
Dump money into a rental with no chance of return.
or
Spend money on a place with the possibility of return.
- rson0
Fuck man are you looking to pay 750 +? I would by a house in jerz before a room in the city.
- I thought about it but I think NJ is too much for me. I like how I can walk to everywhere.********
- I don't think I've ever heard anything I disagree with more than that.CyBrain
- I cant even live in Brooklyn. I think NJ would be too much.********
- I thought about it but I think NJ is too much for me. I like how I can walk to everywhere.
- DrBombay0
Or the possibility that he leaves the country and can't rent/sell it and has to pay thousands of dollars a month on a mortgage for a property he doesn't use. That is the big risk.
- Renting it out is quite easy in NY. Not as easy as last year but still easy.********
- Renting it out is quite easy in NY. Not as easy as last year but still easy.
- ********0
^ true but there are other factors.
If I buy a place at $600k today with interest of 5.5%, and when it reduces to $500k (at 2005 level) next year due to higher interest at 7% it does some what equalize as monthly payment being the same.
- CyBrain0
You can get a one bedroom for a little over $600k in Manhattan if you're lucky. There are some for under $500 in LES but you'd have to go near the East River where it's a lame neighborhood. This is where I live: http://www.coopvillage.coop/east…
Buildings, ugly as sin, but there are a lot of one bedrooms for under $500k with walk in closets, a terrace and 800 sq. ft.
Lame neighborhood, but about 30% cheaper than most of Manhattan.
- There are good 1 br in the city all around at $600k. UES / UWS and small 1br in West Vil.********
- I am thinking about buying one where I live.********
- There are good 1 br in the city all around at $600k. UES / UWS and small 1br in West Vil.
- ninjasavant0
^
^
But, you also get the tax advantage of mortgage interest and property taxes.
- Horp0
Property is theft you bourgeois cunt.
- Corvo20
Although not in the US, my experience with buying/renting a house tells me this:
Buying is only worth it if you're planning to live in a place for a really long time, or forever. Long enough to get additional value overtime or leave it to your kids. Although it looks like you can always get some return if you sell the place, most of the initial mortgage value will be there to pay for a really long time. Basically you're just paying interest in the first half (or more) of the mortgage period, which ends up in being like renting it anyway. Also the sense of loss and failure is bigger if you have to move out due to financial problems in the future.
- I am thinking of keeping this for a long time.********
- I'll say this. My studio in the West Village was $200k in 1999 and sold for $499k in Feb of 2007.CyBrain
- I am thinking of keeping this for a long time.
- Corvo20
If you really want to buy, at least buy an old place with some charm to it and do some renovation/restoration work, etc. It's the fastest way to add some value to that sort of investment in case you have to call it off.
I bought an old house for €80.000 back in 2001. Added some €15.000 in repairs. Two years later I had to sell it but managed to come out of that wreck with something like 10k-15k on top after all debts were settled. Not much, but at least I managed to avoid that feeling of complete loss which would otherwise have eaten me up like cancer.
- Indeed corvo. Sadly, most of apartment in NY is such a bad shape that it wont matter what I buy.********
- Indeed corvo. Sadly, most of apartment in NY is such a bad shape that it wont matter what I buy.
- instrmntl0
i would if i could
- airey0
“Buy land, they're not making it anymore”
Mark Twain