Buying a house has so many benefits its not even funny. The apartment you want with a garage is going to cost you 1000-1200 a month, which you can get a decent house for with a garage.
I was going to get an apartment, but I now own a house with a garage. I love it, sans my nieghbors who leave there dogs out from time to time.
If you need any assistance purchasing a home PM me.
Here’s my house, I’m not trying to eball, just saying what is available in the market right now which is down. Rates are at an all time low, and it’s a great time to buy. My mortgage is less than 1200 a month, but I put down $20,000.
Really its not even what most people would consider Schenectady. All thats over that way are big apartment complexes and theyre all fairly new and theres no ghetto there. Theyre right before the bridge into Rotterdam.
Just to point out : Renting is a good option at the moment. #1, we do not know where the market is going, flipping is a huge risk, and Real Estate commissions are minimum 5% for anyone whos anyone. If you did profit, even after one year there is still a capital gains tax of 15%, and Obamanomics is aiming that number into the 30’s. Short term cap gain is same as income rate, which varys, but is higer than 15% in all instances.
Buying to hold is always a decent option if you can commit to area, and future rentability.
Renting now wont kill you, but if your here to stay, consider a multi-family with detached garages. Many available cheap.
lol, i posted using marisas name since i was on her computer.
Like i said, if i was looking to rent, i would definatly check out exit 11. You really cant get any better than that, unless you find someone to rent off of.
Learn to work on houses, buy a house and never look back
Anyway, commisions vary, I dont even know why you brought that up. Sometimes it’s 5, and each agent splits it, so its 2.5% which isn’t a lot of money considering the work involved. Theres is ways to get around capital gains taxes if its your primary resident and first home.
He has no idea where he wants to go. If he buys a house now and decides he wants to sell in a year, he’s at an unknown level in price (prob the same) minus agent commission ($15-30k in his price range). Or he can spend only $12k and figure it out first.
Yeah, I understand your comment, but off base. We shouldn’t discuss real estate, despite the 10.5 million and 46.5 transactions this year by your team. .
BTW, Agents more than earn their commission most of the time…
Dont forget closing costs, apprasials, inspections, mortgage transfer tax, deed stamps…Ins, Brokers fees is applicable. Most likely PMI. Owning a house for 1 year is NOT NOT NOT likely a good idea at this point in time. It sounds like there is a “reasonable” chance it could be short term. Perhaps a rent w/ option is best. I know of a few available, just not in locations he wants.
I disagree. Just because our economy is in the toilet right now doesn’t mean it is necessarily a bad time to buy. There are more renters then buyers. I’m investing in income properties at the moment and they are definitely the way to go for first time home buyers.
Key word was buying for only one year which is definitely not a good idea unless you are absolutely getting it for a steal. Cossey doesnt seem like he wants to compromise on what he wants, so finding that perfect place for 10% off seems unlikely. And even then, it’ll cover his agent expenses when he sells but he’ll still be out all the interest on the first year (of a 30yr) mort which would be much more than he’ll pay in rent for a year.
Yea, in this market crisis now buying and hanging on to something for a year isn’t smart unless of course like you said if it were an absolute steal. If you can buy income property right now and hang on to it, now is the time to do it!
