Home Buying in Brooklyn>Question Details

Muffinman, Home Buyer in Brooklyn, NY

I have $90,000 saved. I live in NYC and my current rent is $800/month. Should I buy a condo in Brooklyn or Queens or continue to rent? Thanks!

Asked by Muffinman, Brooklyn, NY Tue May 7, 2013

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Good morning Muffinman,

The age-old question: rent versus ownership? In the end, only you can decide. But you can lean on the advice of a mortgage professional to gather all the information you need to make the most informed decision possible for you.

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. You'll then best be able to compare the benefits of ownership with the benefits of renting.

Good luck!
Trevor Curran
NMLS #40140
Office: 516-829-2900
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd, Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a "Thumbs Up" or "Best Answer." Thanks!
0 votes Thank Flag Link Wed May 8, 2013
To buy or rent is all about personal preferences and it’s all about costs and lifestyle. Costs--financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation. If you choose to purchase,
buy in the area that you like best; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Tue May 7, 2013
Dear Muffinman:

You should definitely buy if you can.

The fastest way to accumulate wealth in the USA is by purchasing and own primary residence. As opposed to renting, when you own a property you get a BIG income tax write off! On the average you will save $300.00 per month on your income taxes! Speak to your accountant to see what those numbers will be for you or contact me direct and I can walk you through it.

For someone like you, you can own a property for virtually the same amount as the rent you are now paying! Plus you will be earning equity in the property every month. Basically over time, your property will serve to be like an IRA! My parents purchased their home in 1965 for $25,000 and sold it 40 years later for $600,000! Their mortgage was paid off in full and it became a big nest egg! You do not get that when you rent.

Plus, right now interest rates are so low, borrowing money is cheap. It may not be that cheap in the future and prices have been on the down swing for the past 5 years or more. Guess what, prices will go up again, it is inevitable, just like the prices on everything else in life goes up over the long haul.

Who knows, just like my parents did, someone may purchase a house today for $350,000 and then sell it in the year 2053 for, dare I say $5,000,000. Think about it.

The short answer in my first sentence... you should definitely buy if you can.

If I can be of further assistance, please contact me direct. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Tue May 7, 2013
Absolutely buy! Rates are low and prices are still lower compared to several years ago. Invest the $800 every month into something you own and can get something out of as oppose to a monthly rent that gets you NOTHING?

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue May 7, 2013

If you need any help, give me a call.

Luke Constantino
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919
0 votes Thank Flag Link Tue May 7, 2013
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