Home Buying in Forest Hills>Question Details

Curious, Home Buyer in Forest Hills, Queens,...

My max monthly limit is $1600 for maintenance/mortgage. Tax wise, what's a better "deal," a higher mortgage payment with lower

Asked by Curious, Forest Hills, Queens, NY Sat Dec 12, 2009

maintenance, or a cheaper property w/higher maintenance. Property would be located in one of the NYC boroughs. Average deductability for the maintenances I've encountered is 50%.

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Hi Curious- the 1st 5 years of your loan you will be paying all the interest on your mortgage so your tax deductions will be higher( so far mortgage interest is still deductible). The building maintenance is 35%-50% deductible - (deduction is for taxes allocated to your shares portion ) I doubt that maintenance or taxes will ever go down...what about down payment requirements?.Take everything into consideration and buy location and square footage that will suit you. If you want a list of available apartments Terry K 718-614-3167 cell or email me therese.korahais@elliman.com
0 votes Thank Flag Link Sun Dec 13, 2009
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