Rent vs Buy in 11228>Question Details

Todd B, Other/Just Looking in 11228

I am graduating and moving to Brooklyn in Dec. In uncertain times, is it better to rent or to buy a condo?

Asked by Todd B, 11228 Sun Oct 5, 2008

-Recent graduate
-No savings, thanks to tuition
-Good credit
-Worried about economic situation, wisdom of investing in real estate

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Answers

6
Rhonda Holt’s answer
Hello, you asked a very good question and its nice to here it from a young person. Since you just graduated you have to look at many things before you make the decision to buy. First of all, you need to evaluate your financial situation such as being secure in a job for at least 2-3 year that pays a salary good salary with benefis, you should have at least 6 months of savings to pay your monthly bills, additional money for a down payment. Also, this is a good time for you to check your credit to see your score and to see if you need to pay off any lingering debts or to clear up any mishaps on your report.

So sit down and go over what you have now in terms of steady income versus your monthly debt to review your current situation to see if its realistic for you to buy now. Trust me, everyone knows if they can truly afford to buy or not. No one knows your financial situation better than you and how much you can afford to spend each month.

As far as the market goes, there are some great deals out here in Brooklyn, but more for co-ops than condos. If your'e interested in finding out more about co-ops simply give me a call and I will be glad to assist you.

Rhonda Holt
Licensed Realtor
Weihcert Realtors, H.P Greenfield
http://www.KandHhomes.com



Good luck on your decision.
2 votes Thank Flag Link Mon Oct 20, 2008
It is good idea to check your finance first to see if you qualify for purchasing a house or condo.
However, is great to know if you can qualify for a mortgage because sometimes you end up paying more if you rent. I will be happy to help you with either of your goals rent or buying. Thank you
hoping to hear from you soon.

Sincerely,
Jose Garcia
RE broker
0 votes Thank Flag Link Wed Dec 4, 2013
If you have, as you state, no savings, I would suggest that you rent for a while and build up your cash reserves. Even putting aside the purchase of a condo, you should have reserve money in the bank for at least six months of living expenses.
0 votes Thank Flag Link Wed Jun 26, 2013
buying a condo is always better than renting especially that mortgage rates are at a record low.
0 votes Thank Flag Link Wed Jun 26, 2013
That is a good question. Here is one question back to you... How long are you planning to live there. If your answer is over 3 years then the best choice with good credit is to take advantage of the low real estate prices. I was in Manhattan yesterday shopping in Bloomingdales. Almost every conversation that I heard was in another language. Same goes for 5th avenue, the village, Williamsburg and on and on. What's the deal here. It is shopping time in America and especially NYC. Other countries are looking at the USA as though those letters translate in to "ON SALE NOW, EVERYTHING MUST GO"

As a young person take advantage of this.

With the prices of real estate so low you can find awesome bargains. Sellers are making outrageous deals. Banks are negotiating harder than ever. Take advantage by getting yourself a property. Let it appreciate. When you want to move keep it and rent it out. What ever you do make sure your shopping cart is full before the sale ends.
0 votes Thank Flag Link Wed Oct 15, 2008
Todd,

Visit this site to start with: http://moving.move.com/homefinance/calculators/rentbuy.asp

Then speak to a mortgage rep to determine what options are available to you.
0 votes Thank Flag Link Mon Oct 6, 2008
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