Rentals in Cohoes>Question Details

Lisa Schafer, Renter in Cohoes, NY

Is it darn possible,nowadays,to rent a quality apatment,without having to spend a fortune to live in it?Who the hell can afford these places?If

Asked by Lisa Schafer, Cohoes, NY Sat Jan 12, 2013

people had that much cash to spend on rent,wouldn't it be possible to own their own home?It is crazy out there.

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Victor E. Franco Jr.’s answer
Yes....many times I agree. It is often possible to afford a mortgage payment for what most people pay in rent. However, not everyone's circumstances are the same. Some people might have to rent because of poor credit, not enough cash for a down payment, or an unwillingness to take care of typical house related maintenance like repairs, snow removal, lawn care, etc. In short, the rental market is RED HOT in the Capital Region now and landlords expect (and get) a premium dollar for their units. Feel free to give me a call at (518) 506-4589 if you would like to discuss further.

NOW is a great time to BUY! Contact your local REALTOR today:

Victor E. Franco Jr, CBR
NYS Licensed Real Estate Salesperson
Weichert, Realtors Northeast Group
318 Delaware Avenue, Delmar, NY 12054

Office: (518) 439-1900 x209 ~ Cell: (518) 506-4589
vfranco@weichertne.com ~ http://www.weichertne.com
0 votes Thank Flag Link Sat Jan 12, 2013
Yes, but only if you are willing to sacrifice an extra hour to commute to work, or, if you work from home, the feel of belonging to a community - I personally love areas like Delmar and Saratoga Springs, which have a very high "Walk Score", as does the nicer portions of downtown Albany - but that's going to cost you an extra $250 - $600 per month. Also, because the catch-all of security once known as "investing in real estate" - AKA owning your own home - is now and forever will be a false sense of security, as the cost of owning a home - including the phantom or shadow costs like roof replacement and repair, regular maintenance and reasonable updates to keep your home relatively energy-efficient, modern, and in good condition (windows, water heaters, low-flow showerheads and toilets and new pipes and weatherproofing or replacement decking, mold inspection and mold-retardant everything, keeping your HVAC system clean and running smoothly) all adds up to an expensive proposition that carries NO GUARANTEE of your ever recouping your expenses when you sell the house - in fact; all over the Capitol Area, even in the nicer suburbs like Ballston Spa, housing prices have been on the decline ever since the bottom fell out of the housing market in the early 2000s and will never, ever be the a "good investment" in the way we have traditionally been taught to understand: I believe Trulia estimates between 5% - 12% just over the past couple of years, and this is technically AFTER the recession. Owning your own home is not a safety net - it's a liability. The popularity of rent-to -own programs ONLY SERVES TO HIGHLIGHT how far homeowners are haaving to go to just break even when seling their houses. There's no middle class with good credit and and a sizeable chunk of money to put down from their savings, and banks aren't lending it to anyone but the wealthy. So homeowneers are turning to exploitative programs (for both renters and owners) in the hopes that they won;t have to sell their home at a loss of 12% - and that's not adjusting for inflation or "shadow/phantom" costs. There's NO SECURITY in owning a home, and unless you are flipping real estate in a knowledgeable way using money that isn't yours (this happens a lot more than you would believe), real estate is a crappy investment. The idea of of the American Dream, a phrase coined by none other than Fannie May in the mid-1900s - when we DID have a middle class, and the average family could afford to live in a home that was a good investment - is now and forever an antiquated notion...

An expensive apartment for which you are not ultimately responsible when the price drops by another 12% in five years is a better investment than buying a home or renting-to-own: the one reason to buy a house is because you love it so much and don't care wht it costs to live there or maintain it. Houses are the new boats. No one ever made money from investing in a boat, but they might have had the time of their lives going fishing every weekend, in which case the money was well-spent.
0 votes Thank Flag Link Thu Apr 9, 2015
It's an outrage. Life as we know it is over.
0 votes Thank Flag Link Sat Jan 12, 2013
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