Home Buying in Brooklyn>Question Details

Mannie, Home Buyer in Brooklyn, NY

Hello, I am interested in a one bedroom condo in Brooklyn

Asked by Mannie, Brooklyn, NY Fri Apr 24, 2009

but I know i can only afford up to $1100 for the mortgage and maintenance. Is that even possible anymore ? I do not want to result to buying a co-op.

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There are just a handful of condos available for up to 179K which is where you need to be and below in order to pay at least $1,100 a month.

My colleagues have two available in Canarsie that you can take a look at. If you are interested let me know and I will get you in. Give me a call so I can ask you just a few questions. Call me at 646-725-5941.

Join me on TWITTER.com today for FREE and follow me to get up to the minute real estate news, my daily transactions on buying and selling properties in Brookly.
Go to: http://twitter.com/HelpMeRhonda09
Web Reference: http://www.KandHhomes.com
0 votes Thank Flag Link Sun Apr 26, 2009
Dear Mannie:

In order to answer your question we need to know how much money you have to invest with repsect to your down payment and closing costs and what type of income you have. If you are going less than 20% down, you will have to get private mortgage insurance which can be costly.

Assuming you will be going 20% down or more, here is what it looks like:

Monthly budget: $1,100.00

Common charges: $250.00 (estimate based on one bedroom condo in Brooklyn)
Real Estate taxes: $200.00
Insurance: $50.00
Mortgage: $600.00

The portion of your monthly budget dedicated to the mortgage payment wuold be $600.00. If you took a thirty year fixed mortgage at 5%, you would be able to borrow up to $111,000.00 and still stay within that budget. Add your down payment to the $110,000.00 and that tells you how much you can spend.

If you cannot find anything in that price range that meets your needs you may have to consider a co-op, however given that the maintenance on a one bedroom co-op would be about $450.00 per month (this includes the real estate taxes), you would not be able to spend more money as opposed to a condo. Of course co-ops relatively speaking sell for lower prices.

I also want to point out that owning a co-op is a lot better that renting anyway. Just make sure the co-op is in good financial health. Your attorney will help you with that.

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

Sincerely,
Mitchell Feldman
Associate Broker
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat Apr 25, 2009
Hi Mannie,
With the rates as low as they are now I don't think that should be a problem. Not sure why the co-op is a prob though??? I have family in Brooklyn that have bought co-op's and are very happy with their homes. If you need a good agent to show you the available properties in the area I can definitely hook you up! Let me know if you need assistance! Good luck with your purchase! -Kristen
Web Reference: http://www.sellyourden.com
0 votes Thank Flag Link Fri Apr 24, 2009
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