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Rentals in Cohoes : Real Estate Advice

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  • Home Buying5
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Activity 3
Thu Apr 7, 2016
Guy Rochelle asked:
I have good job for NYS which I have had for going on 9 years. I have never been evicted nor have I ever been late ion my rent. but still I have to spend application fee for credit check…
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Thu Apr 9, 2015
Taryn B. Morvillo answered:
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.
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Tue May 14, 2013
qbu65 asked:
This question was asked from this property:
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