Home Buying in Astoria>Question Details

Peter, Renter in Astoria, NY

Appreciation over 10 years

Asked by Peter, Astoria, NY Sun Mar 25, 2012

I would like to buy a condo in a new development but after calculation Rent Versus buy, I am not sure that it is a good idea. I plan to stay at least 10 years in this place and I wonder if this place will appreciate over the years and if I will make a profit (at least to cover the interest invested... Does the appreciation generally follow the inflation rate over the year?

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I can tell you a thing or two about property values in Astoria. Even the short sales (very far and few between) are hitting Killer numbers! Over the last ten years, why not look at 1996-2012. I have seen the same unit sell 4 times. Each time adding 12-16%. Astoria is One of those places. Homes on the N Train path Command money. Still you can find a reasonable buy from time to time!
0 votes Thank Flag Link Wed Mar 28, 2012
Thanks. So, if I buy a one bedroom in a new building for let's say 400,000, I should be able to sell it at a much better price in 10 years?
Flag Thu Mar 29, 2012
If you are purchasing this condo as a residence, then you should be comparing rent versus buy (with the tax breaks)you will acquire. If you want to purchase an investment. Then it shouldn't be your primary residence. It is an incorrect supposition. Depending on you whole economic picture, you may do better financially to purchase a home and not a condo. However, if you are purchasing a property primarily for living, and you don't have enough money to purchase a comfortable home a condo might afford you more of a better living experience than the kind of house you could afford at this time.
If you are looking for only an investment, buy a fixer upper house, don't live there, fix it and either rent it out or sell it at a profit. If you don't know what you are doing this could present other problems.
0 votes Thank Flag Link Sun Mar 25, 2012
Flag Sun Mar 25, 2012
Unfortunately none of us can predict the future when it comes to future appreciation, therefore if you like the unit, no reason to focus on what may, or may not be--however consider consulting with your tax professional, regarding any tax benefits the purchase may offer....
0 votes Thank Flag Link Sun Mar 25, 2012
Flag Sun Mar 25, 2012
Hi Peter,

A home is a place to hang your hat and enjoy. The way I look at it, if you rent.... the money you would be giving your landlord every month will do nothing for you come tax time. When you own, you can deduct a good portion of the interest and propety taxes year end against your income taxes.

Long term, I would think it is better to buy than rent.

All the best
0 votes Thank Flag Link Sun Mar 25, 2012
Flag Sun Mar 25, 2012
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