I am looking into buying a first home in a few months. Waiting and hoping the rates drop to the low 4's.

Asked by J, Queens, NY Tue Dec 30, 2008

Anyway I am looking in South-West nassau or eastern queens. Debating the property tax issue big time. I also am trying to find a property with rentable space (basement, attic etc). Can anyone provide any advice? Does anyone live or know the Rosedale / Laurelton Queens area? Is it nice?

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Edward, , 11419
Thu Jan 8, 2009
I bought a house about a year ago in SE Queens (S. Richmond Hill) and am right now refinancing at a great rate. Anything under 5 1/2% I think is really a gift. I thought about renting out my back room or basement to try and improve my financial situation and got bad news from the engineer I spoke with on the phone. You can not rent out a studio apartment in a one family home and renting the basement is an even bigger no no. If these rentals are not legal (and it's not at all likely they would be) you can't evict your tenant, if your tenant were to get hurt in a fire in the basement, well your homeowner's insurance would be null and void, you'd loose all your assets and might end up in jail. Just make sure you can afford what your buying - get a two family if you want to rent. Good luck, owning a home has been a blast for me. (I enjoy the home improvement aspect).
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J Douglas Mo…, Agent, Douglaston, NY
Thu Jan 8, 2009
When debating the tax issues between Nassau and Queens, remember there is a NYC Tax to individuals living here that Nassau residents are not subject to. Queens had wonderful neighborhoods throughout, drive around and see what appeals to you and your family. I would also make sure that you contact a reputable lender and begin the prequalification process so that you are prepared when you make the decision to start looking for a home.

Best of luck
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Ralph Windsc…, Agent, Hauppauge, NY
Wed Dec 31, 2008
Hi J, Paul's response is on the money. When buyers and sellers ask me when is a good time to buy or sell, I always tell them right now. Waiting for the interest rates to drop is like waiting and trying to time the stock market. A good buy is a good buy in any market. If you are serious about buying, there are many great deals out there right now. I don't know if the interest rates will come down any more - I don't have a crystal ball. However, if you look now, before the Spring rush, you may find something that suits your needs and at a great price. You can probably lock in an interest rate now and get a lock in with a float down if the rates come down some more. I am a certified buyer representative - that means I can work for you instead of the seller. If I can assist you or you have additional questions, please contact me.

Happy New Year!

Ralph Windschuh
Century 21 Princeton Properties
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Pascual Paul…, Agent, Bronx, NY
Tue Dec 30, 2008
Keep hoping. Good Luck. Now is the best time regardless, because of prices of properties. Don't miss the best market because of rates. A good rate at a higher price does not help you.
Web Reference:  http://Paulmvpteam.com
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