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Rent vs Buy in 11218 : Real Estate Advice

  • All41
  • Local Info2
  • Home Buying19
  • Home Selling4
  • Market Conditions1

Activity 13
Sat May 4, 2013
Gail Gladstone answered:
I rented until 1995 when I purchased my first home (I am 67). To me, it is like a bank account.

When I rented, I paid the landlord's mortgage. Now I pay my own and will be reimbursed when I sell.
When I rented, I had to vacate over and over as each landlord either sold their property or had family they wanted to put into it. No one can make me move out of my own home until I am ready.

Crag, do not allow society to tell you what and how...it is your life and it is up to you to decide what is right for you. I tried both and am happier being a home owner.

Best of luck in whatever you decide.
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0 votes 6 answers Share Flag
Mon Feb 25, 2013
Jacques Ambron answered:
If you are planning to remain in the apartment for any length of time, you are probably better better off with a 2 year lease. Otherwise you will be subject to 2 increases as opposed to 1 even thought the 2 year lease is a little more ... more
0 votes 2 answers Share Flag
Sun Sep 30, 2012
Mitchell Feldman answered:
Dear Melindagar:

If you purchase a property with less than 20% down you will have to get private mortgage insurance. This can be quite costly so keep that in mind. Your best bet is to get yourself pre-qualified with a mortgage banker to find out what you can or cannot do.

When you meet with the loan officer there are some important questions you need to ask such as 1) how much can I borrow? 2) what rate can you offer me? 3) how much will my monthly payment be for the loan? 4) how much will my closing costs be? 5) do I have to pay for PMI and if so how much will that cost?

Once you have the answers to those question you can add in your other living expenses such as monthly common charges, insurance, real estates taxes if applicable and utility expenses. See if all that fits into your budget and if it does remember... You will also save a lot of money on your income taxes when you own as oppossed to renting! Your accountant can tell you exactly how much you can save.

Also keep in min that if you are purchasing a co-op, some of them have minimum down payment requirements. These policies vary from building to building so you should make sure to only look at properties where the 10% down is permitted.

I suggest you have a good real estate agent help you. If I can be of further assistance please contact me directly. Good luck!

Sincerely,
Mitchell Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
718-645-1665/ 917-805-0783
MitchellSFeldman@aol.com
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0 votes 2 answers Share Flag
Tue Aug 28, 2012
First Last answered:
The bank does not have to agree to the short sale, so you may not get this property at all. I certainly hope you have an attorney working for you? If so, definitely get their advice. First find out what your contractual obligations are now on this short sale at this point, or you might end up with two apartments--one rental with a lease you are obligated to pay, and one owned by you that you are also obligated to pay for.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
212-688-1000x146
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0 votes 1 answer Share Flag
Mon Jul 23, 2012
Eric Carino answered:
Hey Gary,

I have a two bedroom, two bath with a gym, pool and common roof deck for $5040 per month. Two months free and no fee. Feel free to give me a call @ 646.236.4818

Thanks,


Eric Carino
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0 votes 2 answers Share Flag
Thu Feb 21, 2013
Tim Moore answered:
Bottom line is that you will have to be able to get a loan in a year to be able to buy the house. No loan means you lose the extra money and deposit you put up. They are not good deal, but so many want to believe they are and they just are not. Run away - just rent until you can really buy and then buy. ... more
0 votes 5 answers Share Flag
Wed May 23, 2012
Mitchell Feldman answered:
Dear Mimi:

Based on your question I would think that you may need some help along the way. I suggest you have a licensed real estate salesperson assist. You can also try to find out who owns the property and reach out to them. You can find out property ownership by going onto NYC.gov and doing a search on ACRIS. You can click on this link to take you there:
http://www.nyc.gov/html/dof/html/jump/acris.shtml

If you need further assistance, I am a licensed real estate salesperson and would be more than happy to help. Feel free to contact me any time. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
... more
0 votes 2 answers Share Flag
Tue Dec 11, 2012
Anna M Brocco answered:
Check with local realty offices, or work with an agent; check local print media for by owner rentals, always verify ownership before exchanging any money; word of mouth, etc.
0 votes 3 answers Share Flag
Thu Jun 30, 2011
Scott Godzyk answered:
Your first step should be to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may quailify for. Without knowing this you can not move forward, if you dont quailify now , then you should ask about lease purchase.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_is_start_if_i_want_to_get_a_mortgage

Please see my blog for tips and assistance in getting a mortgage.
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0 votes 4 answers Share Flag
Tue Mar 1, 2011
Tim Moore answered:
Step #1 in the purchase of real estate is always to speak to a lender to see if you can qualify for a loan. It's free and will cost you nothing and you will always learn something by doing this. If you can't qualify now the loan officer can give you some tips and suggestions on what to do to be able to qualify. If you can qualify the loan officer will give you an idea of how much you could borrow. If your plans are to be in the area and job you have for 4 or 5 years, or more, then buying a home now is a no-brainer. Prices are way down and interest rates have almost never been better. ... more
0 votes 10 answers Share Flag
Wed Jun 20, 2012
Elaine Cooper answered:
Hi Mo25,

Now is a perfect time to buy. Interest rates are low, prices are down and if this is your first home, you can qualify for a $8,000 tax credit. It's impossible to time the market or say what home prices will do. However, if you're ready and able to buy, this is the time.

I would love to help you find the apartment you're looking for. Feel free to give me a call.

Elaine Cooper
Weichert Greenfield
Licensed Real Estate Professional
917-544-2662
... more
0 votes 5 answers Share Flag
Wed Dec 4, 2013
Carmen Di Biase answered:
Todd,

Visit this site to start with: http://moving.move.com/homefinance/calculators/rentbuy.asp

Then speak to a mortgage rep to determine what options are available to you.
0 votes 6 answers Share Flag
Sun Jun 12, 2011
Ben answered:
Rent vs Buy calculator would be a good place to start.
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html
0 votes 3 answers Share Flag
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