How much is your rent /mortgage?

[big4life]

I would say The Hampton are pretty close to Sydney.

$800 won't buy you much of a house here either - 3 br tops, 15-20 years old and not in the village.

Note: a starter house which I mentioned eariler is a 1-2br cottage they may or may not have been updated since the 1940's.

A 3br house rental would start at $3,000 - also not in the village.

Commercial real estate - I don't know what it is by foot - but the least expensive rent in East Hampton - off main street in an alley starts at $15k per month - roughly 700 sq ft.

Banana Republic - went out of business.
It's crazy.

I can't even think in terms of those numbers.

I wonder how much it would cost to move my house up there? I could probably do it and still sell it for a profit.

 

[The_Ghost]

My mortgage is 620/month

 

[vinylgroover]

I would say The Hampton are pretty close to Sydney.

$800 won't buy you much of a house here either - 3 br tops, 15-20 years old and not in the village.

Note: a starter house which I mentioned eariler is a 1-2br cottage they may or may not have been updated since the 1940's.

A 3br house rental would start at $3,000 - also not in the village.

Commercial real estate - I don't know what it is by foot - but the least expensive rent in East Hampton - off main street in an alley starts at $15k per month - roughly 700 sq ft.

Banana Republic - went out of business.
It's crazy.

Sydney is not new York though.........our housing should not even be 1/3 as expensive as New York, given the relative size and status of the two cities.

Commercial rents in Sydney are not as crazy as New York, it's the cost of housing which has gone crazy here, because everyone in Australia wants to live in Sydney.

 

[gonelifting]

I can't even think in terms of those numbers.

I wonder how much it would cost to move my house up there? I could probably do it and still sell it for a profit.

lol It`s the land you`re paying for. loc, loc, loc... People (builders) are buying old houses just to knock them down and build new ones for a quick buck. Fort lee NJ Right across the river from NY has 2 family houses that are going for OVER a million dollars. Imagine buying a 1.1 or 1.2 mil house and you`re STILL living in an apt. They`re mostly on 50feet X 100feet lots. If they`re slightly larger, like 60 feet or 110-120 long, you`re definately paying extra for it.

I`ve worked in many of these duplex style houses in the area as the prices were rising. Almost bought one actually. They were less than half that amount at the time though.

I`m not following the tax situation there anymore but let`s say it`s <3% for a 1mil house you`re paying $30,000/year in property taxes. lol

 

[stevejoy]

Way too much.

 

[bran987]

i pay $890 mortgage for my two bedroom townhouse. that includes principle interest taxes and mortgage insurance (damn FHA).

pay your mortgage down to 80% and you can get rid of that private mortgage insurance on an FHA

and does anyone know the going rate on landlord's insurance?

totally depends on state you're in, age of house, type of material it's built out of, and a bunch of other things

 

[gonelifting]

pay your mortgage down to 80% and you can get rid of that private mortgage insurance on an FHA

Is`nt that the case on any loan? Not just FHA. Also, you may have to notify them (bank) when you`re over 20% or they may not waive the fee.

It`s a good goal to have IMO.

 

[bran987]

Is`nt that the case on any loan? Not just FHA. Also, you may have to notify them (bank) when you`re over 20% or they may not waive the fee.

It`s a good goal to have IMO.

yes, any loan

it's a great way to up your ROI

 

[Razorguns]

It never fails to amaze me tie and time again -- how so many people have HIGH mortgage rates. Which is fine.

But it also invariably winds up being 75% of their takehome per month. Meaning at the end of the month they got like $300 to their name.

Is that how one should live a life? I don't think so. Way too many Americans buy houses in a nutshell, they *can't* afford. All in the name of "investing". Real estate folks, for obvious motives, want you buy as expensive of a house as you can.

And nowadays, the temptation to buy that expensive house, cuz all the cheap houses are in ghetto areas and look like total trash -- is extremely high.

 

[SanFrancisco]

My partner just bought a house in the ghetto in Oakland (just today some vagrant was begging to use the garden hose to bathe) and it set him back 350K and he's stuck with a PMI. The square footage is about 1600 though and believe it or not it's an amazing deal. You cannot find a house for a price like that even with criminals surrounding you.