I'm torn about buying a house...

[MattTheSkywalker]

Buy it.

Have some fun.

Stop trying to count every last penny and live a little.

Uptight = tired.

 

[nycgirl]

Buy it.

Have some fun.

Stop trying to count every last penny and live a little.

Uptight = tired.

^^
I agree with him. I'm glad I'm buying my place. The price, being inside the D.C. beltway was a bargain. Its small, isn't much . . . but it's mine. With rent going up every year and more and more apartment buildings converting to condos . . . I would've been a fool to not have walked into that sales office.

 

[vinylgroover]

Buy it.

Have some fun.

Stop trying to count every last penny and live a little.

Uptight = tired.

matt, if he wants to buy something to live in and he's not sure if he will stay in that state, he possibly could waste a lot of money if he decides to pack up and move state........assuming that he doesn't have the means to hold onto it as a rental property

 

[bran987]

Buy it.

Have some fun.

Stop trying to count every last penny and live a little.

Uptight = tired.

That's a huge decision to treat nonchalantly. I'd rather be penny poor and dollar rich, than penny rich and dollar poor. It's the biggest investment decision of his life to date, and what a terrible taste it would leave in his mouth to have to sell his first house and be upside down. If he's going to have a $3,500 mortgage/tax/insurance payment, why not rent a cooler $3,500/month apartment? Eliminate the risk of a short-term decline in real estate prices, and buy a house when he knows where he wants to live for awhile longer. That way he could have fun as well. Maybe I don't know the market well enough, lol, can you rent a cool place for $3,500 up there?

On the other hand I do admire Matt's idealism and belief that the easy solution to a spending spree is to just make so much money it doesn't matter. It's beautiful.

 

[MattTheSkywalker]

That's a huge decision to treat nonchalantly. I'd rather be penny poor and dollar rich, than penny rich and dollar poor. It's the biggest investment decision of his life to date, and what a terrible taste it would leave in his mouth to have to sell his first house and be upside down. If he's going to have a $3,500 mortgage/tax/insurance payment, why not rent a cooler $3,500/month apartment? Eliminate the risk of a short-term decline in real estate prices, and buy a house when he knows where he wants to live for awhile longer. That way he could have fun as well. Maybe I don't know the market well enough, lol, can you rent a cool place for $3,500 up there?

On the other hand I do admire Matt's idealism and belief that the easy solution to a spending spree is to just make so much money it doesn't matter. It's beautiful.

I'm working in a guest house at a $15M estate on Long Island right now. It helps put shit in perspective. A few more years of this....

Yes, you can rent something very nice for $3500 / month, and your advice is prudent.

OK, here is some real advice for my friend sawastea:

I contend that the NY area real estate market is slightly overpriced, but that a significant drop is unlikely. There will probably never be a mass exodus of high paying finance jobs from the NYC area.

I would advise that he NOT BUY in january, since prices increase with the influx of Wall Street bonus money. However, look at a lot of properties, offer well below market, and make a deal.

 

[bluepeter]

The market is overpriced, if you aren't in it for the long haul, don't purchase.