What is better right now rent or buy a house in long island NY ?
January 19th, 2010 by admin
I have been using my credit almost 2 years so even though I have a good credit I have no credit history. I just want to know what I should do right now rent or get a mortgage and start paying my house I would like to get some help about it
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Since housing prices are normalizing I think it’s a great price to buy a nice place for a good price, BUT that only depends on if the drop is slowing in your neighborhood.
There’s no way to really predict when the decline will end (some think in the spring, some think end of 2008), but if you can get pre-approved for a fixed rate loan, can afford the payment, and plan to own the home for a while, I say go for it.
Good luck!
The only reason you should ever rent is to save up to buy a house, rent as cheap as possible to stock pile as much cash as you can, toward the purchase of a new home. As for buying if you do choose to buy make sure your mortgage is NOT more then 25% of your take home pay and never ever get an ARM. The housing market is a buyers market right now but if you watch the housing forecast then it looks like it may not bottom out till next year.
Hope this info helps on your desicion
With current housing situation on long Island, You are likely to get a mortgage for around the same cost as rent (including taxes if you are in the right community) Be sure to check out the taxes before you buy. Long Island is terrible for inconsistencies in taxes. An exampple of this would be Coram and Port Jefferson. Coram has some of the highest taxes in Brookhaven township while, just a few miles away, Port Jefferson Village has some of the lowest.
The good thing about owning on Long Island is the prices are already low and not likely to go much lower.Which means your new property is likely to go up in value as it cant get too much lower.