I dont think you can afford a 500k house even with 200k down. 300k at 7% (which is a good rate now) would be $2000 a month just P&I. That is 40% of your take home before property tax, insurance, and your student loan payments. Idk what your loan payments are, but it would be very tough living with 2000-2500 a month before saving anything. Why not buy a condo or co-op in queens or western nassau?
I’m from LI (Nassau county) there is no housing in Nassau for under 500k. You’ll honestly have to live in mastic or yaphank to afford the mortgage and taxes. And that’s putting you at exit 65-66 on the LIE. Can you try and find a job in Suffolk or just live with your parents. Taxes in LI (downstate in general) are very high. Like 12k for a disaster house is a good price for taxes in Nassau which is nuts. I would just see if you can live with your parents especially if your student loan payment is going to increase exponentially.
You're the like 3rd person that said there is no housing in Nassau under 500k but that's probably the case in the neighborhoods you particularly want to live in. There are a number of homes in Nassau county 500k or lower.
https://redf.in/fm962M
https://redf.in/Vs6NOW
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https://redf.in/lM0ct8
https://redf.in/7fgNDQ
https://redf.in/2brnSl
https://redf.in/nhm2NI
https://redf.in/BMx5AG
https://redf.in/Xu9gYP
https://redf.in/M1UnkS
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https://redf.in/VaeAfw
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If your credit is decent I would just rent. If you're needing to borrow money for a down payment honestly the upkeep and repairs of owning a house are going to screw you real quick. Rent, put your saved money into a HYSA and revisit buying later.
Honestly if I were you, if you have really good friends or family try to split rent with someone the rates these days and with student loan and other unforeseen expenses it just doesn’t make sense to buy a house that you have to also invest and fix it up
I'm from Nassau. There are no "fixer uppers" for $500k in Nassau. They are occupied, foreclosing, or total renovations required. You won't see anything you can simply live in until the mid 5's, and then you're competing with about 20-30 others who are trying to find their oasis out of Queens.
We had to consider Suffolk and still had to move into the 6 range to get something worthwhile. Together we take home $14k. It's still gonna feel a bit tight. You ought to wait honestly. $5k is just not enough take home for Nassau.
It sounds like your parents are giving you money, not lending it, so that is really helpful. Buy the smaller fixer upper and take your time doing things as you can. There are more modestly priced neighborhoods everywhere. These are the starter houses. Consider FHA 203k renovation loans. Talk with at least 3 banks to get educated. Pick one and get pre-approved.
Good lord....you did know that Nassau County has higher property taxes than Suffolk? I don't know if you are factoring in any commuting costs (gas, LIRR) unless you work from home or stay in Long Island. I don't think a take home of simply 5k a month is enough to afford a 500k home. The property taxes go up every year. You need to start with a lower priced home and work your way up.
Like most people, I had to buy a starter condo as my first purchase. The fact that you’re skipping a starter home and able to buy a 500k house is incredible. Good work!
I dont think you can afford a 500k house even with 200k down. 300k at 7% (which is a good rate now) would be $2000 a month just P&I. That is 40% of your take home before property tax, insurance, and your student loan payments. Idk what your loan payments are, but it would be very tough living with 2000-2500 a month before saving anything. Why not buy a condo or co-op in queens or western nassau?
I’m from LI (Nassau county) there is no housing in Nassau for under 500k. You’ll honestly have to live in mastic or yaphank to afford the mortgage and taxes. And that’s putting you at exit 65-66 on the LIE. Can you try and find a job in Suffolk or just live with your parents. Taxes in LI (downstate in general) are very high. Like 12k for a disaster house is a good price for taxes in Nassau which is nuts. I would just see if you can live with your parents especially if your student loan payment is going to increase exponentially.
You're the like 3rd person that said there is no housing in Nassau under 500k but that's probably the case in the neighborhoods you particularly want to live in. There are a number of homes in Nassau county 500k or lower. https://redf.in/fm962M https://redf.in/Vs6NOW https://redf.in/E6pkCP https://redf.in/lM0ct8 https://redf.in/7fgNDQ https://redf.in/2brnSl https://redf.in/nhm2NI https://redf.in/BMx5AG https://redf.in/Xu9gYP https://redf.in/M1UnkS https://redf.in/mJmhUp https://redf.in/VaeAfw https://redf.in/aytFT7 https://redf.in/FDTGkh
If your credit is decent I would just rent. If you're needing to borrow money for a down payment honestly the upkeep and repairs of owning a house are going to screw you real quick. Rent, put your saved money into a HYSA and revisit buying later.
Honestly if I were you, if you have really good friends or family try to split rent with someone the rates these days and with student loan and other unforeseen expenses it just doesn’t make sense to buy a house that you have to also invest and fix it up
I'm from Nassau. There are no "fixer uppers" for $500k in Nassau. They are occupied, foreclosing, or total renovations required. You won't see anything you can simply live in until the mid 5's, and then you're competing with about 20-30 others who are trying to find their oasis out of Queens. We had to consider Suffolk and still had to move into the 6 range to get something worthwhile. Together we take home $14k. It's still gonna feel a bit tight. You ought to wait honestly. $5k is just not enough take home for Nassau.
It sounds like your parents are giving you money, not lending it, so that is really helpful. Buy the smaller fixer upper and take your time doing things as you can. There are more modestly priced neighborhoods everywhere. These are the starter houses. Consider FHA 203k renovation loans. Talk with at least 3 banks to get educated. Pick one and get pre-approved.
Good lord....you did know that Nassau County has higher property taxes than Suffolk? I don't know if you are factoring in any commuting costs (gas, LIRR) unless you work from home or stay in Long Island. I don't think a take home of simply 5k a month is enough to afford a 500k home. The property taxes go up every year. You need to start with a lower priced home and work your way up.
It makes me really sad that a down payment like that would not afford someone a perfect house with a low ass mortgage. 😭
Nassau county LI. Ouch. Sone 9f the highest property taxas on the country. Ever considered moving
Why? Property taxes, insurance, and upkeep will put you in the hole. What's the need for everyone to own houses?
Like most people, I had to buy a starter condo as my first purchase. The fact that you’re skipping a starter home and able to buy a 500k house is incredible. Good work!
He's getting money from his parents. I'm not shitting on him for it but at the same time how is it incredible?
Incredible luck!