Renting vs Buying

First decide on a neighborhood, if you do not know much about the areas in Manhattan, go to www.thenewyorksource.com and click on neighborhoods. Then you can check Market Reports to get an idea of prices in different areas. August should be a good time to buy as there is less competition but I am not suggesting this is a buyer's market because it is not. As far as working with brokers find someone you are comfortable with and let them show you what you can get in different areas.The commission is paid by the seller so you should take advantage of their expertise especially since you are not familiar with NY. The dogs may be a challenge but there are many buildings that are pet friendly. Good Luck!

how much can you spend? park slope is an amazing place

what school are you going to?

I am going to Pratt and my budget is kind of limited to the very low 300s. I found a loft complex in Bed Stuy for 320k, its about 742 sq ft, the dekalb st lofts or something like that on Corcoran. But I have a feeling it may be overpriced, its been on the market for a while. I frankly don't mind living in a "rough" neighbourhood, we lived in downtown Chicago and it was fine. I just hate over paying for something that's not worth it. The only reason I want to buy is so I can somewhat settle down. Most landlords dont do s***, if I have my own place, I can live as I choose...not to mention overpay just because I have dogs, when my dogs are really extremely laid back and well behaved.

look at 358 grove in bushwick

Be care about Bushwick...better rent until you could afford more. Good luck

If your budget is in the low 300's, I suggest you include Queens in your search. Your dollar will go much further.

If your budget is in the low 300s I'd look in New Jersey, no ridiculous mortgage recording taxes. And how would they get to Pratt from Queens, #8?

Hmm..358 Bushwick looks a little icky, I mean I owned a similar condo in Chicago and no way would I buy something without a washer/dryer. That defeats the entire point. Dont know about being so far out as NJ, Queens may not be bad but I am finding condos even under 300 in Brooklyn on this site. THis is so confusing. My husband will go to NY for a week or so after his quarter at school is over to go househunting as well as look at rentals. I get a sense that the market may be slightly slower than usual, so I cant help but think of buying. THat is the predicament I am in, but I am just not going to overpay. Can someone tell me their thoughts on this apartment

http://www.corcoran.com/property/listing.aspx?Listingid=810917&Region=NYC

My husband talked to the realtor about it being on the market for so long and he mentioned that it was a bit overpriced initially. I like the W/D and the fact that there seems to be light, (my husband is a photographer and he often works from home)

its been on the market so long cause its in the shit part of bed stuy. if you think the bushwick property is "icky", you'll hate it there. I am not a broker either. The buswhick place i know has w/d on premises and if lack of w/d elimiates a property fro you then you'll have a hell of a time picking anything in this town. And as it relates to NJ, if you lived in Jersey City, you'd be closer to Pratt than some parts of Queens. The path goes right downtown and you could hop on the A train from there. Of course, good luck getting anything for 300 in JC.

Well, by icky I meant super generic. I dont really know much about the neighbourhood to say its icky or not, the building seems to be the typical lets attract the yuppie wannabe type. Also, I dont have the money to invest in a fixer upper, I want something relatively new that should last for 4-5 years by when hopefully we should sell. Well, since w/d is such a big deal for me, let me ask, for most of you guys who I assume dont have cars (I am planning on selling our two cars before we move here), and dont have laundries in their buildings, how do you wash your clothes. Are there laundromats galore? Dragging laundry in the subway? What do you do?
If that part of bed stuy is bad, why aren't they dropping prices? I used to live in Wicker Park in Chicago when it was crappy, cars got broken into, you name it. Now it has multi million dollar apartments and the artists have been driven out. I dont mind living in a completely ungentrified neighbourhood as long as it has a fairly diverse mix of people. Also, I heard studios dont appreciate much in value, is that the case in NY as well?

WTF?? 358 Grove is a BRAND NEW condo development. Stop wasting our fucking time you idiot and get a goddamn broker. this ain't chicago. I own my own apt in Manhattan--was just trying to help you but yo sound like a complete moron.

I am sorry, I have no doubt 358 Grove is a nice condo, I think you misinterpreted my comment (generic, i.e. the stainless steel, the granite, every new condo has those features these days, hence the term generic, just an observation). I will get a broker in a couple months, when I have the time to visit in person. I was hoping to get some feedback on neighbourhoods that might be worth buying into (and appreciate somewhat over the next 4-5 years). I dont expect to get that honest feedback from brokers. I have had some pointers, NJ, Queens, but I am still interested in Brooklyn only. I would appreciate comments relevant to neighbourhoods instead of property recommendations. Another option - renting, which I hate to do, but may be a smarter option till I have personally lived in the city for at least 6 months to determine where to buy. Thanks to all of you for your feedback, much appreciated.

Come on #15! Either you are full of it or clueless. Nobody sitting on top of a $20 + million home would ask people on this site what it is worth. Call a broker - they'll give you an estimate for free. Of course when they see your studio apartment, they may be a bit confused.

The people from Rochester should rent for awhile to get a better sense of what they want and can expect (maybe the guy with the townhouse can sublet a floor to them). For a newcomer with a limited budget and the mere impression that they will be in NYC for 4-5 years, it would be better to "waste" money on renting than to commit all their money and pay thousands of dollars in closing costs to buying something on a whim. That said, try Kensington and Sunset Park; that seems to be where those priced out of Park Slope have been moving for the last couple years.

We are moving to NYC to call it home, done with Chicago, always loved NY. However, if we buy now, we would be ready to sell it and upgrade to a bigger place in about 4-5 years at the minimum when we are both working. I say 4-5 years because anything less would be a wastage in terms of costs incurred, as you rightly mention...Thanks for the tip on Kensington and Sunset Park.