We found a nice house in a neighboring town with good schools, but not as good as Great Neck where we currently rent ($3700). We are priced out of Great Neck as the houses we can afford are small and old with lead and mold hazards and require renovation. If we sign a contract in the next few days we could get an inspection done quickly and the attorney will give us a letter so we can enroll our... [more]
We found a nice house in a neighboring town with good schools, but not as good as Great Neck where we currently rent ($3700). We are priced out of Great Neck as the houses we can afford are small and old with lead and mold hazards and require renovation.
If we sign a contract in the next few days we could get an inspection done quickly and the attorney will give us a letter so we can enroll our kids in the new school district (7th and 9th grade). We are concerned about (a) switching schools (5th time) (b) deal falling through and then kis will have lost a month in school and have to come back to Great Neck (c) the house is much further from schools compared to the rental which is very close to schools.
We are waffling and unable to decide. You feedback and advice would be appreciated. Thanks.
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Response by ab_11218
over 16 years ago
Posts: 2017
Member since: May 2009
These are the problems that many people go through when purchasing, especially with kids. This is the reason why in the burbs, the hot season is March to early July.
It does not seem that the house that you are able to buy and are considering is "the house"...
You should look at the cost analysis of how much this house will cost you, after taxes, vs your current rent. If the house will cost more, you better stay in the better school district. If it is the same, then you have to search your soul and make a decision.
I have 2 kids and will be looking soon in the burbs myself. I will be looking in Dec/Jan to pick up a fixer upper and have it ready by the end of the school year to move in. I will end up in the school district that I really cannot afford, but will be able to by purchasing at the right time of year and something that many people would not touch. Maybe this approach will get you into Great Neck.
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Response by JSmith2009
over 16 years ago
Posts: 3
Member since: Aug 2009
Thanks AB that's a good point. I hadn't though of it - buy old cheap fixer upper in Dec/Jan and make it ready by summer.
The home we are thinking of buying will be cheaper than rentng when you consider the tax deduction. It is small but brand new for $600000 and by small I mean no formal dining room and no room for deck as backyard is small. Apparently these are big drawbacks accrding to seller's agent because the house sat on the market for a year and dropped over $100,000. The size is not a problem for us.
The mortgage lender did some arithmetic to show us how our rental costs us $4700 because we get no mortgage tax deductions (the extra $1000 going in taxes --explains why we owe so much every April).
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Response by inonada
over 16 years ago
Posts: 7952
Member since: Oct 2008
JSmith2009, you are comparing filet mignon to hamburger, no? While the $3700 rent vs. $600K buy does indeed point slightly in favor of buying, you should be comparing renting vs. buying comparable properties, right?
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Response by alanhart
over 16 years ago
Posts: 12397
Member since: Feb 2007
I think it's prohibitively traumatic for kids to be switched from one school to another. Sometimes it's necessary, but not in this case. Stay put.
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Response by JSmith2009
over 16 years ago
Posts: 3
Member since: Aug 2009
We decided not to move -- this way we can say the only times we moved were when we had no choice. Also it gives us more time to think about the 'comparisons' mentioned. Thanks much for your replies.
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Response by aboutready
over 16 years ago
Posts: 16354
Member since: Oct 2007
i was wrong. this is definitely a real estate related thread.
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Response by jsmith9005
over 16 years ago
Posts: 360
Member since: Apr 2007
AR, jsmith9005 is not the same as JSmith2009
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Response by w67thstreet
over 16 years ago
Posts: 9003
Member since: Dec 2008
thanks for the clarification smithers.
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Response by aboutready
over 16 years ago
Posts: 16354
Member since: Oct 2007
well, i'll retract my comment then. no wonder he wasn't down my throat.
but you might want to consider your handle. jsmith... seems kind of particular. not that i'm anyone to talk as for a while i doubled as AR (the other one, not me. many, but not all, like me, AR was generally despised).
see, it can make a difference.
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Response by jsmith9005
over 16 years ago
Posts: 360
Member since: Apr 2007
no thanks..i like my handle and i was here firs anyway... besides, how will w67 know who to provide the latest 1965 Broadway news to?
you have a tendency to retract/apologize... you need to think first, then type...
These are the problems that many people go through when purchasing, especially with kids. This is the reason why in the burbs, the hot season is March to early July.
It does not seem that the house that you are able to buy and are considering is "the house"...
You should look at the cost analysis of how much this house will cost you, after taxes, vs your current rent. If the house will cost more, you better stay in the better school district. If it is the same, then you have to search your soul and make a decision.
I have 2 kids and will be looking soon in the burbs myself. I will be looking in Dec/Jan to pick up a fixer upper and have it ready by the end of the school year to move in. I will end up in the school district that I really cannot afford, but will be able to by purchasing at the right time of year and something that many people would not touch. Maybe this approach will get you into Great Neck.
Thanks AB that's a good point. I hadn't though of it - buy old cheap fixer upper in Dec/Jan and make it ready by summer.
The home we are thinking of buying will be cheaper than rentng when you consider the tax deduction. It is small but brand new for $600000 and by small I mean no formal dining room and no room for deck as backyard is small. Apparently these are big drawbacks accrding to seller's agent because the house sat on the market for a year and dropped over $100,000. The size is not a problem for us.
The mortgage lender did some arithmetic to show us how our rental costs us $4700 because we get no mortgage tax deductions (the extra $1000 going in taxes --explains why we owe so much every April).
JSmith2009, you are comparing filet mignon to hamburger, no? While the $3700 rent vs. $600K buy does indeed point slightly in favor of buying, you should be comparing renting vs. buying comparable properties, right?
I think it's prohibitively traumatic for kids to be switched from one school to another. Sometimes it's necessary, but not in this case. Stay put.
We decided not to move -- this way we can say the only times we moved were when we had no choice. Also it gives us more time to think about the 'comparisons' mentioned. Thanks much for your replies.
i was wrong. this is definitely a real estate related thread.
AR, jsmith9005 is not the same as JSmith2009
thanks for the clarification smithers.
well, i'll retract my comment then. no wonder he wasn't down my throat.
but you might want to consider your handle. jsmith... seems kind of particular. not that i'm anyone to talk as for a while i doubled as AR (the other one, not me. many, but not all, like me, AR was generally despised).
see, it can make a difference.
no thanks..i like my handle and i was here firs anyway... besides, how will w67 know who to provide the latest 1965 Broadway news to?
you have a tendency to retract/apologize... you need to think first, then type...