Rent an apt or own a home

Don't buy a condo
Don't get an fha loan.

Both are rip offs.

Buying a home is only economically unfeasible if you are retarded and don't put the 20% down.

Most people don't realize that most of the cost of owning a home upfront comes from mortgage insurance -- if you have less than 20% of a down payment on a property, you will be forced to purchase mortgage insurance. This is an additional amount of money you pay alongside your mortgage that is equal to the difference between the amount you put down and the 20% you would have put down, effectively burning the fuck out of money for the first ten or so years you own your home.

Owning property is almost ALWAYS a better idea if you can invest the initial capital to put that 20% down.

Don't buy a condo unless you're okay with HOA fees and being ordered by the moneyed interests that own more shit than you in relation to the condo complex you live in to do their bidding to keep the condo up to their standard. Condos are rough -- once you're done paying for the condo, you're not done paying overall because of your fees, and you're better off just selling the damn thing -- ESPECIALLY in NY.

>>1403091

Yeah PMI is what I am afraid of. Unfortunately I don't have enough for the 20% for where I would like to live. Never thought about condos like that...makes sense though.

Guess it'll be an apartment for me until I save up enough money. Thanks for your advice.

>>1403074

What part of Suffolk? If it's Huntington, I'd buy. Otherwise, not sure.

>>1403108

South Shore between Bay Shore and Brightwaters.

>>1403109
Careful buying too close to the water, you'll get fucked on insurance. Bay Shore's nice, but I wouldn't want to be too close to Brentwood personally. At least you'll probably be able to get a somewhat reasonable price.

>>1403113

Nah I don't want to go near Brentwood. If I have to I can move further out east, but I'd prefer to remain close to work.

Yeah I'd prefer to stay inland and not shoreline.

> biz fag looking for another one size fit all answer

ok, well, atleast you gave some stats to work with.. consider this... stock market/economy has been on a upswing for the last 8 years, historically a recession has come very 8-10 years, which means that house prices, especially in NY will be due for a drop.(or at minimum give you more bargaining power)

consider how old you are, and how likely you're gonna stay at your current job... principle payments mean building equity in your home, which usually means an advantage to home ownership after 5 years, that is if you have 20% down for the down payment, you're SOL if you're doing one of those ARM or <5% down loans because "interest"

>>1403119
then why not move up to westchester or rockland?

Or better yet Ulster/Orange/Putnam where you can get a house real cheap but still have an easier commute to the city than that disaster that is the long island expressway.

>>1403074
Do you plan on living in the same home for 20+ years? If not, then you should stay the fuck away from buying a home.

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>>1403074

I'm in the same boat OP and would love some advice......

> 30
> Live in Atlanta suburbs
> Currently live with my single father and pay him $500 a month
> Have $15k saved
> Earn $45k - $70k per year (it varies due to sales)

Living with my dad is not a big deal, but its time to move on.

So I could rent an apartment at about $1,100 a month (including everything). OR just keep saving and then put 20% on a little 2BR/2BA home.

What should I do...........?

>>1403491
I don't think you have enough saved. You'll need 20% down or ideally 30%. Don't forget that owning your own house comes with added costs in insurance, taxes, and upkeep.

>>1403491
Keep living with your dad, unless you REALLY can't stand it. Take that money and get a car instead, and get an apartment outside of the city where rent is cheaper and commute

Also looking in western suffolk. Was thinking about a 2 family and ill rent out one side.

>>1403512
property taxes are only a factor after you finish paying off your mortgage, prior to that the bank pays the taxes since they own the house and the expense is just factored into your mortgage payments

>>1403545
Take that money and get a car instead, and get an apartment outside of the city where rent is cheaper and commute
>commute
You're one of those people...

>>1403079

>Don't get an fha loan.

Wha..why?

>>1405461

Probably terrible interest rate I'm assuming?

And also mortgage insurance required?

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>>1405485


>mortgage insurance

.5 to 1% sounds fair desu, like financing a car & having to own full coverage.