Is it ridiculous? buy townhouse attached monsey 1.3 million?

amother

Pansy

Wed, May 31 2023, 5:28 pm

If you can buy, I would buy, even if it's a stretch. Because at least the monthly money is going on your home, rather than into the landlord's pocket.
Prices are high, but they're not gonna go down anytime soon, and if rent is just going up and up, then it seems to make more sense to buy rather than rent.

amother

Oldlace

Wed, May 31 2023, 5:29 pm

1.3 for a townhouse, if it comes along with an accessory apartment to rent out is not that bad. Your rental would pay a large part of your mortgage, around 2k by now. That's how people do it.

Whenever you buy you will have to stretch yourself, but if it's within the realm of doable, go for it.

emmes

Wed, May 31 2023, 5:34 pm

Ridiculous? Yes. New normal? Definately. If you want to live in that area then go for it. Its only gonna get more expensive.

amother

Honeysuckle

Wed, May 31 2023, 6:36 pm

It seems like there are a bunch of landlords on this thread who think nothing wrong with gauging every penny out of others.

amother

Wandflower

Wed, May 31 2023, 6:55 pm

amother Honeysuckle wrote:

It seems like there are a bunch of landlords on this thread who think nothing wrong with gauging every penny out of others.

And therapists who think the same thing, along with decorators, makeup artists, and everything else.

Me, I’m just a poor salaried shlub who works in a nursing home.
I don’t have a private practice, own property other than my primary residence, or have any financial stake in the nursing home.

amother

Impatiens

Wed, May 31 2023, 7:19 pm

If you're going to afford it I would go for it and refinance when rates go down lower. I'm in the mortgage business and as much as prices are going up by the seconds people are running to buy. My own house I live in which I bought for 500k 8 years ago is worth about 1.6 million now. I have an apt and I am getting way way below market rent and did not raise my tenants much but if I rented out my apt today I can get about 500 more per month.

amother

Sunflower

Wed, May 31 2023, 8:15 pm

amother [b]Wandflower wrote:

And therapists who think the same thing, along with decorators, makeup artists, and everything else[/b].

Me, I’m just a poor salaried shlub who works in a nursing home.
I don’t have a private practice, own property other than my primary residence, or have any financial stake in the nursing home.

Exactly - everything in our communities is overpriced, starting from the food prices, clothing, all the way to housing. Why pick on just the landlords.

amother

Alyssum

Wed, May 31 2023, 8:23 pm

esuss wrote:

I believe it’s illegal to raise rent by so much

This is a very general and false statement. It depends on the city and even then sometimes the property itself. In all of the places I’ve rented, none have been subjected to rent control laws, even in some cities where most had to follow it. If there’s no rent control, the landlord can charge whatever he wants, and I’m assuming the amount is in line with the current market value.

amother

Puce

Wed, May 31 2023, 8:51 pm

amother Burntblack wrote:

How much are those homes being put up on route 306 near Edison court/Victoria gardens?

Over a million I heard!

In monsey it’s not illegal to raise the rent as much as you want. I moved out of monsey cause I couldn’t afford the rent or to buy in monsey. Suffern is now building up I moved there and don’t regret it at all.

amother

Brunette

Wed, May 31 2023, 10:31 pm

Im really curious why the frum economy is so inflated. Its much more expensive to live frum life than non jewish life and dont tell me it’s because of chagim and shabbos.

From housing to rent to tuition to shaitels to therapy to massage to makeup to sitters and clothing and what not.

Why?!?!? How did we get here?
With housing one can say its demand for location but I dont buy it.
understandably if one charges more than the others will also need to charge more for their service or product as they also need to afford frum life. So where did it begin and how do we end this?

ShishKabob

Thu, Jun 01 2023, 1:05 pm

amother Honeysuckle wrote:

It seems like there are a bunch of landlords on this thread who think nothing wrong with gauging every penny out of others.

this
There still are people that exist in this world that have a conscience Boruch Hashem. They go by their sense of right and wrong and not by 'everyone' and at least if they must raise the rent, they will feel bad about it and try their hardest not to suffocate their tenants.

Trademark

Thu, Jun 01 2023, 1:25 pm

amother Sunflower wrote:

Exactly - everything in our communities is overpriced, starting from the food prices, clothing, all the way to housing. Why pick on just the landlords.

Food and housing are basic survival needs, and landlords and groceries who are price gauging are evil.

Therapists I would put in a different category.

I'm saying this as a landlord.

tweety1

Thu, Jun 01 2023, 1:26 pm

esuss wrote:

I believe it’s illegal to raise rent by so much

As a landlord I can tell you is so immoral never mind illegal.

bsy

Thu, Jun 01 2023, 1:52 pm

amother Brunette wrote:

I believe it's because of tuition. Everyone in the frum world has to charge what they need to make it, and what they need to make it is much higher than the average American bec tens of thousands are going to tuition.

amother

Blueberry

Wed, Jul 05 2023, 2:34 am

Just want to say that while we got spoiled with supper low mortgage rates for the best 10+ years, historically, we are at very normal rates.

Which is why if something else comes up, it is worthwhile to purchase, even with the high rates, and if the rates go down, you can always refinance.

You can also consider purchasing further out in an area that you would like to live but can't because of the relative you are taking care of, rent that out to cover the mortgage, and continue renting. At some point the value will rise and when you are able to move there you will be happy you did that.