f you have $8,500, and a 700 or so credit score, it is now cheaper to own a co-op than to to rent an apartment on Long Island. That’s how high rents have gone.
In Carle Place Long Island, the Eagle Rock Apartments rent a 1 bedroom for $1750 a month. That’s a three rooms apartment.
Now take that $1,750 budget and apply it to a 1 bedroom co-op in Birchwood Courts near the Mineola Railroad stop just one town over. Which is an amazing location for commuting to NYC.
The Birchwood Court unit is $180,000. The monthly maintenance charge is $927.58
You're going to borrow 95% of the $180,000. (That’s a $171,500 loan.) That monthly payment is $809. (Loan rate: 3.92% on a 30 year mortgage.)
$809 + $927 maintenance = $1,736 monthly payment. Closing costs are extra but could be financed into the loan.
Now on tax day, you can get back your interest payments and maintenance charge in a write off. You also build home equity wealth which apartments will never ever offer.
The numbers don't lie, it’s time to buy.
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