Sorry about being absent so much - we've were spending all of our free time apartment hunting.
We narrowed it down to 2 choices, in a nice area of Bronx.
Here are their pros and cons.
Apartment 1 (the one I previously described)
Pros: cheap 320K, $700 monthly maintenance
walking distance to MetroNorth
(excellent commute for me)
good light
good size
Cons: 2 windows are facing busy parkway
no window in the bathroom
building has no amenities
parking on waitlist
no outdoor space
large building
Apartment 2 (new one we just saw last week). We saw it twice now, it is so loveley:
Pros:
1,100 sf private terrace with nice view with trees and shade around. Just gorgeous.
Very quiet and green, large windows everywhere facing only greenery and pedestrian path that leads to just a few apartments.
Great area
Separate entrance, feels like a townhouse in a village setting
Quality high-end renovation (not for purposes of selling, they obviously renovated for themselves.
Attic
Cons:
Expensive (financially, it is possible, but much tighter - it is at the upper spectrum of what we can afford)
480K, almost $1,300 monthly maintenance
will have to take a shuttle to MetroNorth, adding 25 minutes each way to the commute.
There are only 2 cons, but they are big ones
Our apartment -- here are two final choices with pictures
November 2nd, 2009 at 09:28 pm
November 2nd, 2009 at 09:35 pm 1257197704
I dont know!! I wouldnt choose based on commute cuz that can chanfge unless you see yourself working at the same place for a very long time.
I would walk into #2 everyday and say "I love living here." But then if I was in #1 I would say "I love living here" everytime I balanced the checkbooks.
November 2nd, 2009 at 09:43 pm 1257198231
Yes the maintenance is a huge factor. That alone is extra $600 a month. The mortgage difference is another $600 a month. So the difference in carrying cost between #1 and #2 is about $1,200 a month.
We could not even fund our ROTH if we were living in apartment #2. We could only fully fund 401K (but an apartment as an investment as well, right?).
My fear is that if the maintenance increases for any reason, we won't be able to afford it.
Commute is a major factor. It will not change. That commute is to Grand Central station in Manhattan. If we were to work anywhere in Manhattan, we'll still need to commute via MetroNorth, so the distance to the train station is important.
November 2nd, 2009 at 09:45 pm 1257198338
I kind of wish the furnishing were closer to the same, The first one is furnished sparsely but the furnishing in the second one make it grand, but the furnishing leave with the seller.
But from the posting you sound like you are ready to plop down the extra money and spend more time commuting for all the extra #2 has.
November 2nd, 2009 at 09:46 pm 1257198397
i think they are both lovely. $320k is what we paid for our house - and i can see the similarities between yours and our househunting at the moment - we had other higher priced ones, in different areas, that we could have gone for, but in the end we went for the cheaper one, in a nice but not sought after area (yet - it is changing slowly). i guess you just have to ask yourself if and how much you are willing to sacrifice just to live in #2. will you start to resent it because you have to hold yourself back all the time?
November 2nd, 2009 at 10:41 pm 1257201666
Do they both have a second bedroom for family planning? I remember that was a big issue before.
November 3rd, 2009 at 12:14 am 1257207283
November 3rd, 2009 at 01:57 am 1257213464
Good luck and keep us posted!!
November 3rd, 2009 at 03:03 am 1257217396
But, I'm sorry, not the practical solution. Yeah, terrible to say, but to buy that in my opinion is to cross the line where you "buy" more house than you should.
But then to throw the maintenance fee and longer commute? Fuggeabutit.
#1 is also beautiful. And there's no rule that says you can't upgrade to something like #2 some day, when it makes more sense to do so.
November 3rd, 2009 at 03:54 am 1257220462
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November 9th, 2009 at 02:59 am 1257735545