(Closed) How long could you live in a 2 brdm place

posted 8 years ago in Home
Post # 32
Member
6659 posts
Bee Keeper
  • Wedding: May 2010

We are facing this same issue as well, lol! We are trying to buy a 2 bedroom apartment on the UWS and I wonder the exact same thing about how soon we will outgrow it if we have kids. Honestly, I think the answer to that depends on what kind of a person you are, some people I know actually make do with a family of 4 in a studio!!! Others would scoff at the idea of having anything less than a 3 bedroom home with only one child.

I think regardless of how large the unit is or what amenities the building has (playroom, roofdeck, gym, etc.) we will grow out of it when our potential children get old enough to want to start going out on their own, like maybe around 8 or 9. Also at that age, that’s when they will start to need privacy. Until then, they can manage in at least a 9X9 room with bunkbeds and they would never need to leave the apartment without a parent.

And of course we worry about what the economy is going to do – people are taking huge baths right now who are selling. It is definitely a good time to buy. But then you worry about what will happen when you’re ready to sell.. will they go down even further? There is no answer. But tax-wise it’s always better to own!

Post # 33
Member
6659 posts
Bee Keeper
  • Wedding: May 2010

@hilsy85: Also, if you go coop keep in mind the building is responsible for most repairs, even interior. You want to make sure it’s a reputable management company and financially sound though, which your attorney can weigh in on.

Post # 35
Member
6659 posts
Bee Keeper
  • Wedding: May 2010

@hilsy85: I am all over streeteasy and right now I’m stalking the apt we made an offer on that was accepted to see if they hold another open house. Nothing is set in stone until the contract is signed and you are board approved!

Be careful with the maintenance. There are some good articles online that explain coop maintenance line-by-line. Primarily maintenance is the underlying mortgage of the building itself which is tax-deductible, but anything on top of that like a doorman, concierge, handyman, etc. is not tax deductible. And you want to make sure the coop actually owns a significant amount of the building, otherwise the maintenance goes up and you are less likely to get a bank to sign off on the loan, etc.

But anyway, yes I think anyone who buys a 2 bedroom apartment in NYC is taking a risk because the truth is you don’t know how long it will take you to sell and you can’t predict if you’ll actually make a profit. It’s also very expensive to sell, you are normally subject to a flip tax, broker fees, and some other tax that is like 2% of the sale price. The people who own teh apt we are trying to buy are pissed bc they are losing over $200K just on the value of the home alone and on top of that have to pay all of those fees.

One thing you might want to consider is possibly downgrading on the building (not location) and buying a convertable 3. That might be a better long-term strategy where you wouldn’t feel so desperate to move after 5 years.

Post # 36
Member
456 posts
Helper bee
  • Wedding: November 1999

@hilsy85: haha, we make it work, but yes we STALK nytimes, streeteasy, you name it! problem is, i own my place, so in order for us to move, we need to sell first, which puts us probably a year out (i want to fix it up a bit before putting it on the market). and each year that passes, well, you know…kids are on the horizon and that makes purchasing scary!  I dream of having a bedroom door and 2 bathrooms though, haha.

also, keep in mind that although maintenance is high in a coop, you get around half of it back as a tax deduction (exact amount varies by building) and that includes your payment of real estate taxes – there are no taxes on top of that.  so that’s at least something. condo you’ll pay taxes separately.

Post # 37
Member
456 posts
Helper bee
  • Wedding: November 1999

@moderndaisy: most listings do tell you what portion is tax-deductible – but i’m guessing that’s not a legal requirement.  Sounds like you’ve done quite a lot of research!!

(BTW did you hear priscilla of boston closed? i totally thought of you!)

Post # 38
Member
1297 posts
Bumble bee
  • Wedding: June 2011

I think you could make it work with up to 2 kids, forever, if they are the same sex. My sister & I shared rooms until I was 21!  I think if the kids are different sexes then you could make it work until they get old enough to not be able to get dressed around one another lol (7?)

Darling Husband & I live in a 1 bedroom apartment in Downtown Jersey City..we plan on having our 1st child there and living there till the baby is at most 2..then we will buy at least a 2 bedroom somewhere!   

Just FYI, I know you said not Jersey, but you should consider my area or Hoboken–you could get a 3 bedroom for a lot less than Manhattan prices. We live across the street from the PATH and our commute into downtown manhattan is 5 minutes… I was born & raised on Staten Islandand the commute into Manhattan is a nightmare! ugh 1.5-2 hours by bus (with traffic) each way..ughghg I’m cringing jsut thinking about it.  So moving from SI to Jersey City was amazing,but it’s no Manhattan =)

Post # 39
Member
6659 posts
Bee Keeper
  • Wedding: May 2010

@esqbee: They normally only list the tax deduction if it’s over 40% because otherwise  it would make the property a lot less appealing off the bat, lol! I definitley think coops are a better choice at least in the short term financially because they cost less, are cheaper to buy and the maintenance is usually lower and more tax deductible. But then you don’t have the flexibility of renting it out depending on the building rules.

(Yes I heard POB closed and it was bittersweet. They treated me terribly, but I love my wedding gown so it’s really too bad they aren’t around anymore.)

Post # 40
Member
456 posts
Helper bee
  • Wedding: November 1999

@moderndaisy: yea i think you’re right – coops definitely have huge pros and cons.  you have to make sure you read the house rules and bylaws carefully!  and i felt exactly the same about POB – i was just happy my dress came in before i heard the news (even though i bought it elsewhere).

 

@OhBeeHive84: ha, this made me think of a How I met your Mother episode when marshall and lily start doing all kinds of weird things to try to sway whether they conceive a boy or a girl…I guess these are the things you need to do to make it work in NY (or jersey) haha

Post # 41
Member
50 posts
Worker bee
  • Wedding: September 2010

to me the big deal is the school system. Even if i can afford a reasonable place size wise in the city, i dont want to be in the position where I have to pay $30K/year to send my kid to a good pre-school. I get that there are good public schools in the city but it is few and far in between and some of them are by lottery.  A good public school system is key.

Post # 43
Member
1327 posts
Bumble bee

I personally find a two bedroom apartment too small for two people, nevermind 4. The clutter would drive me bonkers, I think 500sq ft per person is minimum for being comfortable. I currently live in 1000sq ft just me and my Fiance and a couple pets and I can’t wait to get into something bigger before starting a family. Ideally I would like a 2000sqft, I think I could stay in that size long term. But then again I live in the suburbs and have always lived in a house.

If you can handle 4 kids in 1000sqft that is awesome!

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