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27 December 2008

Yay! FICO likes me! →[More:]
Last night, with some trepidation, I accessed my credit score (through myFICO.com, which offers a free credit report if you sign up for their free 30-day trial of a Score Watch service -- you just have to make sure you cancel in time) and discovered things were not as bleak as I feared. I had some credit problems in the past, including a bankruptcy about twelve years ago, but I've been very "clean" for the last five years or so, and time seems to have patched some credit holes. It seems I'm now in the "Very Good" category.

I'm hoping we might be able to buy a nice little one-bedroom here in Queens sometime in the next year or so, particularly in the Kew Gardens/Forest Hills area. I've become addicted to looking at listings at the online New York Times Real Estate section. There are some very nice places in the $180,000 to $200,000 range, and the neighborhood looks a lot like where we live now, only more affordable to buy (Jon looks up addresses on Google Earth, and it's like we've been there without leaving the house). With taxes and maintenance, we'd pay only a little more than we pay now in rent. I may have to start teasing my hair, though.

I must say, the thought of our own little place is wonderful. No more crazy landlords; fixed monthly payments; equity. And I think, with falling prices and interest rates, we may pick up a bargain, if we can get the loan, of course. Just gotta add to that down payment stash a bit more. A special program for teachers through my union offers home-buying workshops and helps secure low down payments, as low as 3 or 5%. I plan to attend a workshop in the spring.

Any home-buying stories/advice is welcome. I am especially curious about closing costs.

post by: Pips at: 15:40 | 40 comments

Here's one of my favorites.

posted by Pips 27 December | 15:45

And another.

posted by Pips 27 December | 15:51

One more. This one even has a small terrace, and a garage. They're one bedrooms, but nice size, I think. You can see the tree-lined street on this one. (It is to dream.)

posted by Pips 27 December | 15:57

You go girl! [I've always wanted someone to whom I could legitimately say that .. :-) ] Oh, the heady power of being able to afford a place of your own ... Wow, these look beautiful. I'd go for one with a green bit every time -- a critical stress reducer -- although as this one is on a corner lot, you may want to check out how noisy it is by standing outside around the rush hour (I learned a lot when we bought a place - check the water pressure when you go to view places, as well).
If you need a free credit report, go to AnnualCreditReport.com This is the website set up by the credit bureaus in order to comply with a federal law that entitles you to one free credit report each year — hence the name "annual credit report." [Via Consumerist]

posted by Susurration 27 December | 16:15

Ooooh I vote for #3. This is like an episode of House Hunters! Only one of my apartments in NYC had a terrace and even in really cold weather, I'd spend at least a few minutes out there a couple of times a day. Private outdoor space in New York is worth a lot.

It's really fun to look at the listings and to go see the places you like. And it's a lot different when it's a rental versus a place you own.

I hope you find a great place and have a blast making it your own.

posted by Kangaroo 27 December | 16:20

Awesome! I had no idea it was possible to buy something in NYC for less than a gazillion dollars. Is Forest Hills where they have the US Open?

That 3rd place looks fabulous - a corner unit too, so you could get a cross breeze in summer. Can you have a pet? And when you buy a place like that, can you do whatever you want to it, like add cabinets or fit up a closet? And what about laundry? And can ya still go to the Remote or would you have to adopt a new watering hole?

posted by chewatadistance 27 December | 17:04

Forest Hills is where the US Open used to be (at the West Side Tennis Club.)

I grew up in Kew Gardens: Around the corner from the Talbot Street place you've posted, and my sister lived on 118th Street for years.

I would suggest, if you can, look at Austin Street, Talbot Street and Lefferts Blvd. (Kew Hall, the Mowbray, etc.)

I just went back to visit two months ago, and it is still a great place to live/grow up. Mazel Tov!

posted by ltracey 27 December | 17:10

That's wonderful! I had the lawyer who handled my great-aunt's estate help negotiate--there was a fee condo buyers don't usually pay that they were insisting the buyer do and I was able to use that demand to negotiate my final price. I still should have bought the place as was and fixed it up myself.

posted by brujita 27 December | 17:40

Thanks for the tips/encouragement folks! It is an exciting prospect. As soon as Jon's foot heals, we're gonna go take a look around, but we like what we see so far. That's cool you lived right there, ltracey. Good to hear good things about the "hood" from someone who knows.

Can you have a pet? Some say no pets, but most allow cats and quite a few allow small dogs, too. We would love to get a Frenchie (a French bulldog). Jon won't let me name him Frenchie, though. Do they make doggie berets? (I'm part French myself, albeit through Canada. And I was born on Bastille Day.)

And when you buy a place like that, can you do whatever you want to it, like add cabinets or fit up a closet? Good question. I think if it's a co-op, you might need board approval (so ixne on the trapeeze-e).

And what about laundry? The buildings all seem to have laundry rooms (and elevators, thank goodness), but I would LOVE a washer/dryer in the apartment. I'd be happy to put it in myself, if there's a hook-up. I think sometimes there may be insuarance issues with having it in the apartment, though, but I'm not sure.

And can ya still go to the Remote or would you have to adopt a new watering hole? The Remote would be a train ride away, alas. But it's one of the first things Jon looked for in the neighborhoods on Google Earth. Apparently, Google Earth (which if you've never used, you should -- it's way cool... we zoomed right in on the corner of our current place, and the Remote, so wherever you are, smile pretty!), they indicate bar locations with a martini glass (swanky), and coffee shops with a coffee cup.

(Goodness, this is like House Hunters, isn't it? I do love House Hunters.)

posted by Pips 27 December | 17:44

FUN! I'm going to check out the place you have in a second, and will be back to let you know my opinion about it.

I'm in the market for a house right now, too, and it's scary but fun, don't you think?

posted by Stewriffic 27 December | 17:49

Oooh. I do like the third one. What a kitchen!
The full listing for number three says "maintenance" is $574. That's not monthly, right? I sure as hell hope not.

posted by Stewriffic 27 December | 17:53

Congrats on being able to buy an apartment and your good credit score. I was also afraid to see mine when I was working with a RE agent for my apartment search, but it's actually not as bad as I thought it was going to be.

As a licensed real estate agent, two websites I use a lot at work are Property Shark and Street Easy. Membership for the former is free and it gives you the entire lowdown on a property, including pictures, whether or not there a liens on the property, etc. The latter is free, has some crossover info with PropertyShark, but also notes where buildings have apartments for sale, with listings info.

All apartments that aren't for sale by owner that are listed by members of the Real Estate Board of New York (REBNY) are at Residential NYC.com. The benefit of looking at the REBNY listings is that you are less likely to be screwed by the selling agents because all members are held to the strict ethics codes and if someone does violate them, you can report them and really screw them over in the RE community.

Yes, if you decide to buy in a co-op and you want to make some structural changes to the apartment, you would need to get board approval for that. With a condo, I don't think this is necessary, but I can double-check for you if you like. Also, if you're buying in a co-op, you're not actually buying the apartment but buying shares in the building.

If you or Jon have any other specific questions, please feel free to email me.

posted by TrishaLynn 27 December | 17:59

heh.

First of, Kew Gardens looks like it'd be the perfect neighborhod for us; diverse as hell, but not a boutique or a slum, easy access to public transportation, plenty of bars and good ethnic takeout, let wonderfully gauche in that way only Queens is. And it seems hipster-proof. I hope we get a place with a terrace, to replace our beloved porch, and I'm sure I'll find a local dive to replace my beloved Remote, although I envisage a tearful farewell to my beloved stinkin' drunks. I hope youse'll visit us out there.

posted by jonmc 27 December | 18:00

@Stewriffic: Yes, that's a monthly cost because that pays for the upkeep of the grounds, the super's salary, the interiors (hallway lighting, elevators, etc.), everything that is not inside the actual apartment.

posted by TrishaLynn 27 December | 18:02

OUCH. That's more than my current rent. Ouch. Ouch. No wonder I'm not living in NYC.

posted by Stewriffic 27 December | 18:05

Stewriffic, NYC (these days anyway) is where all the usual rules of real estate get thrown out the window. The working-class Polish/Italian/Hispanic/Jewish/Whatever nabe where my uncles grew up is now the current 'hip' address. and I'd just as soon avoid all that.

posted by jonmc 27 December | 18:09

The square footage in the living room of the third one looks phenomenal, and it looks like you might have enough wall space for all the books, vinyl records, etc.

Depending on the exact size of it, I'd recommend putting in a short wall in the center (with an entryway on either side to maintain the flow of the space and light from the windows) to create two rooms so that you can kinda create a little "office" space for you and Jon to have your computers, etc. That would be really cool!

posted by TrishaLynn 27 December | 18:11

Yah, it's not bad to avoid "hip." I was really just floored at the maintenance charge. I suppose that since the areas here that have home owner's associations charge an HOA fee of anywhere from $100-200/month I shouldn't have been so surprised, but prices up there always surprise me anyway.

Around here, it's hard to find places without HOAs anymore, but I'm definitely going to go that route.

posted by Stewriffic 27 December | 18:16

(and i'm so excited for y'all!)

posted by Stewriffic 27 December | 18:18

You read my mind, TL, about the living room doubling as an office. We would be losing our second, small bedroom/office, but I think if the living room is big enough, like in these, it could still work, without feeling cramped. With maybe a sectional sofa and shelving and an area rug, I think we could give each "zone" a distinct feel. (We're quite a ways from moving yet and I've already started decorating!) And we wouldn't need a dining room, per se (we tend to eat in front of the TV). Some have eat-in-kitchen space, which would be a bonus. It is a challenge to find enough wall space for book/record shelving for Jon, as you know. Even more so now, since the Strand. Appreciate the tips/advice.

Yeah, Stewriffic, a maintenance fee under $600/month is actually pretty good, for NYC. As I understand it, it does generally include utilities (like gas/heat and often electric) and taxes, if that lessens the blow.

posted by Pips 27 December | 18:39

Oh, that does indeed lessen the blow. Utilities plus taxes is easily $300/month just itself, I'd imagine. Thanks for the mini-tutorial on NYC real estate.

posted by Stewriffic 27 December | 18:43

From living most of my life in the frozen hinterlands, I thought you had to have at least half a million to leave in a crappy neighborhood in NYC. Those places all look REALLY nice and less than half of what I would have guessed. Wow! That's fantastic guys! Congrats and happy hunting!

posted by marsha56 27 December | 18:46

I was surprised, too, marsha56... I first started poking around last year after I saw an NYC House Hunters where a young couple bought a one bedroom in Riverdale (a nice section in the Bronx, for the non-Nuyorkers amongst us) for about $170,000. I couldn't believe it. The average price for a similar place in Manhattan's a million bucks. In the outer boroughs, proximity to Manhattan has a lot to do with price (closer to Manhattan=more $, generally). Kew Gardens/Forest Hills are about a 30-40 minute train/subway ride into central Manhattan, I believe (there are some Express trains and buses that may be faster). Still, for the price, a good deal, I'd say.

posted by Pips 27 December | 19:00

When I was in my 20's, I had the chance to spend weekends in Manhattan for about a 6-month period. I fell in love HARD for NY. Considered moving there. But cost of housing was too over-whelming, and I was young and VERY foolish, and thought that Manhattan was the only way to go. Glad you guys saw the light. You get to live a train ride away from Manhattan, and I get to live a train ride from Mall of America. (sigh...slightly jealous, wanting back my misspent youth)

posted by marsha56 27 December | 19:51

Whoa.

You can get a VERY nice house here for that. With a yard.

BUT I'm sure teacher salaries here are nothing like there either. And I bet Jonmc makes way more slinging books than I do slinging poinsettias. (Not even counting his tips, of course.)

posted by bunnyfire 27 December | 20:13

@Pips: My aunt lives in the Bronx near the 2 and Pelham Parkway (not the 5 on the Sunday schedule, as I learned on Xmas day!) and their living room looked as long as the living room in that third listing. They were able to fit a 8-person dining table, two serving tables, a couch, and a loveseat in the space and it only felt a little bit cramped getting from one area to the other. That's what I was thinking about when I saw that third place, and it's definitely something to put on your list of "musts" when considering a new place to live.

posted by TrishaLynn 27 December | 20:18

Yeah, marsha, sometimes I think of living somewhere else, a mid-size city like Baltimore, Minneapolis/St. Paul (I hear St. Paul would be up our speed -- low key/down-to-earth), Pittsburgh, Portland (Oregon or Maine). I think I could be happy in a lot of places. But New York does get under your skin. The rumble of the trains, the people on the street, a million different languages around you, the buildings and rooftops of the cityscape, a million bars and restaurants of every variety, greasy cones of pomme frittes on the sidewalk in the East Village at two in the morning, always a great overheard conversation, alone and never alone, the rats on the tracks. Dirty, smelly, tiring, noisy, and great. Nah, guess I won't be goin' no place no time soon. (We're watchin' Goodfellas at the moment.) But I would still love some socks from the Mall of America. :)

Trish: We're considering the Bronx, too, actually. There are some nice areas, like Pelham Bay near your aunt, the area around Fordham University where I teach (though it gets a little sketchy at night), Riverdale (though Jon pronounces it with a disdainful, upper-crust accent), Woodlawn, City Island, which would probably be too expensive and far for Jon, but is so nice, near the water (a good friend of mine at work lives there, and I love visiting this site for real estate listings on City Island). Of course, anywhere in the Bronx would be a breeze of a commute for work for me, and with my seniority, I would even get a parking space at my school. We might even be able to swing a two bedroom in the Bronx (with the exception of City Island).

posted by Pips 27 December | 20:51

(Not one's typical notion of the Boogie-down Bronx. I love the little brown cottage, or the red brick with the front and back porches, but we'd need to win the lottery.)

Bunnyfire: I know, I know. I cry when I watch House Hunters sometimes. Even in Miami, my friend had the cutest little stucco house with a backyard deck and mango trees for under $200,000. Meh. You're right, though, teacher salaries are pretty good here, especially after six or seven years, when you move up in the salary scale. But when adjusted for cost of living, they're actually about mid-level, compared to other cities/states.

posted by Pips 27 December | 21:06

I am sooo excited for you two! Having your own place is so much better than I thought and I thought pretty damn highly of it!

posted by deborah 27 December | 21:11

Awesome. We are starting to look at places at the moment as well, though more in the Sunnyside area of Queens or Parkchester/Westchester or Riverdale in the Bronx (commute-friendly for one or both of us). It's fun.

posted by gaspode 27 December | 21:14

Sunnyside area of Queens

Gabba-gabba, we accept you, we accept you, one of us! ; )

(And happy hunting, too!)

posted by Pips 27 December | 21:18

Long Island Railroad Station is 2 minute walk from Talbot, about 10 from 118th Street. You can be in Penn Station in about 17-20 minutes.

posted by ltracey 27 December | 23:12

Maintenance means heat, hot water and upkeep of the areas which affect all the tenants.

posted by brujita 28 December | 01:15

Definitely something to consider, all the surrounding expenses that go with owning a place. Whether or not taxes are included in maintenance, insurance costs... Hopefully that free workshop on home buying through my teacher's union will help answer some more questions, like closing costs (hundreds or thousands?). Appreciate all the good advice and enthusiasm, though!

posted by Pips 28 December | 10:13

Taxes aren't included (those are typically listed separately, insurance is separate as well. Closing costs can number in the thousands because you typically have two sets of attorneys to pay (yours and the sellers), no more than two RE agents' commissions (sellers and buyers), and some other things that I could look up in my RE handbook, but I packed it away.

Other costs may include that of a licensed appraiser (to determine if what they're asking is what the place is really worth) and that appraiser may also work with your homeowner's insurance agent to determine what your coverage and premiums should be.

posted by TrishaLynn 28 December | 10:38

Thanks, TL... programs (I believe one's called ACORN) through the teacher's union may help with some expenses/closing costs. If it's that much, though, the summer may be more realistic than the spring (possibly even spring/2010, if all goes as planned, which, of course, it rarely does). I was hoping to take advantage of the relatively high inventory/low interest rates this year, but I'd also like to keep a bit of a cash cushion, too. I don't want to leave us tapped out. The problem is, our crazy landlord (or more accurately, our landlady's crazy son), may want us out by next September, and I hate the thought of moving twice in one year. We may be able to stay longer, though, especially if, next fall, I offer them the extra $100/month increase he wanted this year that I refused to give him (he wanted $200 more a month, but I offered $100, take it or leave it; luckily, he took it, but not happily). They seem to be leaving us alone these days.

Sometimes I really wish my Dad was still alive. He definitely would have helped with the down payment. But I suppose there's a satisfaction in doing it ourselves, too.

posted by Pips 28 December | 11:09

(Gee, some of the listings definitely say the maintenance fee includes all utilities and taxes... perhaps that's mistaken? Guess I'll find out.)

posted by Pips 28 December | 11:12

Goody, goody... sprung for the credit reports for the other two credit report companies and the scores are similar for all three (a little lower in one and a little higher in the other). At least I know we're in good shape there. Maybe I could take on some tutoring and/or editing work to make some extra cash... then, of course, there's that best seller. : )

posted by Pips 28 December | 11:43

@Pips: Well, if the listing says they're included, then they're included. REBNY's very strict about its members making sure that all fees, etc. are disclosed in any advertisement. I checked the AJ Clarke and REBNY websites (REBNY member search is restricted to actual members) to see if that agent is a member, and he/she is.

(Another site that's useful? Public NY State license search info. According to that, the broker/agent for the third listing's license is current till July 2009.)

The listings I look at all day at work (the $800K and up ones) don't have them included. Obviously we're looking at different markets, but the principles remain the same.

posted by TrishaLynn 28 December | 12:33

Thanks again, TL... good info.

I'm drinking Smirnoff Ice (lightweight!) and watching a House marathon. Got another week off before school starts up again. It's a good day.

posted by Pips 28 December | 14:43

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