druzhok's Profile

Display Name:	druzhok
Member Since:	4/8/11

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I used the following approach when buying an apartment in order to see what other tenants had to say about the problems with the building - it will work in this case as well.
Buy and nicely wrap some cookies from a fancy bakery in the neighborhood and go to the building late enough that you do not interrupt people's dinners. Buzz and say "I am looking to rent/buy in the apt XYZ and I have a couple of questions, it would only take a couple minutes of your time and I have cookies to make up for it." If they hesitate, mention that the cookies are from-that-awesome-bakery-next-door. I found that people are really welcoming and don't mind sharing experiences about the landlord/neighbor/management company to a stranger - it is probably a wish-I-somebody-told-me syndrome. If you succeed, at least you will get an impression of your own by speaking to the said neighbor and you would have started off on a good foot in the building.

How Seriously Should I Take Warnings from Neighbors?
Good Questions

3/12/12 12:50 PM

jplee - don't buy! We just bought in Brooklyn and here are my two cents
1. There are many many more expenses than just the mortgage. Even if you don't need the nice new furniture or renovations there will still be a million things that add up. Cheaper housing will require more fixing unless you want to live in the worse environment than where you rented.
2. Did you calculate the closing costs? Those will carry a punch, especially if it is new construction.
3. You are unlikely to secure a mortgage in the current environment if you don't have savings/retirement account left after you buy. Banks won't lend to a risky buyer.
4. You will not be better off buying anywhere in Brooklyn, unless you qualify for income restricted housing (which is much cheaper). Use this calculator and adjust ALL the parameters honestly, i.e., don't estimate the annual home price change to be more than 1-2% if even, don't overestimate inflation.
http://www.nytimes.com/interactive/business/buy-rent-calculator.html
You will most likely see that you will break even at best in 5-10 years. Is it worth it?
Unless your mortgage is offset by the tax payback it is very unlikely to be worth it to buy in NYC. Most NYC coops can't increase the rent more than 3-5% annually, get it spelled out in your lease and live happily in a rental and save yourself the money, the headache and the disappointment.

Caiti - bake/buy cookies and go knocking on the neighbors doors in the evenings after dinner. Ask for 2 minutes of their time, say you are considering buying next door and would love to hear their opinion and that you have cookies to compensate for their time. We did this to poll neighbors about the problems they had with the building and the developer so we could guide the inspection better, but you get a pretty good read on people that way too, so you get to know your neighbors before you move in.

Hindsight: Before You Bought Your Home

8/9/11 11:02 AM