Question always is whether my client should rent or buy when moving up to White Plains. For those who are on a limited income, that all depends on how much you are pre-approved at the bank. That is the first step to know.
But, even with renting, especially if a coop board, they will be asking you produce your weekly pay stubs, possibly your W-2 from previous year to make sure that you have the income to justify the monthly rent. They will also ask what your debt/income ratio is. This seems to be big now to assess whether you, again have the monthly cash flow to pay for either the rent, and/or the mortgage.
Let’s say you are looking to rent/buy a 2 bedroom, one bath+ condo/coop. The least amount of rental I found in doing a search this morning was around $1850. This in some buildings downtown would not include your parking fee.
Condos are higher priced than coops since more like houses owned individually rather than as a shareholder in a building. Those would start around $250+++Coops, however, you can find more reasonably. But have to watch the maintenance that can average for a 2 bedroom around $800-$1100/month. That does include both maintenance and taxes, though.
Renting a house? You are looking minimally $2200+, with additional costs of utility bills, and in most cases mowing the lawn and snowplowing!
So, if have a limited downpayment and amount you can spend, a coop for a few years may be the best option “financially”. After comparing the cost of renting a unit that they liked, a young couple I am working with found that the $2400/month they would need to spend for a 2 bedroom, one bath nice condo, would be more than buying a coop we found in White Plains on Lake Street for only $200,000! This way they would at least accumulate equity and their monthly outlay including maintenance is coming to around $1800/month.
If you want to check out current rentals/condos or coops up to $300,000, click on my website link.
If you have any future questions relating to the condo/coop or house market in White Plains, feel free to email me at [email protected] or call/text me at 914-523-5087.
There are lots of options to living in White Plains, our “northern” smaller equivalent to New York City with lots of restaurants, theater, parks and recreation!
Author:Thomas Ricapito Phone: 914-804-3048 Dated: June 4th 2015 Views: 3,801 About Thomas: I got into real estate sales by accident in 2006. At the time, I recently earned a Bachelor's Degre...
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