So my fiance and I have been wanting to buy an apartment in NYC for a while but everywhere we look it doesn't seem worth it for what you get. Our max budget would be $800k and we can get a two bedroom in our desired neighborhood with that amount. The problem is with Co-op fees that comes out to $160k down and $4000/mo. We pay $2800 a month now in rent and we're in a rent-stabilized building (landlord can only raise our rent $50 each year per terms of lease).
We've started looking at weekend homes upstate that would be on a lake and have found some nice ones for $300k. Does it make more sense to buy a weekend home? We are thinking we can use it around 20 weekends a year and rent it out the rest of the time.
Our take home is around $12k a month.
What am I missing about buying a vacation home
Submitted February 18, 2017 at 11:41AM by p1tchblend3 http://ift.tt/2lhT2XA
