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Tuesday, September 30, 2008
Has the mortgage crisis got you down?
It's probably a good time to buy with prices slowly decreasing, but the lenders are tight. Camille and I recently took out two separate mortgages and the scrutiny was incredible. They required proof for everything. If it had been that way years ago perhaps this wouldn't have been such a problem. But what about today, what about your dream home? If you are in it for the long haul, then buy the house you love. If you think it's a great investment, factor in closing costs, interest, taxes, repairs and you will see that owning a home isn't as profitable as people believe. Few rarely do all the math and look at the buying price vs. the selling price. I like a simple formula for rental property: if I can make a few hundred dollars a month over ALL expenses and keep about 50% of my mortgage payment as equity, then it's a good deal.
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2 comments:
So I don't have the wherewithal to purchase now, especially with the credit freeze and uncertain future as to where I will live. Are there any rental opportunities for large spaces for artists in North Albany at all (studio or live/work). It seems like such a great location, and every time something says it's for artists it means people with tons of money that want a high ceiling.
Hi stu, I don't know of anything particular. And I agree that what is usually advertised as an artist space is either too small or too expensive. There are many warehouses which could accomodate many artists. The question is who is going to purchase it and divide it up. Potential sites on Broadway include the old bank across from Noche and others along that route going west. There are also a slew of buildings including the old Mirage club which need rehab. One super location is the old stone church on N. Pearl street, next to Hope House. It is ripe for a non-profit to take it over. It's on the historic registry so there is money for a non-profit but no individual buyers. Needs lots of work, but many artist communities are capable of rounding up help.
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