I Need a House for my Family - Condo VS Multi Family Vs SFH w/ Finished Basement -

[John Jamin]

Hi all,

I posted about two years ago and I'm still renting, and wanted to update my question to make it more relevant to today's market.

I have been renting a studio basement in Long Island for the past 3 years for $1500 a month. I mainly use the apartment for the work week as it is close to my job. On weekends I live at a house my dad owns in Westchester County (I don't currently pay the bills for it which is good). 

Long story short, I need to leave my rental because it's too small for my family of 4, and after the past few days of rain there has been water coming from underneath the laminent floors and I don't want there to be mold and risk exposing my family and I (my daughter is 2 and my son is 3 months).

I want to live as inexpensively as possible and/or house hack. I have been trying to find multi family homes, or a single family house with a finished basement, but I either get outbid or the deals don't make sense (houses and/or taxes are too expensive). So I figured if it's cheaper or as cheap to live in a townhouse/condo as it is to live in one side of a house while the other side is rented then that would be another option. 

If I can find a good deal on a townhouse is that the way to go? I know they are expensive also, and with the HOA fees it makes the price climb even higher, but I do like the set ups and the fact that they don't require as much outside maintenance (and the ammenities are cool).

But, it's not just an issue of preference it's also what's available and what's affordable. I'm looking at the 500-600k range, but it's really slim pickings. I also thought I could rent for longer, but all of the rentals I've been seeing are either in basements are far too expensive (2500 minimum for a 2 bedroom and they usually aren't the nicest- but why rent when I could buy for that price?) 

If you were me, what would you do?

Thanks in advance 

 

[Joe Jor]

I can't speak for Long Island, but in Westchester, multi-families in safer neighborhoods generally go for $850k+.  

I'd suggest rentometer.com to find the going price for rentals in your desired neighborhood; frankly, not sure if $2500 is high or low.  Be warned you can only use it a few times before you hit the paywall.

Obviously the further you move away from NYC, the cheaper things get.  It boils down to how much you value your house and living situation vs. how much you value your time (i.e. commute).

Joe