Been in rent stabilized apt since 2011. Rents moved up from $925 (I think) to $1350 currently over the years (goes up 2 to 4%? Each renewal). 1 bedroom apt. Started to look for coops usually range in $350k to $450k range. I figured after 70k to 80k down payment (excluding the closing cost and other fees) the monthly payments would come down to $2,800 to $3,000 depending on purchase.
Without disclosing any further (personal financial info) does this make sense rent vs buying in context good investment for retirement?
I don't plan to own the coop for investing rather have it as a form of forced saving/ something to fall on as. opposed to paying ever rising rents.
Currently I have 1 Bedroom the coop would be 2 bedroom. I don't care whether its a rental or coop for me a roof is a roof. Coop is a choice I would make due to several personal reasons which I don't want to disclose.
***Queens NYC area is must and has to be walkable distance to train maybe 7.
Q.1.In terms of having more money for retirement is it advisable to buy or rent right away? Or do I save more by renting? How long can I do that for can someone give me insight on numbers or how to compute?
Q.2.Is there any point in timing the market or just dive in? NYC
Q.3.Is it advisable to take money out of 401k I think first time buyers some penalty free withdrawal? Might also tap into stocks that I have been purchased via job — do you feel liquid cash is a must instead of all this?
Q.4. If there is buyers remorse or I find it absolutely beyond my means to be able to pay monthly mortgage+whatever they make you pay in coop what is my recourse? I heard coops are nightmare to resell as the board can deny your buyer and never tell you why?
Q.5. For $300k to $350k what's best purchase option coop / condo / house? Specific to Queens NYC I plan to use it as place to stay not to resale or anything but if worse comes to worse maybe sell it when I am old?
Q.6.Not keeping into account that I might be able to work forever or even next year (hypothetically speaking) how would one calculate what you can afford? My worse fear is no income coop ownership.
Q.7.Is real estate the only best way to invest for retirement besides stocks? (Ignoring the 401k stuff) I am talking about you trying to get max possible returns without risking it.
I don't believe in taking responsibilities without thinking and than being forced to go through it so am trying to think this through. Everyone else around me probably thinks I am thinking about this way too hard. Frankly home ownership is to me like raising a child huge huge responsibility.
I feel most of my fear comes from not knowing the exact numbers of monthly $$ estimates. I would get anxiety from surprise increase in monthly HOA when I already feel as opposed to renting the owning cost is almost double.
I personally would love to just keep renting forever and keep moving to lower rent areas and use that money to invest in stocks or something?
Stick to coop vs condo, since house owner is simply not possible in queens for under $350k that too close to a subway line.