It's official. We have a budget! Our credit's been checked and we've had multiple conversations with Avin Samtani, a recommended, well-reviewed NYC lender who specializes in first-time buyers. Hard to believe, but we've been pre-approved for up to $500,000. Half a million house dollars is a TON of money and after diving into monthly costs, alongside Avin, we determined we would be more comfortable sticking to around $400,000. This purchase price would put our monthly payment, all-in with mortgage, taxes, insurance and PMI, to between $2,500 - $3,000.
Suddenly the hunt feels so much more real. Lyle and I could literally put an offer on a place knowing we could get a mortgage. Mind blown.
Armed with a concrete budget, we had to see some properties! We braved the downpour and headed back to Belle Harbor and Broad Channel to check out some open houses.
525 Beach 138th St.; $269,000 (2-bedroom, 1-bath)
1307 Cross Bay Blvd.; $339,000 (3-bedroom, 2-bath)
We had lunch at Grassy Point, a community sports bar in Broad Channel where everybody really does know your name. One guy told the bartender to hold onto his beer because he had to go drop off pastries at home. He'd be back before game kick-off.
Before heading home, we re-visited the new build condo (click link to see photos) we saw last week and got pretty moony-eyed over the property. Although all the units available are identical, the price fluctuates depending on how close each is to the ocean. Last week we saw two units priced at $579,000 and $549,000. This week we looked at the cheapest of the bunch. Listed at $469,000, with a $260/month maintenance fee, the 1,750 sf duplex pushes the limits of the newly minted budget. Although we realize this one might be beyond us, we've agreed to meet with the developer's preferred lender to have a conversation about snagging this beachfront oasis. A girl can dream can't she?