C.W., a reader from Brooklyn, e-mailed to ask my advice on, as she put it, “what/if to buy right now.”
So here’s my advice. But please, take it with a keg of salt. We’re dealing in opinion here, not fact.
C.W. wrote: “My fiance and I rent a pleasant 2BR in Boerum Hill for $2,500. Our lease ends in September, and we could certainly renew. I have a job that pays $84K, perfect credit, and $100,000 cash to put toward a home purchase.
I’m torn between wanting to buy the best apartment we can afford in Fort Greene/Boerum Hill/Park Slope/Windsor Terrace, OR a one- or two-family somewhere in upstate New York, the North Fork, or PA that I can rent out, at least for part of the year, to generate income.
Ideally, I’d like to do both, of course, but I suspect that NYC prices haven’t fallen as far as they may, whereas we might find a bargain out of the city.”
That’s the prologue. Here are C.W.’s questions and my answers: