Hidden Costs of Home Buying

[MoreCowbell]

Originally Posted by CnoteMD

I said that you should anticipate 3-5% for closing costs. I even said that in most circumstances it's closer to 3%. Based on the numbers you stated, it works out to 3.3-3.7% (purchase price vs. mortgage price).

So, how is this way off?

My Sincere apologies CnoteMD...I thought that read 3-5k...I apologize...you were correct.

[MoreCowbell]

Originally Posted by findtom

In Montreal you'd have the friendly named "welcome tax" which would work out to $18,650 on your purchase price. Gotta keep those streets clean I suppose.

1050 sf is a good size for an nyc apartment though. What's the view like? Does it have an underground parking spot at least?

Parking is 450 a month. I doubt I am getting the place anyway, because another offer was accepted before my offer, even though it was higher than the accepted price.

It is on the 5th floor, but clears the building front of it.

[Neil]

So if the mansion tax is on places over $1mil in Manhattan that means that everyone has to pay the mansion tax pretty much

Everytime I go to Manhattan and see just how many residences are crammed into the penninsula and how many are over $1mil it amazes me.

[flush01]

$1mill for 1000 sq.ft. ? thats like $7-8k/month for mortgage

[MoreCowbell]

Originally Posted by flush01

$1mill for 1000 sq.ft. ? thats like $7-8k/month for mortgage

Are you offering to help?

Mortgage should be less than 6 for an ARM, but I haven't decided for sure if we are going that direction.