Newliyish married, but the new reality is partner finished law school so going back to the DINK lifestyle. We live in NYC and are lucky to be in a rent regulated apartment. On one hand we realize it’s cheaper to stay there forever, but it’s not the most well maintained building the the amenities aren’t the best… Anyways,...
I’d factor in child care for your costs. Not knowing exactly where in Brooklyn you are, but I’d wager day care of minimum of $1k/month (very low end) to $4k+/ month per child. Nanny care is an option, usually starting around $4k a month.
I’d also caution about timing your purchase. NYC reality is cut throat in the best of times but recent mortgage rate swings have left a lot of people “locked in” to the places they refinanced during the early covid days. This makes new properties on the market a rarity and highly sought after. Keep your down payment as liquid as possible and try to keep the timeline on your own terms. You don’t want to be forced out of your building and looking for a new place at the same time.
Newly-ish married. How to plan and save for home buying in NYC?
Newliyish married, but the new reality is partner finished law school so going back to the DINK lifestyle. We live in NYC and are lucky to be in a rent regulated apartment. On one hand we realize it’s cheaper to stay there forever, but it’s not the most well maintained building the the amenities aren’t the best… Anyways,...