Is it practical to buy a house 5 hours away from work??
I am living and working in queens ny at this moment but planning to buy a house in upstate ,ny ( probably rochester) due it's affordability housing. I work only three days /week in queens (staying with mom)... and plan to stay 4 days in rochester. Where in upstate has affordable housing that is not that far from queens???
Renting & Real Estate - 4 Answers
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1 :
The local market should be a major consideration at this time since so much of the northeast real estate market is in a major correction right now. I would hesitate buying something at "full price" in a market that has more than eight months of supply listed for sale. If you can find a decent bargain, your plan to stay with Mom in the city while having your permanent home upstate may not be a bad idea. Remember that if you're not there, though, there might not be anybody else to a) keep an eye on things, b) be available in a real emergency (you're five hours away!), and c) do the maintenance that will end up eating all your "free time" when you are actually back home. Some people end up hating the commute after just three months when it is only two or three hours - - and you're talking five. I would consider only doing it with a roommate or co-owner to lighten the load.
2 :
if you don't intend to live in the house on work days.
3 :
Not really practical BUT on a 3 on and 4 off, it might be doable.. IF: You can handle living with mom for 3 days a week and Don't mind leaving your house for that long. (GET AN ALARM that is monitored as you will be a high risk target for break in.) Don't have plants or pets The cost of the house an all required insurance etc plus the gas to commute is less than the rent and the house has a reasonable potential to gain equity or you are getting really good deal on it so you can afford to hold it for a year plus and then roll it for more money to get a house closer. This will be a locked commitment for at least 6 months but more likely a year.. If the housing market does not rebound you could be locked in longer than that... If there is any chance you could change hours, aka your boss or function changes don't do it.. If there is a chance that you can go more virtual, then it is a better risk.
4 :
Well gas is three dollars a gallon and youre talking about driving an extra 700 miles a week. if your gets 30 miles a gallon, that over $115 dollars a week. Is the job paying that much more money? If you can afford that, you should be able to afford the more expensive housing close by.
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