NY Houses 4 Sale: If I had only done this and that back then.....:
The other night a friend of my husbands was over and we were all chatting about the "if I only did this" and "If I would have only known" type stories. The two men have known each other since they were six. They went all through elementary school and high school together. While we were chatting they remembered a time in the late 80's - (they were in their early 20's at the time) they both had been working and saving while living at home, so they were able to save up a good chunk of money each on their own. They had an opportunity to buy a two family home, on a corner lot, R4 Zoning with a property size of 60x110, in College Point. They remember that at the time the asking price for this house was $220,000. They would have been able to purchase the home for $200,000. Out of fear and not knowing "what the market would do" they backed out of the deal. They both felt relieved that they were not going to buy any real estate and "burden" themselves with a mortgage payment. Their parents were happy that they did not buy this property for the fact that they would have gone "bankrupt".
I know that while I was growing up, not one person ever talked to me about buying real estate. Not one person said to buy or not to buy. This was not ever taught to my generation. I was taught to work and save - work and save. That was it. But what was I saving for?