Buy or rent when living in NYC
When living in NYC it takes a lot of thinking, you have to be sure what do you want when it comes to living there. Your new home can be expensive, it can be in a bad neighborhood and it can be very difficult to decide should you live in a home or in an apartment. And finally, should you buy or rent? For all those questions, there are answers.
What is better in a long run?
If you are thinking about creating your life in New York, then you should probably be thinking about buying a place that you can call your own. In case that you are planning on creating a family in NYC there or you have a steady job then reasonable thing to do is to buy a real estate. Keeping in mind that real estate in NYC can be pretty expensive, depending on where you want to buy it.
Where should you buy your new home?
When buying in NYC there are a lot of options:
- Staten Island
and we won’t forget the biggest area in NYC Queens. So, depending on where do you want to buy or rent your real estate price will be different. For example, it is incomparable buying or renting in Manhattan and buying or renting in Brooklyn. You have guessed that Manhattan is a lot more expensive. Therefore, do your research before buying or renting in any part of New York. If you don’t have to think about the money than you should definitely buy a place in the middle of Manhattan. However, if you are not able to do so, and you want to buy a real estate in NYC and you are on a limited budget, the best thing you can do is to look around Brooklyn, Queens, etc. You can always sell it in the future and find a better place.
Renting is cheaper when living in NYC
Yes, you can say that renting is cheaper but not for too long. Just think about all those rents you have to pay every month. All that money can be used better. But, the answer is yes, it’s cheaper to rent than to buy of course, especially if you don’t have enough funds to buy a real estate, but as we mentioned before. It’s no good in a long run.
Thinking about the future
Deciding whether to buy or rent brings up a lot of questions. One of the most important things to think about is do you really want to stay there for good? Even if at this precise moment you think you do your opinion may change in time. In ten, twenty or even thirty years you may realize that you no longer want to live in New York. And then if you have decided thirty years ago to buy a real estate in New York you can sell it, or you can live it for your children or whatever you decide. Either way, ask yourself do you see yourself there in the next period of your life.
You have decided to rent
When you already made your decision to rent than you should think about the pros of it. Yes, rents are high in NYC but presumably, you have a job and everything will come to its place. When renting, a place, be ready to have at least three rents ahead and a deposit. Yes, it’s a lot but landlords have to have everything under control especially in a city like New York. And giving them that amount of money makes them feel safer. Also, what’s important is to have a contract and of course read it before you sign it because you never know what it says.
You have decided to buy
One very serious decision. You are owning a real estate in the Big Apple. That’s a huge deal. Prices are high but as we mentioned before it all depends where do you want to buy your home. Buying in Brooklyn is a good decision, because you are less than a half an hour away by subway to any other borrow in New York, and prices of real estates are not as high as in Manhattan. And there are all pros, and just maybe one con. That one is not a big deal, because if you ever decide that you no longer have a desire for living in NYC, there are so many ways how you can deal with that decision. But, while living in NYC in your own home you should enjoy.
Any important decision you make in your life should include as much as research as possible. When you decide living in NYC you have to be aware of all the good reasons but the bad ones as well. Especially when buying or renting either way, whatever you decide you have to realize what’s best for you. But keep in mind that even if you start renting you can always change your mind and after a while, once you get familiar with New York you can decide to buy a real estate.
It is a great feeling to have a home that you can call your own. And if you have it in New York than you can say you have succeeded. You know what people say, if you make it in New York you can make it anywhere. But, even if you are renting and living in a such a city it’s worth of all those rents you will give. And who knows maybe one day you will own a great apartment in a middle of Manhattan.