By Sally Norton
Moving to a new city always poses a question – should you rent or should you buy? Spending money on rent seems like ‘wasting money’, whereas investing in your own property comes as a great idea. However, not every apartment in every city makes a good investment. There are a number of factors that you should consider before making such an expensive purchase.
Moving to New York seems like a great idea – it is an amazing and exciting city that offers a lot of job and entertainment opportunities. But, is buying an apartment in NYC a good investment or you will just waste your money? Let’s see in the text that follows.
What’s the reason you are buying an apartment in NYC?
First things first, you need to know that buying an apartment in NYC is a different process for different purposes. If you are moving to NYC and want to live there for a longer period of time, the process is much different from buying an apartment in NYC to rent it and develop a real estate business.
Buying an apartment in NYC as your home
As New York is one of the most expensive cities to rent a house/apartment, buying an apartment in NYC really makes sense. The average rent for a one-bedroom apartment is often over $2900, and the price varies depending on the neighborhood. However, buying a home is definitely a great option if you find an apartment that you really like and plan to live there for a long time. But you need to know that even though you won’t be paying rent, there are some other costs to think about. Apart from the mortgage and bills, there are also maintenance costs, property taxes, etc. That’s why, if you want to buy a place in New York, make sure to consider all the aspects of your budget and be ready to stay committed to one place you’ll call home.
If you’ve been living in New York for a while now and don’t want to spend money on rent anymore, moving to your own place seems like a great idea. Be sure to hire professionals for your local household move in Brooklyn, NYC and relocate to your new home safely and quickly.
Plan your relocation with an essential moving checklist so you do every step right and make the move as smooth and easy as possible.
Buying an apartment for rent
Investment business is a good way to spend your money wisely and earn from it. However, not every property makes a good investment, so you need to be very careful when making a decision like that. Especially if this is your first-time purchase. When investing in real estate in NYC, be sure to consider the following factors:
1. The cost – New York homes and apartments are generally expensive. The average price of a co-op apartment is around $800,000 – which is a lot of money compared to some other city’s property prices. You should also consider the costs of closing the deal, which is usually 2-3% of the property price. However, it is possible to find a good deal and a good discount. So, if you are patient enough to look for it, you can go pretty well when buying an apartment in NYC.
2. Type of apartment – The price of NYC apartments depends on their location but also on the type. Most NYC apartments are co-ops, which tend to be older and therefore cheaper. Also, you basically don’t own the apartment but get shares in the corporation that owns the building. On the other hand, you can buy a condo, which is often more modern and more expensive. This time you’ll own your apartment and partially own shared spaces in the building.
3. Maintenance responsibility – As an apartment owner, you’ll be responsible for any repair/maintenance costs. Also, there’s a monthly maintenance fee/common charges you need to be aware of.
4. Lower taxes – Tax deduction is a great thing when you own a property. You can deduct mortgage interest, too.
5. Tenant problems – Renting an apartment is not always easy. To avoid common problems, be sure to avoid four nightmare tenants and learn how to recognize that someone is not good enough to rent your NYC apartment.
The best places for buying an apartment in NYC
When you decide to have your own apartment in NYC, another issue comes up – which NYC neighborhoods are the best? Well, when buying an apartment in NYC for you and your family – you need to make this decision on your own. Think about where you feel the most comfortable and what the most important characteristics of a neighborhood are for you. Consider the commute time, schools, favorite parks, and restaurants, etc.
On the other hand, buying an apartment for rent requires you to consider some things other than your personal preferences. Neighborhoods like Dumbo, Midtown, Chelsea and Long Island have proven to
be very beneficial for buyers. Also, more affordable options are possible to find in Central Brooklyn and northern Manhattan. These locations offer affordable properties that are very convenient in terms of easy access to public transport.
Move to your new NYC home with ease
After you decide to move to your new home in NYC, the relocation process might be something you are dreading. With so many moving companies in the NYC area, it can be difficult to choose the right one. Be sure to pick a company like Divine Moving and Storage – experienced movers who can handle your relocation completely and offer additional storage options.
Take your time
Buying an apartment in NYC is not something you do every day. So be sure to take your time and take all details into account. Be sure to pick a place that suits your needs and preferences so you can be satisfied for a long time.