New York City’s top Debate on Apartments: To Buy or To Rent

August 15, 2013

Tech Tips

It is no secret that New York City can be one of the most expensive places to live in the world. Many people are willing to pay top dollar for luxury homes and condos that put them right in the heart of the city’s nightlife action. Other people may simply want a chance to work in one of the world’s most premier financial centers. Because of this, it can be hard to find a place to live on the cheap. Many people might be wondering whether they should buy or rent when they decide to move here. Read through some of the basic information you will need to know before making this decision.

The first thing to realize is that square footage will come at a premium here in New York City. The median housing price is well over a million dollars, even after the housing bust dropped the local prices. This means that you will need to carefully research your options before you make your decision to buy or to rent. If you do want to buy, you may need to save up a sizable amount of money to opt in for a mortgage. Even with stellar credit, you may be expected to pay a deposit of over 10% on the price tag for the house.

You may also want to carefully consider your living arrangements before you buy here in this city. Think about where you plan to be working and where your family will need to go. You will almost certainly need to ensure you have a job lined up here before you commit to a mortgage. Once you buy in to a house, you will be planted there for a while. You don’t want to buy a house that will be far away from your place of work. The commute times can be difficult to manage here in the city. This means that you will want to live as close to your workplace as possible.

For many people out there, renting New York City apartments may be a better option, and consulting with Elika Associates can help ease the process. This is because it can provide them with a little more flexibility with how they plan out their lifestyle. This is especially true for young people who may be going through a transitional time in their lives. As they get their feet settled in to their careers, they may want to rent one of the many New York City apartments. They will likely find many more opportunities available to them if they can just move around the city. Just be aware that rent can be expensive and you won’t be able to build up equity.

Ultimately, the question to buy or to rent in New York City will be decided largely by the lifestyle you want to pursue. If you feel like you are ready to settle down and plant roots, feel free to see what kind of buying options are out there. For those who may need more time to make a few decisions, they will invariably want to check out what they can rent. Fortunately, there are many different options for all of the above across New York City. There are homes, condos, flats and townhouses here. Many of them can be either bought or rented for different amounts of money. For more information about New York City living arrangements click here to find some help at Elika’s Facebook page.

Here’s a latest infographic on the Buy Vs. Rent Debate:
Buying a home VS renting a home Infographic

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