So, you’re starting your new life in New York City. The question on your mind is whether renting vs buying an apartment in NYC is the way to go. The truth is that both options have their ups and downs, so it’s really up to the individual what their preference is. But worry not, we at U.Santini Moving & Storage have prepared some pros and cons so that you can reach your desired conclusion. Just think everything through twice, just so you are sure of your decisions.
NYC is known for its high prices when it comes to real estate. Renting is around $3,600 a month without fail, while buying is around $600k currently. These numbers are much higher than anywhere in the US, and in Manhattan, they get even higher. Once it gets to the time of the move, be careful if you’re searching for cheap movers Brooklyn, you need to do a background check on the people you hire to handle your belongings.
What is the first thing you should consider?
Honestly, the first thing to consider is how long you’d like to live in the location you’re thinking of buying or renting. If a few years tops is your estimate, there is no point in buying the property. For a few years’ time paying rent is the cheaper and more logical approach. If you were to buy the property, a few years might not be enough to pay it off, not to mention the utilities, taxes, mortgage, etc. There are many costs that go into buying an apartment, so you have to be 100% sure you want to live there in the long run.
If the property you found is your forever home and you know it is, then buying is absolutely the way to go. Even though settling on things forever can seem unrealistic, when an apartment steals your heart, you’ll feel it. We would urge you though to still pay attention to a few things such as neighborhood, schools, workplaces, etc. in your surroundings. You might not be planning on having children any time soon, but the fact of the matter is that you could change your mind. Your apartment needs to be big enough and in a safe enough location for your family.
It really is something you need to give a good amount of thought to. Be careful and be smart! Another thing to be cautious about is choosing the right movers NYC. Just keep it in mind.
Can you afford the downpayment when buying an apartment in NYC?
The truth is that due to the pandemic, a lot of places in NYC have lowered their rent and their retail prices. If you’re in the situation and you have the money for the downpayment, now is the right time. Be sure to use the upper hand the pandemic has given us. The best deals you can find right now are bigger apartments in newer areas of New York. In these places, sponsors will often pay some of the taxes and other costs, and they can go as far as throwing in a parking space or a discount. So the time for buying is absolutely NOW.
Renting vs buying an apartment in NYC? If you’re still unsure, we’d suggest taking it as a sign that the time isn’t quite right yet. If this question is troubling your thoughts, it just goes to show you aren’t sure enough. Even though the pandemic has helped lower the prices of real estate in New York, buying an apartment just for the sake of buying it isn’t a smart idea. You need to be blown away by your apartment.
The expenses of maintaining an apartment
The thing renters don’t feel on their skin, or better yet wallet, is the cost of repairs and maintenance. You won’t need to spend insane amounts of money each week on huge repairs, but anything that goes wrong in your apartment, if you chose to buy it, is now completely your responsibility. You will be the one who has to fix a leak or hire someone to do it and pay it. You’re the one who needs to repaint the apartment if the walls are starting to look bad, etc. It’s a load of work many people simply aren’t ready for but don’t think of in advance.
If this is something that sounds stressful to you, maybe it’s okay to stick to renting for the time being. Living in a rented space comes with so many perks. You never have to worry if you will have the money to repair anything that needs repairing or maintain anything. You just call up your landlord, state your issues, and the landlord will fix everything. Even if you move into a smaller apartment than your previous one, the many cheap storage Brooklyn options will keep you covered. So, it really is much more stress-free renting an apartment.
Renting vs buying an apartment in NYC?
One last thing to mention in favor of buying is the uncertainty of employment and rent prices. Due to Covid, no one knows if their job is safe and secure. And even though at the moment Covid has lowered rent and buying prices, this could all flip in an instant. So, yes, logically there is no better time to buy real estate in New York City than right now. It will most likely never be as cheap again. Though on the flip side, really no one can tell what the future holds. As for moving or Brooklyn office moving, there is no better time than now.
When it comes to renting vs buying an apartment in NYC, we can’t give you 100% certain advice. It really is up to you, your personal financial situation, as well as your need to own your own apartment. If all the pieces fall into place, we say go for it!