Should you buy or lease in New York City?
A lot of people think that choosing whether to buy or lease in New York City is a pretty straightforward question. If it is financially possible, buy a home. After all, what can be wrong with having a home in NYC? Well, as it turns out, deciding between buying and leasing real estate needs a bit more thought put into it. There are many situations where leasing a home can be a better idea, even if you have the necessary finances for buying one. So, let us explore this question a bit more in order for you to have a better understanding.
What to consider before you buy or lease in New York City?
Before you buy or lease in New York City you need to understand that buying a home is a commitment above all else. You are committing your energy and your finances to own a piece of land in NYC. And this commitment often lasts years if not decades. So, before you opt for buying or leasing, you need to ask yourself some serious questions about your current state and your plans for the future. Only then will you be able to make a wise decision.
Is NYC your city?
The first thing you need to consider is whether NYC is your city. Now, if you have never lived here before, or have only lived here for a short while, this can be an impossible question to answer. So, before you even start wondering whether to buy or lease in New York City, live here for a while. Soon you will see that behind all the glamour and diversity, NYC can be a tough city to live in. Constant crowds, endless traffic jams, and rude people are only a part of why people are leaving NYC. You also have one of the most competitive work environments, constant stress and a high cost of living.
But, on the other hand, you are living in one of the most promising places in the world. There are only a handful of cities in the world that offer as much diversity and opportunities as NYC. Not to mention all the culture and variety of people living here. NYC can truly feel like a world in a nutshell. So, there are definitely pros and cons to living here. And it is up to you to figure them out.
How long do you plan on living in NYC?
After that, you need to consider how long do you plan on living here. Exploring and enjoying NYC for two to five years can be a great idea. But, even the most exciting city in the world will become boring after a while. So, consider your future and try to figure out if you plan on staying here for good. If not, try to give yourself an estimate for how long you plan on staying. Know that buying and flipping a home in NYC is a possibility. But you need to be aware of what you are doing from the get-go. Many people fear to move to NYC because they will end up trapped in it. And trust us, this is not something you should ignore.
When to lease in NYC
So, when should you lease in NYC? Well, do you plan on living in NYC, but are not sure whether it is right for you? Then leasing is the way to go. Don’t get us wrong, New York can turn out to be a perfect place for you. But, until you are sure it is, stick with leasing.
Moving around NYC
The biggest benefit of leasing is that you can move whenever you see fit. If you decide that a different home suits you better, or that NYC is not for you, you can simply pick up and move. Furthermore, if you get a job offer or if you plan on hiring Dumbo Moving and Storage NYC and moving your company somewhere else, you’ll only be able to act if you are living in a leased apartment. Therefore, if having freedom of movement is something that you think is valuable, stick with leasing. Know that a lot of people buy homes in NYC and end up regretting their rushed decision.
When to buy in NYC
Now that we have outlined what you need to stick with leasing, let us take a look at when you should buy real estate in NYC. Keep in mind that NYC is one of the most expensive cities in the world, so make sure that your finances are in order. The median home value is $669,500 which is probably not something you can easily afford.
Starting a family
Do you plan on starting a family in NYC? If yes, buying a home is the way to go. You will feel much better in raising a family in your own home than in a rented one. So if you plan on growing roots in the Big Apple, get a home. Keep in mind that neighborhoods in NYC can vary drastically. Therefore, before you make your purchase, make sure to check as many of them as possible. There is a couple of NYC neighborhood where you can find a dream home for your family, but you need to take the time to look for them.
Flipping a home
It is not uncommon for people to flip homes while living in NYC. You get home, live in it for a while, and then sell it once you decide to move out. Our advice is to decide that you are going to do so before you buy a home. Give yourself a timeline of how much you plan on living in this home. That way you will know to follow the real estate trends in your neighborhood and sell your home when the price is right.