Deciding whether to rent or buy a place in New York is very hard. They both have their disadvantages and advantages. There are many factors that work into what will suit you, for example, do you like to move a lot, from place to place, how old you are, and what the market is like at the time.
Along with being known as the Big Apple, New York City is also known as the City of Renters. In fact, seventy eight percent of all residents in NYC rent their homes. There are many reasons for this:
1. Financial
Renting is usually more financially beneficial. Many first time New Yorkers can not afford to buy a house, with the high market prices, and so it works out for them to rent. However, renting a place does have its disadvantages in terms of finance. Your rent depends on the lease you sign, and your landlord is allowed to up it when he sees fit. So, although buying a property may seem like a bigger leap, it is more stable for you.
You can take help in deciding what works out better for your budget by using a rent vs buy calculator, available to make crunching the numbers easier in these situations.
2. Flexibility
Renting is more popular to the younger generation of New Yorkers, as it offers more flexibility. When you are fresh out of college, whether you have lived in the Big Apple all your life, or recently moved there, it works out better to rent, as you do not know where your job or life will take you.
With that being said, buying a house can offer its own flexibilities, as it means you do not have to pay a high monthly amount. When you buy a home, the monthly cost is far less, you just have to pay house taxes, and repair costs.
Buying a property is good for families, as it offers stability.
3. Landlords
It is a simple issue, but it makes a whole lot of a difference. When you buy a property, you are your own land lord. You are not answerable too anyone, about the weird pen mark on your wall. You are your own boss.
However, some people do prefer landlords, as it means they do not have to worry about making major repairs, and dealing with loads of paperwork.
4. Homeownership
Owning a house is not easy. If you think that the last cheque you will have to fill is when you buy the house, you are wrong. There are many costs that will continue to pop up even after you have bought your property. Like taxes. Also, it can be very time consuming. When you rent a house, you do not have to worry about the paperwork, or the mortgage. Owning a house is very different, as you will suddenly find yourself needing to deal with things you most likely will make difficulty in understanding. Renting and buying both have their ups and downs, neither is better than the other. It is up to you, and what you feel is most beneficial to you at the time, that will help you make your decision.
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