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Buying vs Renting a home in NYC

After travelling to NYC, it’s almost inevitable you will get in love with the city that never sleeps. It’s a matter of time to schedule your next visit, and your next one, and next one. Millions have been trapped into this loop of travelling frequently to New York, after finally they work out a way to settle.  

Once living in NYC everything changes, the cosmopolitan crows you loved start to become tedious sometimes, the tube, the fast food, the noise. However, what no one will escape from is the huge impact into your personal finances. Your costs will skyrocket, and hopefully your income too. In either way, you will see yourself concerned of paying high rent and trying to get a better quality of life, but most importantly, to own something. By that time, you will be facing the most common dilemma of New Yorkers, the buying vs renting a home paradox. 

This is one of the biggest decisions you will make in your life, and therefore you are required to do your homework accordingly. It is important you understand that real estate is a cyclic industry, where supply and demand will determine your opportunities of money appreciation or devaluation. In short, notwithstanding the technical analysis, no one can predict the curve of the real estate cycle, as markets are unpredictable and volatiles. This in mind, it is important to understand that if you are renting a home, you will be paying for that facility but at the end of the day you own nothing. Project this situation ten years into the future, and you would have been paying thousands if not hundreds of thousands into an asset that you own 0%. Having this in mind, buying a home appears as the most convenient way to settle in NYC.

Once you are decided to buy a house in NYC, then your real research homework starts. You will have to make a financial plan for a mortgage, checkout some homeowners insurance, start thinking about a savings plan or securing some minimum salary somehow, among others. It is recommended to visit a professional real estate agent, or mortgage agent, so you can get a better picture of which options are most favourable for your current income levels. Buying a home in NYC is certainly a good investment and a formidable legacy for your family’s future generations.

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