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I hear what you’re saying… but having a roommate is so profitable
Appreciate the note. For me, maximizing the likelihood of a drama-free home situation is worth more than the pure $ for $ impact of splitting rent costs. It’s one of my few non-negotiables :)
Although, if I could afford a brownstone in Brooklyn, I’d totally set up a floor for rental!
I know it’s tempting to say rent is expensive but I’d think about what’s your end game. Do you expect to be in NYC forever ? Do you want to be a landlord if you’re leaving after 5 years or sell the place?
I’ve seen some ridiculous condo fees which have led me to think living in LIC or parts of BK would be the best bang for your buck.
Also, while rent is expensive if not staying in NYC forever. I’d suggest considering rent stabilized units. They can range from 2200-5k depending on rooms which potentially could be cheaper than a mortgage. Go on Zillow to see some examples
Thanks. Have you rented or lived in rent stabilized units before? What’s the deal behind the deal with renting them? My experience with visiting rent stabilized units circa 2010 was not great but happy to revisit with a new outlook!
Check HOA fees. NYC is notorious on that front. If HOA + mortgage works for you, buy.
Thanks - will factor that in!
Where in NYC are you thinking of moving? You'll need more than 100K for a down payment and closing costs if you want more than a studio in a desirable neighborhood. I would rent.
Helpful. Google says to expect between 1.5% and 5% of the purchase price.
Don’t forget to factor in property taxes. Those plus hoa and maintenance can easily be as much as renting, in which case the significantly lower appreciation rate on condos compared to regular housing might not be worth it