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I think there are some legitimate concerns buying in NYC now with the communist mayor in charge, but the good thing is NYC has always found ways to come back from adversity. So I am bullish NYC longer term. I work in the city, but live in the burbs, I did buy an apartment 2 years ago as a second home, prices were decent but I don’t expect it to appreciate much in the near to medium term, which is good for potential buyers.
You thought he was DSA. Anyway. Same difference property tax is a primary tool in his toolbox to pay for those free busses and $30m city grocery stores.
If you can afford it just buy it now and ask questions later. But be aware that our new maybe doesn’t like owners or rich people so look out!
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LOL! You mayor-haters crack me up! 😂
Very smart. Value will only go up. Can’t think of anything negative as long as you can afford.
why live in stocks, just rent, and put the rest in stocks, better return overall
Buying isn’t just a financial decision. Do the numbers always work out when purchasing? Probably not. But does it give you peace of mind that you won’t have to move every year or constantly negotiate with landlords trying to price you out? Definitely.
For me the peace of mind was worth it. I’m risk averse so only considered condos so I can rent it out easily, which are more expensive and much harder to find. But knowing I have a place to live for as long as I want is so worth it to me. Plus I could rent it out tomorrow and cover my carrying costs plus make a few hundred dollars on top of that, so for me it made sense.
How long do you reckon you will stay in the city? If it is just for a few years it’s not a great move financially..prices have been flat for quite a while
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I own a place in Manhattan. HOA fees constantly increase meaning after 5 years you’re probably better off renting. From a pure wealth creation standpoint I feel renting and investing in S&P wins in long term
It's super easy to read up on why your HOA fees increase.
It also likely means you're living in a properly maintained building. You're getting to understand first hand while landlords are complaining that all these rent caps are meaning that buildings can't be properly maintained because there is not enough income coming.
Sure if you have enough for the down payment and can cover the extremely high HOAs and taxes
NYC property taxes are generally lower than the burbs because income tax.
Hoa dues usually along with running costs and sinking / repair fund. Something most homeowners skip funding.
A doorman building has payroll as well but cost to carry is not materially different to a home.
This year seems like the first where cost to own vs rent finally flipped; at least in the areas I'm interested in living in.
We've been looking at buying for a few years but the financial math vs renting is starting to make more sense as years of high rates have kept people who would have bought as renters; and the rate environment doesn't look to be changing near term.
For what it's worth, I'd say fully a third of places I've looked at over the last couple years just pulled from market rather than sold. That's my one hesitancy is that there's a bunch of pent up supply just waiting for the rate environment to change!
How old are your kids? While it's true that they will attend the elementary school in your neighborhood, middle and high school admission is like college - you need to apply and hope you are admitted to your favorite school. This is assuming that your kids attend public school.
My kid has special needs and I believe the school he attends to should cover him until 22 - I sure hope he does not need that long
Buying an apartment was one of the best choices I've ever made. Mine was a co-op but I would think a condo would only be easier both to get and to eventually resell. Stability, ability to renovate to my taste. This isn't guaranteed, but I also saw significant value growth that eventually funded me moving to a larger place (albeit in a different neighborhood) and ditching my mortgage. Just make sure you thoroughly look at the past financials and board minutes and not just the physical space.