Whether you’ve just moved out on your own or are looking to upgrade your lifestyle, there is something to be found in Manhattan NY real estate for everybody. Midtown, New York City offers some of the best views to be found in the city, along with quick and easy access to just about every type of entertainment a person could want. Once the decision to move to Midtown has been made, the next step is deciding whether to rent or buy your dream residence. There are benefits and drawbacks to each type of living, and the ideal decision will be different depending on many factors.
Permanence
Of course, a buyer is free to sell their home at any time, and a renter can always leave his or her home at the conclusion of the rental period. However, it is much easier to leave after a lease has expired than to go through the time and expense of selling a home. Leasing or renting Manhattan NY real estate is ideal for those who are unsure if their income will remain at its current level, as it provides greater flexibility. If, for example, a raise is obtained, a renter can always choose to rent a nicer or larger home with greater ease than a homeowner. Ownership is ideal for those who wish to build equity in their home, making it both a place to live and a long-term investment.
Cost
At first glace, renting a home in New York seems like the less expensive option, making it attractive to those who are eager to move to Midtown without the added time and expense of purchasing a property. The housing market in New York can seem scary to those who haven’t owned a home before, making renting seem like a safer, more comfortable option. Over time, home ownership works out to be incredibly beneficial cost wise. In addition to the numerous tax benefits and write offs that owning one’s home can provide, it can also pay off big in later years, once the mortgage has been paid in full.
Time
Most people who rent don’t need to worry about ongoing maintenance or upkeep on a home; calling the building super or rental property manager to fix problems is significantly easier, and much less time consuming, than facing the task of finding and paying for a reputable repair company. However, many condos and other residences where buyers can purchase their own space also come with repair services, front desk staff, and many other amnesties that can make owning your own home just as time-efficient.
For more information about leasing or buying Manhattan NY real estate, contact Baccarat Hotel & Residences New York at 212-765-5300.
