The great age old question of what is better to do, rent or buy, still remains. Depending on the market of the area in which you are looking to move may change the answer. Let’s take a look at a few factors which can help you make the right investment when looking to find a West Side of Manhattan condo.
Length of Time
The initial costs of purchasing a condo, can be quite high. From the brokers fees, down payments and the other fees that are sure to come around, you can be sure that you will have plenty of up-front cost when buying a condo on Manhattan’s West Side. When it comes to the NYC Market, much of what you need to take into consideration is the length of time you plan on living in that location. If you are thinking just a year or two, buying most likely won’t be the best option for you, due to the high initial costs. If you are planning on staying in Manhattan’s West Side for the long haul, then purchasing a condo will be a better investment for your future.
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If you are thinking about buying a condo, remember all of the property tax and cost of your mortgage interest rate. This cost can be quite significant, but these are also deductible. Consider what the amount of those deductions could be to see if it makes sense to buy a West Side Manhattan condo.
If you are not one who wants to get involved with all of the politics, calculations and responsibility of purchasing a condo, then just rent. Renting is so much less complicated. All you have to do is turn in that rent check every month and maybe pay a few utility bills and you are good to go. To avoid all of the high initial costs and save time on crunching numbers, it will be much better for you to rent…no matter what. This may eventually lead you to spend more money on housing, but you won’t have the liability of owning Manhattan real estate.
Investing in your future, whichever way makes the most sense for you, either renting or buying, a Manhattan condo you know that you are going to be living in the best location in all of NYC.
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