If the first day of the month is your least favorite, it’s probably because you’re throwing away thousands of dollars towards a property you’re never going to own. While buying your own NYC apartment may seem impossible in 2022, I assure you it’s not. There is a myriad of reasons why it’s a better short-term, as well as long-term decision to buy a home, and not just in general, but right now.
2020 shook up the NYC real estate market, unlike anything we’ve ever seen. Many New Yorkers fled the city in 2020, ne’er to return. But as the 2022 “new normal” further unfolds, not only have virgin New Yorkers arrived, most corporate offices are also requiring their employees to return to the city, creating the greatest rental demand strain in NYC history. While searching for a reasonably priced rental apartment that checks all of your boxes is no easy feat, opening your options up to buying one offers an entirely new market to choose from.
Benefits of Buying in NYC
More Stable Housing Costs
Don’t you just love how homes grow on trees with no upfront costs? Of course, that’s not true. What is true however is that they can come with a fixed-rate loan! Meaning, there’s one homeownership cost that remains consistent: your monthly payments! Unlike the possibility of a landlord increasing your rent between lease periods, or other unforeseen, catastrophic health crises, you can know exactly how much you’ll be paying even years from now!
Tax advantages
On the topic of money, wouldn’t you rather be investing in yourself and your benefits, instead of someone else’s? With owning you’re eligible for:
- Mortgage interest deduction
- Mortgage insurance premiums
- Property tax deduction
Which means, more money in YOUR pocket and less in your landlord’s for them to blow on lottery tickets.
Freedom
Is there really a price tag when it comes to the freedom of owning your own home? No landlord to worry about, you can paint the walls however and whenever you want, you can put as many nails in the place as you see fit, have more damn pets than Dr. Doolittle – – the list goes on!
So Where Do I Go From Here?
As things currently sit, the supply of properties is not even close to meeting the demand for renters. NYC historically has 1% vacancy on any given day. Though this amount only changes marginally, it is the aforementioned new populous which has set the market into this unprecedented stress test. So, if you want to search tirelessly for an apartment and then willingly overpay for it, renting is your answer. But, if you think you’re going to wait out this market to finally buy your own place, I’ve got some really bad news for you. The market isn’t going down, in fact it’s likely going to shoot up, leaving you in a trail of lost opportunity. Is that what you want, lost opportunity? Because that is exactly what’s going to happen if you continue down this road.
Or, if that isn’t the case, and you don’t want to lose the opportunity of homeownership and actually have your money work for you, contact me before it’s too late.