uptowngirl
uptowngirl

New York City continues to be a heaven for renters?

Here we have the real estate debate again- is it better to rent or buy in NYC?

http://nymag.com/daily/intel/2011/01/new_york_is_a_bright_red_beaco.html?f=most-commented-intel-7d5#comments
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Uraniumfish
Uraniumfish 2yrs+
Yeah, who wants to spend a quarter of a million on a cramped studio apartment? It's definitely cheaper to rent in this city!
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JenMac
JenMac 2yrs+
I just don't get buying an apartment here. I mean, you don't own any land. . . it's weird.
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Uraniumfish
Uraniumfish 2yrs+
@JenMac What I don't get is the maintenance fees, which you have to pay in perpetuity on top of your mortgage! Usually people buy homes so there can be a point down the road when you've done with the mortgage and don't have to pay anything any more!
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uptowngirl
uptowngirl 2yrs+
@Uraniumfish Believe me I well experienced with that pain. Its a double whammy especially when you buy into one of those fancy condominium buildings with services you dont have time to take advantage of.
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uptowngirl
uptowngirl 2yrs+
@Uraniumfish If you buy a house elsewhere don't you have to cough up real estate taxes? Is that only an annual affair though? My ma in law lives in a house in London and has to pay a huge amount as council tax each spring.
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NeverSleeps
NeverSleeps 2yrs+
It seems like there are a plethora of fees to pay on properties: http://www.nyc.gov/html/dof/html/property/property.shtml

That said, I can understand wanting to own an apartment/row house if you are planning for the future. Property is one of the best investments you can make, and how great would it be to have an NYC apartment in the family?
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uptowngirl
uptowngirl 2yrs+
@NeverSleeps Spot on.. the reason my husband bought was that instead of frittering away rent for years he wanted to have an asset at the end of it. He bought the apartment just before we met so I have never really lived in a rental in NYC though I do live in a corporate rental now in HK.
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NeverSleeps
NeverSleeps 2yrs+
@uptowngirl Your life sounds so fab, put that way.
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uptowngirl
uptowngirl 2yrs+
@NeverSleeps So far so good...but who knows what tomorrow holds? i am quite cautious by nature and try not to take anything for granted.
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NeverSleeps
NeverSleeps 2yrs+
@uptowngirl It's always good to appreciate what you have!
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BroadwayBK
BroadwayBK 2yrs+
I like my current status as a renter. It means no baggage; I'm free to come and go and I can call someone else to deal with any leaks. But, yeah, if I ever end up with a family in this city I would want to put a down payment on a more spacious place. I don't know about an apartment in the city, though - I think it would be cool to have a gorgeous brownstone and a little backyard.
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hhusted
hhusted 2yrs+
There are advantages to renting and owning. Here is a summary of each:

Owning

Pros

You own the home
Build equity
Have something you invested in
Give to your offspring as inheritance

Cons

Pay a large mortgage
Pay a lot in taxes
Pay sewer/water bills
Pay maintenance fees (if you live in a co-op)
Pay utilities
Pay home insurance
Pay for upkeep of home

Renting

Pros

Pay monthly rent no taxes
You only have the electric/gas bill to pay
Pay your own phone or cable
No headaches with fixing anything
No maintenance or upkeep

Cons

You don't own it
No equity
Nothing to leave children
No basis for collateral when taking out a loan

These are the basics. You may have more ideas under each category, but you get the idea.

Frankly, unless you have plenty of money to toss around, owning a home is not the way to go. I was told by a real estate agent friend that to own a home, you need to make at least $5000 a month. That will cover just about all the bills you will pay. In Manhattan, that amount is probably twice as high.
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ajadedidealist
ajadedidealist 2yrs+
I'm looking into the perfect compromise here in Oxford: I'm thinking about buying a houseboat to live on the gorgeous Oxford Canal! Much cheaper than an apartment, can resell, and minimal cost of living!
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BroadwayBK
BroadwayBK 2yrs+
@ajadedidealist But don't you have to rent docking space?
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uptowngirl
uptowngirl 2yrs+
@ajadedidealist I have seen those houseboats on the Thames and have always wondered what it would be like to live in one of them. When you buy yours maybe you will enlighten us all!
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hhusted
hhusted 2yrs+
@Ajadedidealist: i knew someone who lived in a houseboat. His boat had a place for him to sleep, eat, and shower. It was small, but still it took care of his needs. So if you like living on the water, go for it.
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Uraniumfish
Uraniumfish 2yrs+
@ajadeidealist And aren't you kinda open to the elements? Storms and super-cold weather? I can't imagine one of those little boats is all that well insulated?
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uptowngirl
uptowngirl 2yrs+
@Uraniumfish you have a point there.
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Uraniumfish
Uraniumfish 2yrs+
Don't get seasick!

No, but seriously, I had a teacher who lived on a boat and used to wish she would adopt me. If you can make it work as far as creature comforts, I love the idea!
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hhusted
hhusted 2yrs+
Do you people remember Jack Klugman in Quincy, M.E. In the show, he lived on a houseboat. I used to watch that show every week. it was on TV during the 70's and 80's.
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NeverSleeps
NeverSleeps 2yrs+
No, but Jessica Alba's character on the new adventures of Flipper that aired in the 90s lived on a house boat. She also owned a zillion bikinis.
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hhusted
hhusted 2yrs+
@NeverSleeps: I didn't see that show. Was it a big houseboat or the common ones?
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ajadedidealist
ajadedidealist 2yrs+
@BroadwayBK - one can long-term lease or short-term rent mooring space on the Thames (in London it's insanely expensive; Oxford goes for 2400 pounds a year if I buy a boat, or I can rent the boat+mooring for 700 pounds a month.) @uraniumfish, I believe that more recently-renovated boats are much more insulated than old-school ones, and electricity can be had via generator.

I'm not positive I'd be living on one (depends on grad school funding, accommodation availability, etc., but if the stars align - and I don't get a deanship-type post that gives me free housing - I'd consider it.)
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uptowngirl
uptowngirl 2yrs+
@ajadedidealist sounds totally fantastic what fun!
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hhusted
hhusted 2yrs+
@Ajadedidealist: Whatever floats your boat. If you like it and want to do it, go for it. The key is what makes you happy.
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