Should You Purchase or Rent in the City?
The question of whether it’s better to purchase or rent is always on the minds of people who commute frequently into New York City. Some professionals find that they spend more time in Manhattan then they do at home, and the question of whether or not to purchase a Manhattan condo or apartment begins to play in their mind. There are pros and cons to both choices, but thankfully there are a handful of apartments and upper east side condos for sale that are easily financed for those who need a permanent place to reside in the city.
The Benefits of Purchasing a Condo
The biggest benefit of purchasing a condo is that it’s a good investment. The upper east side area continues to grow and remains one of the most desirable places to live in NYC. When you purchase a condo, you know that you’re making an investment that you will see a return on in the future. Even if you only need to reside in NYC for a few years, it’s better to put your money in a purchase than waste it on a rental. Upper east side condos for sale vary in size and price, so you have many options. There are smaller units perfect for one person, or you can opt to purchase a condo with a roommate and share the expenses and space.
Another benefit of purchasing a home is that it gives you a permanent place in the city. You don’t have to worry about renewing your lease or your lease holder deciding to sell the building and you need to find a new place to live. If you work in the city and want a place for a few years, the last thing you want is the stress of rental problems.
Choosing to Rent
Renting isn’t all bad. In fact, many business professionals find that renting is the perfect solution, especially if only using the apartment for short-term use. Some people choose to rent because they find it cheaper than paying a mortgage, but at the same time they’re not getting anything back on their investment. The available rentals may not be in the best area, and if you’ll be leaving your apartment unattended on the weekends or over extended breaks, you want to live in a safe area.
When choosing between renting an apartment or looking at upper east side condos for sale, keep in mind your end goal. Do you want something free of maintenance worries but that leave you with no return on your investment? Or do you want something that requires a little more effort to maintain but that you can most likely sell for more than you paid?