Renting vs. Buying in NYC [INFOGRAPHIC]

It doesn’t matter what stage of life you’re in, deciding where to live is an important decision for your future. Renting vs. buying in NYC is very much dependent on what is right for you and your family.

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If you’re debating on whether to rent or purchase a home, first ask yourself how long you’re planning to live there. Typically you need to live in your home 5 years in order to break even as a buyer. More Next, consider how renting or buying will affect your lifestyle. Renting will give you flexibility while owning a home can offer financial stability. Consider the following questions as you continue your decision to rent or buy in NYC.

  • Do you plan to be in this home for five years or more?
  • Can your budget handle the monthly payments including mortgage, taxes, maintenance, incidental costs.
  • Is your job stable?
  • Are you free of consumer debt to get competitive interest rates?
  • Is your credit score high enough?
  • Do you have at least 10% of your down payment in savings?
  • Do you have 3-4 months of emergency savings available?
  • Are you ready to settle down in this community?
  • Are you willing to be your own super?

Consider these factors to help guide you in your decision to rent or buy in Staten Island. Our experienced agents at Gateway Arms can help to educate you on the buying or renting process specific to New York. We know the ins and outs of real estate in New York City and can help to streamline the home-buying or renting process. Our goal is to work with you to find the home that best suits your needs.