Whether you should buy or rent in NYC depends upon how much money you have, what building you are buying into, and how long you plan to own the property.
StreetEasy developed a “tipping point” metric that approximates the number of years it would take for the costs of owning a home to equal the costs of renting a comparable one in the same area.
Closing costs for buying an apartment in NYC is approximately 2% to 4% of the purchase price. Closing costs for selling an apartment in NYC is approximately 8% to 10% of the purchase price. The general costs associated with the purchase or sale of a condominium or co-op apartment in NYC is provided by DwellingsNYC.
The Top 5 most important things to know before buying an apartment in New York City.
Many are surprised by the amount of paperwork it takes to purchase a co-op or condominium apartment in New York City.
As a real estate broker in Manhattan for over 17 years, I’ve put together numerous condo and co-op purchase applications. Recently I photographed some of the applications and the pictures show a major difference between buying a co-op or condo apartment.