Looking for a new place in NYC? Although renting is the path that most New York house hunters follow, there’s an option that might be better for you: buying an apartment. While owning a home might seem like a dream, there are plenty of practical and financial reasons for becoming a homeowner. And whether you’re looking for an ultramodern, amenity-filled space among the Long Island City condos, or you just want a cozy place somewhere else in the five boroughs, Modern Spaces is here to help you make your apartment search quick, easy, and convenient.
Let’s explore the whys and hows of homeownership in the city.
Financial Benefits of Buying a Condo in NYC
While renting is a common way to get a place to call home, you and your financial future might be better suited to owning. Buying a home is one of the most sound investments anyone who wants to live in the city can make — with a typically high return when and if you choose to sell.
When you own your home, you have the option of turning it into a rental investment with subleasing or long-term rentals. But keep in mind that if you choose to do this, there are laws and rules you’ll have to follow. For example, short-term rentals (under 30 days), the norm with services such as Airbnb and Vrbo, are prohibited in New York City. But even though renting your home would require some careful planning and research, it could pay off nicely for you.
Discover notes that investing in residential real estate is an excellent way to build wealth and equity, as the value of your home is likely to increase over time. Another important benefit to buying is that your home becomes an asset you can borrow against should the need ever arise. To put it simply, owning a home is an age-old way of securing your financial future.
Make the Space Yours
Longtime renters know the hassle of being tethered to strict leases with long lists of dos and don’ts. When you purchase a home in New York City, you’ll have the freedom to do almost anything you want with the space. Paint your walls on a whim. Change the layout to suit your needs. Update your appliances whenever you want. Owners can typically change almost anything within their walls, with proper approval, of course.
The Time Is Now
There has never been a better time to buy than the present, thanks to tax benefits and low loan rates. Talk to one of Modern Spaces’ dedicated agents who are there to make your searching and signing an easy and stress-free process.
The Modern Spaces portfolio includes an incredible range of properties, and there is sure to be something that will perfectly suit your needs, whether it’s a high-rise in Manhattan, a townhouse in Queens, or a Brooklyn or Jersey City condo. So don’t wait. Now is the time to make your dream of being a homeowner a reality with Modern Spaces.