Whether to own or rent an apartment has been a debate always. Such choices are amongst the biggest financial decisions to make. Earlier even I was confused to sort out which could be a better deal. But since the time I’ve purchased an apartment I can say it was my best decision so far. How you afford to live actually depends on you but how you can invest your money is also a great deal. You might think renting is better than buying- but I’ll discuss few perspectives which may make you understand the benefits of owning apartment in Manhattan, NYC:
NYC prices may be higher but not erratic: New York City and specially Manhattan is the economic center of the world. Here if you are thinking to buy an apartment then it a long term investment. If you calculate it accordingly many other cities like Las Vegas have prices hiking day by day. If I can buy a home in such lively city why should I wait to get the prices soaring with time.
Tax Benefits: Owing a house means you can get relief from taxes. Mortgage interest cost and property taxes can save up to a lot of money over time. Not only this, mortgage interest can deduct the interest you pay on home equity loan.
Land availability issues: Day by day all over the world population is increasing. Obviously this rising population also needs shelter and piece of land. Thousands of people migrate every month for seeking better opportunities. Seeking for a tenant is obviously not affordable for a 9 am to 5 pm worker like me.
Build wealth overtime: A home gradually builds up wealth as I’m able to settle lots of commodities and facilities permanently which I didn’t needed to shift again and again like earlier when I was a renter.
Renting is hedge against inflation: Renting is affordable and easy going if it is for short term. But on regular basis it goes up rapidly. Now when I’m an owner I enjoy living in my area and when I go on trips I rent my apartment which helps me get fairly good amount as profit.
Asset establishment: I feel like a fool now when I own an apartment. For several years I wasted my money in rent which gave me nothing back but now I pay loan and have established several other things which I couldn’t get as renter. I own the things on permanent basis now along with my home. Apartments in Manhattan New York city are lifetime assets.