Pros and cons of buying a property in Brooklyn
It doesn’t matter what your reason for moving to Brooklyn is. But, it can be one of the best decisions in your life. Brooklyn is a truly unique place. And it has excellent public transportation, numerous cultural institutions, and vibrant energy. Besides, Brooklyn is known for its numerous parks. And for the tree-lined boulevards. When buying a property in Brooklyn, you will need professional moving assistance. And, who could be better for that job than Best Movers NY? Knowing the borough so well, they will make your move easy and fast. However, before making the final decision to move to Brooklyn, learn all about its pros and cons. So, you will know what to expect. And, you will avoid any unpleasant surprises.
Things you should know about Brooklyn
According to many, Brooklyn is one of the best places to live in NYC. Its population is 2,576,771, and 70% of citizens are renting. So, you may expect that you will have less competition when buying a property. But don’t forget that housing demand can still be higher than the offer. If so, the Brooklyn real estate market can be highly competitive.
The median rent in the borough is $1,483. If you are buying property, you should expect a median home price of $734,800. Which is much lower than the Manhattan median price of $1,024,500. This is one of the reasons why many young professionals working in Manhattan are deciding to live in Brooklyn.
Types of property available in Brooklyn
By purchasing property in Brooklyn, you will have a chance to get single homes, apartments in condos, or co-ops. What kind of property you want will depend on:
- single persons are usually purchasing condo or co-ops apartments
- families are purchasing single houses or larger apartments
In all cases, our advice is to hire a reliable real estate agent. Brooklyn is huge. And, you can spend months trying to find the right place for yourself. On the other hand, real estate agents know the area. And, they will find you a suitable place much faster. Also, once you purchase your new home, hiring Brooklyn movers will make your relocation an easy job.
The main pros and cons of living in Brooklyn
Buying property in Brooklyn, like in any other place, has its pros and cons. However, they will not be the same for everyone. Some people will take certain features as cons, while for others, they will be pros. However, the majority of people agree with the following assessment.
Pros of buying property in Brooklyn
The main pros are:
- there are a lot of parks where you can spend your free time after work
- general safety is good
- Brooklyn is good for families
- the borough has its own rich job market
- there are many interesting museums in the borough
- most of the neighborhoods in the Brooklyn borough are walkable
- with good public transport, walkability, and the possibility of using a bike, you don’t need a car
So, in case you decide to buy property in this nice borough, you can expect one more thing, which is rare in other NYC parts. Namely, the passers-by will look you in the eyes and smile. So, after the best long distance movers in Brooklyn bring you to this borough, you will soon fall in love with it.
Cons of buying property in Brooklyn
The main cons are:
- Brooklyn property is rather expensive (property in the Bronx, Queens, and Staten Islan is much cheaper)
- in case you work in Manhattan, be ready to spend about an hour commuting one way
- owning a car here can be a hassle (keeping a car in a garage is $250 – $400. You can also park it for free at the side of the street, but it is rising a lot of trouble during street cleaning time)
- Brooklyn is densely populated and can be really crowded
- Winters are harsh, and during summertime, you can expect strong hits and humidity
Property and sales taxes in Brooklyn
Besides the mentioned pros and cons, you should also consider taxes. The property taxes you will be charged for purchasing in Brooklyn are lower than the NYC average. However, the sales taxes are rather high. Your combined sales tax will be 8.8%. And that is much higher than the national average of 7.3%
Additional monthly costs
In case you are purchasing a family house, you will have regular maintenance costs. Occasionally, you will have to repair some weather-caused damages on the roof, facade, etc. Also, you will probably have some plumbing costs, electric installation repair, etc. All those are regular costs. And you will have them if you own a house in any part of the US.
However, you will have to pay a monthly fee for building maintenance by purchasing an apartment in a condominium or co-op. The average maintenance fee is between $1.40 to $5.90 per square foot. Living in Brooklyn, the monthly fee will be on the lower side. So, having an apartment of 600 square feet, you will be charged about $800 for maintenance. Which, you will have to admit, is not so cheap. And you will see many newcomers using the services of the residential movers in Brooklyn to move to this borough.
Buying an office in Brooklyn
In case you have your own business, which is tied to Manhattan, buying an office in Brooklyn will be much cheaper. And, you will not be that far from your clients. If you decide to do so, don’t forget to book the reliable services of commercial movers in Brooklyn. With their assistance, you can complete the whole relocation within a single day.
Living in Brooklyn
As we can see, there are many pros and cons of buying a property in Brooklyn. However, once you have decided and purchased the property, you should learn a bit about living in your new borough. So, here is a short Brooklyn guide that can help you in the beginning. Later on, you will go around the borough during your spare time. And, that will give you a chance to learn much more. And to find your favorite places for walking, jogging, dining, or simply hanging around.