Renting vs buying a home in NYC
Relocations are both logistically and financially demanding. For many, renting vs buying a home in NYC is a difficult choice to make. Costs of life in NYC, as well as the income, dictate the living situation. Many factors come into play when deciding how you want to start your new life somewhere else. Before the move, it’s essential to pick a new home for yourself. Fortunately, we created this helpful guide to spare you extra doubts! After choosing your ideal place in New York, contact Best Movers NYC to help you relocate and start over in a new neighborhood!
Many factors play a huge part when it comes to renting and buying a home in NYC
Take plenty of time before you decide whether you want to rent or buy a home in NYC. It’s not a decision you should make lightly. Therefore, make sure to factor in numerous important aspects of your life. Your job, lifestyle, income, and other plans will reveal to you the best decision in this case.
Research housing prices in New York to get a better insight. Ask friends, family, or acquaintances who already live there. Also, compare home rental prices with the long-term benefits of buying a home. Moreover, find out more about the best NYC neighborhoods for newcomers.
Will your household expand in the next several years?
Expansion of the household significantly affects your life. If your finances allow it, then it is wise to plan for the long term. Whether you are renting or buying, you will certainly need a bigger home. In addition, consider which option is best for you. Decide if you and your family want to stay in NYC for at least several years. That will tell you whether buying a new home is a worthy investment or not.
Make sure to check which neighborhood is best for you and your family. Also, find out more about the quality of kindergartens, education system, cost of living, and overall lifestyle.
Do you see yourself as an NYC citizen in general?
The place where you live must be in line with your lifestyle. When you feel like you belong somewhere, everything is much easier. So consider whether New York is a place where you plan to spend a good part of your life. If NYC is a way station, then you know which choice is best for you. Renting an apartment will cost you much less, and you will not have too many responsibilities when you move.
Does your job situation allow you to buy a home in NYC?
Don’t rush into buying a new home before you consider the stability of your job. Answers to the following questions will clear out any doubts:
- Do you have a stable source of income? If you work as a freelancer, then renting an apartment is a better option. For sure, many freelance workers earn more than they need for a living. However, the downside of freelancing is the inconsistent money flow. You never know when you will get the constant flow of gigs. Furthermore, the financial situation often changes rapidly. Better put the money into your savings and wait for a more stable opportunity that will allow you to buy a home in NYC.
- Is your job geographically stable? Do you have to relocate for indefinite periods? In that case, apartment rental is your best choice. Constant location changes bring additional expenses. Therefore, it’s better not to buy a home you know you won’t use that often. Financial exhaustion is the last thing you need.
- Does your income allow you to invest in a new NYC home? Be realistic when it comes to your financial situation. Maybe it’s better to postpone buying a home until you are sure you can handle all costs. Although it seems like a better long-term solution, it can bring you many worries around your day-to-day life.
You will need professional movers whether you opt for renting or buying a home in NYC
After you decided to settle in NYC, it’s time to search for reliable movers. There are various moving companies on the market. However, you should consider only top-level movers to execute your relocation. Besides professionalism, many residential movers NYC citizens praise continuously improve their services. Your wishes are their command, and the quality of your moving experience is their top priority. Their crew is capable to work even in challenging weather conditions. Most importantly, they are skilled packers who will secure your possessions so you won’t have to worry.
On the other hand, be wary of suspicious companies that don’t have your best interest in mind. Do your best to avoid fraudulent moving companies and spare yourself unecessary stress. Pay attention to these red flags:
- The company isn’t licensed.
- It’s not possible to find information about the company in online public databases.
- Extensive reviews sound too good to be true. Also, the company’s employees often write such reviews to create a good impression.
- Other customers had unpleasant experiences with them.
- They don’t offer a free estimate. Furthermore, this leaves room for hidden fees you wouldn’t initially expect.
Storage rental is an excellent option when you rent or buy a home in NYC
Although it seems overwhelming, renting vs buying a home in NYC doesn’t have to be a dilemma. What comes after is a quite demanding relocation process. Whether you move to your new house or apartment, you will have many possessions to relocate. Therefore, consider a storage unit to keep your items intact. Make sure to opt for storage units that are:
- clean and sanitized
- spacious enough
- with all-day access to your belongings
Your items will survive the move in one piece. Most importantly, you will worry less and move peacefully to your preferred NYC neighborhood.