Staying long-term in NYC? Buying a home beats renting

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Say you live in Brooklyn, New York, and pay $2,500 a month to rent.. Tipping Point: When Buying Beats Renting in New York City By John Wiley Feb. 15, 2016 conventional wisdom tells us that if you plan to live in your next home for 50 years, it makes sense to buy.

When to Rent vs. Buy. As a renter, by contrast, you’ll likely just have to pay an application fee, fork over a broker’s fee and make a refundable security deposit of a few months’ rent. On the other hand, if you plan on staying put for 50 years, renting could be more expensive than buying over that time frame.

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Paul Magyar, a real estate agent with Mirador Real Estate, says that many of his clients who are turned off by the onerous process of buying an apartment in NYC (the co-op rules, the strict financials, the stretching of the budget just to make it into a "desirable" neighborhoood), choose to abandon their city buying plans, continue renting here.

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Airbnb vs. long term rental: What is a traditional rental? Traditional rentals are one of the long term investment strategies . In traditional renting, a real estate investor buys a rental property in order to rent it out for at least 6 months, during which the tenants will pay rent on a steady basis agreed upon in the lease agreement.

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The choice between buying a home and renting one is among the biggest financial decisions that many adults make. But the costs of buying are more varied and complicated than for renting, making it.

9 times renting is smarter than buying a home, according to experts.. You won’t live in the home long-term .. president of the New York-based real estate brokerage Citi Habitats.

Advice about rent vs buy in New York on Trulia Voices. Ask a question about real estate , rent vs buy in New York, and get answers from local experts.

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5 Reasons that Buying a Home Beats Renting Whether you choose to rent or own a home will depend largely on your particular lifestyle and financial situation, and it’s a decision you’ll likely arrive at with the help of a financial adviser and/or mortgage professional.