Why Buy a New York Apartment?

The Advantages of Buying a New York Apartment Instead of Renting One

Americans often dream of owning a home. We dream about decorating our homes and what we will do to create that feeling of "home" in our own place. So what could be better than to buy a New York apartment and owning your very own home in NYC?

Even though New York City may seem a land of apartments, home ownership is still a worthy goal. Ownership provides you a sense of pride and people tend to take better care of their dwellings if they feel they have a vested interest in them. When April decided to buy a New York apartment instead of renting one, she considered several factors:

NYC Finances

April had a great NYC job and felt secure about her employment. She was doing well and was steadily moving her up the career ladder and continued to increase her earnings. She was able to save quite a bit each month and set a goal to own her own apartment. After carefully working on her budget, she calculated how much she would need for the necessary 20% down payment and the monthly mortgage payments after that. She decided to postpone a few vacations and to cut back on her shopping especially the latest shoes to accomplish her goal sooner rather than later. With the declining NYC housing market, she was in a great position to buy and she felt that her investment would end up making her money instead of losing it. April was committed to her job and life in New York City and she felt that buying a NYC apartment would be a great way to cement that relationship.

Owning your own place affords you the advantage of deducting the mortgage interest and property taxes from your taxes each year to lower your overall tax liability. You also build equity and create an investment for your future. Your money is actually going to something that will benefit you instead of just being thrown away on an expensive NYC rent. If you plan to keep the property for at least two years, now is a great time to consider buying as well. Mortgage rates are at historic lows and may not remain there for very long. A lower interest rate can save you thousands of dollars over the life of your loan.

NYC Lifestyle Considerations

Due to her great job, April had no plans to ever leave New York City. She loved the city and all it had to offer. And, although April had enjoyed living with roommates when she was younger, she felt that the time had come for her to establish herself as a "grown up", and moving into her own place felt like the way to do it. She wanted a place she could decorate any way she wanted and if she wanted some sort of pet, she could do so without having to obtain permission. She did not want to have to step around her roommates to do so. She looked forward to the challenge of remodeling and repairing things. Also, April wanted to spend more time with her boyfriend. She and her boyfriend were actually considering marriage and this made the idea of buying a New York apartment seem even more attractive.

After careful consideration and planning, April was able to locate and buy a great one-bedroom New York apartment. She is optimistic about the future and feels that New York City has been and will continue to be "the place to be." She now looks forward to a long relationship with her city, her boyfriend, her cat and her apartment which she just painted the hue of purple she has always loved.