Hello World! Welcome Friends! New York City has always been known as the city that never sleeps. It is bustling with life 24-7, making it home to thousands of opportunities. When people think about their American dream, they visualize the beautiful city of New York. Who wouldn’t want to wake up to the sight of the Empire State Building, Times Square, or Central Park? Many would love to live in New York.
However, finding the best condominium, apartment, or house in NYC can be extremely difficult. Luckily, experts like the Avenue Law Firm can help find the best housing deals in New York City. The main argument now is whether a condominium or an apartment is the best choice in New York.
Why Live in New York City?
When it comes to New York City, the sight is one thing. Every city can have tall buildings, massive skyscrapers, shopping lanes, and glorious parks. However, people want to live in New York for reasons much more than its natural beauty.
New York City is a melting pot of different cultures. It is home to over 8 million people who came from different countries in the world. This diversity plays a huge role in creating New York City’s unique and welcoming appeal. You are sure to find a place to belong wherever you go in NYC.
Along with New York’s diverse population comes a multitude of ideas and inspiration. It is a good thing that NYC is a bustling city that is open to smart and creative minds that can make the best out of every opportunity. Lastly, it is safe to say that New York City has almost everything. You can find luxury shops, museums, theaters, carnivals, and parks that you can never run out of something to do.
Disadvantages of Living in NYC
Although New York is arguably one of the most sought-out locations in the US, there are still some possible drawbacks to living in NYC. One of the notable disadvantages of being a New Yorker is the steep cost of living. Given that New York is a bustling tourist city, prices are often inflated to take advantage of overly eager visitors. Necessities such as food and rent are also deemed overpriced. On average, New York city rent stacks up to $3,000 a month. Yet, some people choose to endure poor living conditions in exchange for the opportunities the city has to offer.
Condo vs. Apartments in New York City
Housing in New York City is in demand as more and more people travel to take a chance and grab a once-in-a-lifetime opportunity. If you are looking to buy a place to stay in New York, the main question is whether to opt for a condo or an apartment.
Condos in NYC
Condos in New York are individually owned properties. Buying a condo means claiming 100% ownership over a specific unit. Most condominiums in New York are found in newer neighborhoods that are not exactly right in the heart of the city. There are several condos along the fringe of the East and West sides and some in Queens and Brooklyn. Regardless, the hustle and bustle stays the same.
Living in a condo in New York city carries the same cost and responsibility of being a first-time property owner. This includes the initial down payment, closing costs, and monthly charges. After completing every step, condo owners are given a deed as legal proof of ownership.
New York City condominiums only need the standard 10% of the purchase price as a down payment. After that, the closing costs amounting to 2 to 5% of the loan amount are finally needed to complete the housing transaction. Aside from this initial payment, condo owners pay for common monthly charges. This monthly contribution serves as a maintenance bill for the building.
Apartments in NYC
Apartments in New York City are often referred to as co-ops. Co-ops dominate the housing market in New York since most apartments are located at the center of the city. Buying an NYC apartment does not exactly mean you’re buying a property. Instead, you buy a share of the building and are given a proprietary lease upon closing.
Generally, co-ops are cheaper than condominiums. Closing costs are a lot less, given that co-op buy-ins are defined as personal property. This is in contrast to condominiums regarded as real property. However, the required down payment for co-ops increases to 20 to 50% of the purchase price. Monthly maintenance fees also increased since the bill typically includes mortgage payments of the co-op building.
Bottomline
Most people who decided to live in New York pretty much overlooked its disadvantages and focused on its pros. A condominium provides the freedom of owning the property. However, co-ops are often the most practical option between the two.
Click the links below for any posts you have missed:
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