Everyone dreams of living in New York. And Manhattan is the most popular part of the city. It is the center of New York and a lot of people live and work in Manhattan. Manhattan is where you will find all those amazing skyscrapers that have now become the well-known New York City skyline. You’ll also find old factory buildings that were turned into apartments a long time ago. This makes Manhattan even more interesting. There are plenty of types of homes in Manhattan to choose from. From big, expensive, luxurious penthouses to small, very old apartments. No matter where you decide to move in, you will need a lot of money. Especially if you are buying a home in Manhattan. Homes in Manhattan are very expensive. And I am here to tell you about some of the benefits and the downsides of buying a home in Manhattan.
Benefits of buying a home in Manhattan
The first thing I want to talk about is all the benefits that come with buying a home in Manhattan. There are plenty of them because Manhattan is an amazing place to own a home in but I am only going to mention some of the best ones and the things that will actually make you invest in a home in Manhattan.
Let’s talk about the benefits first.
Value stability
New York’s real estate market is one of the most stable real estate markets in the country and even the world. New York is a very expensive city and it is only going to continue getting more and more expensive. It is just the world we live in. Everything is becoming more expensive throughout the years. And over the last couple of years, the prices of homes in New York City, especially Manhattan, haven’t been dropping at all. In fact, the prices rise every year!
Buying a home in Manhattan this year and selling it in a few years means earning money. This is because the apartment will cost a lot more in a couple of years than it costs now. Investing in real estate in New York, Manhattan especially oftentimes means gaining your money back and even earning. And if you already live in a home in Manhattan, moving away with Zenith Moving so you can rent it is also an option. You can also speed up your moving process with a couple of helpful tips.
A small number of homes
A fact is that Manhattan doesn’t have any more space for buildings. There just simply isn’t a place in Manhattan where building new homes is possible. This means that everything there is now on the market is still going to be needed in a couple of years because there isn’t a possibility of building a new apartment building in Manhattan. And Long Island is the complete opposite of Manhattan and it’s why a lot of people don’t want to leave Long Island. And if you own a home in Manhattan, this means that you are a lucky one. There will always be people wanting a home in Manhattan no matter how much money they have to pay. And this is your chance to earn a lot of money.
You can turn your Manhattan apartment into a rental property and earn a lot of money this way. Rent is very expensive in Manhattan. You could be earning a couple of thousand dollars a month by simply owning a home here. Sure, buying a home in Manhattan usually means getting a loan that you have to pay off over the years, but if you are renting the apartment, you’ll pay off your loan in no time. But even if you decide to live in this home that you purchased in Manhattan, you will settle down in this famous NYC borough very quickly.
Building new homes isn’t an option in Manhattan.
Downsides of buying a home in Manhattan
Now that you know about some of the benefits of buying a home in Manhattan, you need to know more about the downsides too. There are a couple of them and you probably already know about some of them. Either way, reading about this before actually buying a home in Manhattan is necessary for plenty of reasons.
Everything home-related is very expensive in Manhattan
One of the worst downsides of buying a home in Manhattan is the fact that not only will your home cost millions of dollars but renovating will be expensive too. So will getting all the licensure requirements, permits, insurance, approvals, cost of contractor’s parking, limited use of elevator which extends renovation time, etc. Everything you do, you have to pay for. And you have to pay a lot of money on it. the cost of material for renovation projects is also much more expensive when you are renovating a Manhattan home, especially if it is an old townhome. There are plenty of benefits of raising a family in NYC and living there, but the cost is not one of them.
If you want to have any remodeling work done, you need a lot of money.
Renting your home to people can be very challenging
75% of people living in Manhattan are renters. This is because not a lot of people can afford to buy a home in Manhattan. But it is also because not a lot of homes are for sale. People who already own homes in manhattan are earning a lot of money from them or they simply don’t want to sell their home.
And if you purchase a home and you are thinking about renting it, you have to be ready to do proper screening of tenants. Evicting a tenant in New York can last for more than six months whereas in other U.S. cities this process lasts for a month. This is because the court system In New York City is more friendly to tenants than landlords.