Are you looking for a great place in the West Village but undecided if it is better for you to buy or rent? If so, you aren’t alone. There are plenty of West Village condos and apartments for sale and rent, so which is better? The truth is, if you have a choice when it comes to buying or renting West Village condos and apartments, it is much better to buy. Here’s why:
It is More Affordable
Many people see the price tags on condos in New York City and shake their heads…however, you should know that according to several studies that have been done in the past months and years, in the New York City metro area, you can save as much as 30 – 40% by buying a place than if you rented the same place. That is highly significant and definitely a selling point in the decision between buying and renting.
Buying is a Long Term Investment
Not only will you save money when you buy over rent in the West Village area, you will also be setting yourself up in a long term investment that will help your money grow. Buying a home is one of the best investments that you can make and for many, is one of the safest. With renting, you are simply throwing your money away and not letting it grow.
You Can Make Money on Your Condo
Suppose living in a condo is your idea of a great life now, but in the future, you may decide that isn’t the case. Since you would own the property, you would have the chance to rent out that condo to someone else…and in the process, make a little money on it. Since people are paying more to rent a condo in New York City than they are paying to buy one, it makes a lot of sense that this could be a great money making opportunity in the future.
These are only a few of the many reasons that you should consider buying a condo in the West Village over renting one. As with any financial transaction, however, you should make sure that this is right for you. Do your research and speak to a real estate professional for more information.
