To Buy Or Rent:
How Does Buying A Condo Compare To Leasing An Apartment in N.Y.C.?
The two don't really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of state and federal tax benefits, and protect yourself against New York City rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.
Owning a condo has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a condo also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities -- like insurance, real estate taxes, and upkeep -- which can be substantial. But given the freedom, stability, and security of owning your own condo, it can be worth it.