New York Condos

New York City Condos
  Condo vs. Co-op
  Buy vs. Rent
Buying & Selling
  Sample Condo
  Contract of Sale
  Finding Your Home
  Selling Your Home
  NY Closing Costs
  Soho Lofts
  Real Estate Brokers

Using Professionals
  Real Estate Brokers
  Mortgage Brokers
  Home Inspectors
New York Mortgages
  Getting A Mortgage
  Mortgage Brokers
  Your Bank
  Mortgage Rates

Home Design
  Stylish Kitchens
  Home Theatre
  Keeping It Clean
  Storing Your Stuff
  Energy Efficiency

To Buy Or Rent: How Does Buying A Condo Compare To Leasing An Apartment in N.Y.C.?

 owning vs. renting a condo apartment in New York 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.

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