Thursday, January 12, 2012

Topics: Rent

You heard it here first: water is wet, the sky is blue, and "the rent is too damn high!"

Was this really headline news to anyone? Every first of the month, most of us are reminded of this grim reality. But what to do? As we often say, "If ya can't beat 'em, join 'em!" Luckily, to that point, there are a ton of purchasing options out there not always explored by people consistently paying what would be the mortgage on a huge mansion in any given suburb just for a tiny rental apartment in an NYC borough. In fact, this average Manhattan lease number of $3,309/month would be the mortgage on a loan of almost $700,000, at the latest rates quoted on Yahoo Finance's real estate page. Talk to a lender for details, obviously. But we've seen what $700K can do in the condo game, and don't get us started on the 2-Family housing it can buy you a little further east!

Lots of new FHA-approved apartments are around for those looking to go that route. And tucked away in the streets of Brooklyn there are still cash-flow neutral-to-positive multi-family homes for sale. The benefits of owning are great. Mortgage interest (and some other costs) can be tax deductible. Your mortgage stays fixed while rents go up. Mortgage rates continue to dip to absurd lows. We encourage anyone who's even fancied the thought of purchasing to talk to a lender and figure out how much house they can afford. It's simply a question of your credit score, your income, and your downpayment. You'll never know unless you just ask the question. And it costs nothing to find out. Contact us if you need a great mortgage point person who can give you a snapshot of what you can purchase, or if you need a consultation on your renting vs. owning matrix in this market.

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