You might want to consider that the out of pocket monthly expenses to own a studio apartment are slightly less that renting, according to industry statistics. It seems to me that part of your decision would also be based on how long you plan on being in the city.
Therefore, owning may be financially feasible, and advantageous . After all, you can build equity while you are living in your home, My advice is to consider this decision in the context of your long term life plans and if it works for them, it will probably work for you.
I've done some work lately in Harlem and areas further north. There are many factors to consider. If you're interested please contact me directly and we can discuss your options. You should definitely talk to a professional about financing first. I have a great contact at Chase Bank. His name is Jason and his info is below.
Senior Vice President
RES Sales and Marketing Corp.
320 West 37th Street, Suite 301
New York, NY 10018
Chase Mortgage Banker
Have you considered purchasing in an HDFC building? With your income, this could be a definite possibility for you. I have experience working with purchasers and sellers in this area. Please contact me if you are seriously considering purchase.
There are some really good deals to be had in Harlem, contact me when you are ready to move forward.
I would first start by getting Pr-Qualified for a home loan with your mortgage specialist. This is a free process and is essential to placing an offer on a new apartment. It also allows you to lock in your specific % rate for a predetermined number of days/months or weeks, all depending on your loan provider. From there you can compare your costs by figuring out your monthly mortgage and adding the common charges / maintenance / RE taxes. That number will be your monthly expense before utilities. If you compare that number to the rent of similar units you will see the difference for yourself. A great real estate agent can also do this for you and provide you with the best advice for your specific needs and wants. It is also good to note that when you purchase a home it builds your equity, while renting does not allow for any growth or potential profit.
If you have any other questions or need any assistance you can always feel free to give us a call. My team and I would love to help and provide you with any information for free.
All the best,
Licensed Real Estate Salesperson
The Jordaan Group at Keller Williams NYC
Do your search delingently, many neighborhoods are uprising, with new building..
Do the math: Rental puts money into someone's account.
Own: Builds equity and you can sell it when the economy picks up.
Several options when renting or buying.
Find a realtor, that workd for you and with you.
Or..if you can-Do It Yourself..Online, walking, word of mouth.
There are many programs to help/guide first time buyers.
Government (Hud) 20/80 Mitchell Lama, Citi Habitat etc... etc..
Your income and saving seems quite low to purchase if you want my honest opinion and there will always be someone that can tell you that can make the impossible, possible. Speak with a loan officer live to access your mortgage eligibility for Harlem.
Janet Nation, CBR
Sailing Home Realty
Licensed Real Estate Salesperson