Rent vs Buy in New York>Question Details

Simone, Home Buyer in New York, NY

Does anyone have any sound advice as to whether renting or buying in Harlem would be best? I make about 60K a year and have 20K in savings.

Asked by Simone, New York, NY Thu Feb 28, 2013

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14
Michele Portnof’s answer
Simone,
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.
Michele Portnof
SVP/Associate Broker
Rutenberg Realty
mportnof@crrnyc.com
0 votes Thank Flag Link Mon May 27, 2013
Begin by visiting with any licensed loan officer to determine mortgage qualification, then decide....
1 vote Thank Flag Link Fri Mar 1, 2013
I dont know what your chances are of qualifying financially, but you can certainly find out.
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.
1 vote Thank Flag Link Fri Mar 1, 2013
Hello Simone,

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.

--
Yul Park
Senior Vice President
Cell: 917-647-2717
Fax: 646-537-2626

RES Sales and Marketing Corp.
320 West 37th Street, Suite 301
New York, NY 10018
http://www.RESnewyork.com


Jason Han
Chase Mortgage Banker
Cell: 516-459-7826
Email: Jason.han@chase.com
Website: http://homeloan.chase.com/jason.han
1 vote Thank Flag Link Thu Feb 28, 2013
Depends on what your situation is. Can you afford what a mortgage would entail? How is your credit? Is your job stable? What areas are you looking in? Harlem is a great area and its on the rise, so if you can buy go for it..
0 votes Thank Flag Link Tue Mar 26, 2013
If you are living alone - sign up for a crime report in the area you are interested in. Most is safe, but the pressure is on as you can imagine. We get a crime report daily for all Manhattan zip codes.
0 votes Thank Flag Link Fri Mar 22, 2013
Buying is always a good bet for real estate as this will be a great investment to do, but you should do market research contact someone in this business there who can guide you for buying property and could be trusted. Before, you need to discuss all the future planning and savings to check you do not go out of cash.
0 votes Thank Flag Link Sat Mar 9, 2013
You should first speak to your accountant, who can explain the tax benefits. 2nd a mortgage who can show you what your money can buy. Contact Richard Pagan @ Wells Fargo 914-217-8181 to go over the rental vs buying numbers.

There are some really good deals to be had in Harlem, contact me when you are ready to move forward.

Ella Chavers
Douglas Elliman
echavers@elliman.com
0 votes Thank Flag Link Mon Mar 4, 2013
Harlem has alot to offer with new construction . Would like to discuss further your area of interest.
Kdevine@bellmarc.com
0 votes Thank Flag Link Sun Mar 3, 2013
buy cheap hoping the neighborhood will improve and up graded to be good and the property value goes up. buy in good neighborhood you pay high asking price and your property can keep it's value or go up higher or worse it can come down too. ask the neighbors how long have they lived in the area. visit the area at different times of the day especially at night should give you and idea about the area's safety. Usually all areas are good. it's the people who live there that makes the difference.areas that have owners are usually good. some renters are irresponsible causing the arears to be bad arears by their ill behaviors... loud and noisy?
0 votes Thank Flag Link Sun Mar 3, 2013
first rent to know the neighborhood . buy if neighborhood is good ... safety is your # 1 concern before you buy especially when you have children.
0 votes Thank Flag Link Sun Mar 3, 2013
Hi Simone,

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,

Ryan Olsen
Licensed Real Estate Salesperson
The Jordaan Group at Keller Williams NYC
646-543-1384
Ryan.Olsen@kwnyc.com
0 votes Thank Flag Link Fri Mar 1, 2013
I also forgot to mention a great tool we use called Buyfolio. It allows you to see all the information mentioned above regarding the purchase of a home in your specific area. You put in your search criteria and can sort through the apartments on the market. Feel free to check it out, its also a free site.

http://www.ryanolsen.buyfolio.com
Flag Fri Mar 1, 2013
Rents are quite exorbitant in all areas of Harlem. Some, neighborhoods are questionable in safety.
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..

Good Luck!
0 votes Thank Flag Link Fri Mar 1, 2013
Simone,
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
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
http://www.jnationproperties.com
0 votes Thank Flag Link Thu Feb 28, 2013
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