Graduate student in Long Island - Rent vs. Buy in NYC?

Asked by Sara, New Jersey Thu Jun 28, 2012

#1 - I would like to rent in an area that will have easy access to Manhattan, allow me to hang out with people my age, etc. so I was primarily looking into Astoria. Although moving more inland (Forest Hills, etc.) would make the school commute easier, I am not inclined to do so because the area becomes more suburban and I feel I would be more isolated from the benefits of living closer to Manhattan.

#2 - I think a condo might be a good idea is because I will be in my program for at least 4 years. I hope to stay in the area when I graduate, so I figured that I'd be in the city for longer. Why throw money out by renting? I anticipate that paying a mortgage condo fees might cost just as much, maybe a little more so, than renting. Even if it costs more, I figure that it would be worth it since the money is being invested in real estate. Also, mortgage rates are pretty low right now so that's a plus. What do you think?

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Anna M Brocco’s answer
Anna M Brocco, Agent, Williston Park, NY
Thu Jun 28, 2012
To rent or buy is a decision only you can make; It’s all about costs and lifestyle. Costs—financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation. if you choose to buy, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore do visit with any licensed loan officer to determine mortgage qualification; also choose an agent to work with. If you decide to rent, for available Queens area rentals, check http://www.mlsli.com
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Mcd827, Home Seller, Oakland Gardens, Queens, NY
Fri Jun 29, 2012
BEST ANSWER
You are right about buying vs renting. I have a beautiful updated co op for sale. My husband is a home improvement contractor and did everything himself. We absolutely love living here but our family has grown and need to move to a larger place. Here is the ad along with the link:

GREAT PRICE!!!! MLS Number 2507172 - For Sale or Rent w/ option to buy!!! Move Right into this 2 Bedroom 1 Bath Diamond Co-Op Located on a quiet block, near All Major Highways, Shopping and Transportation. Upper Floor With Full Size Attic, Beautiful Custom Kitchen W/Granite Counter Tops, Updated Bathroom, New Mahogany Doors, Crown Moldings in all rooms, Chair Rails, Recessed Lighting, Bamboo Floors With Sound Reduction, Local & Express buses to Manhattan ½ block away. Half hour drive to Stamford. Also close to St. John’s University, Queensborough & Queens colleges. Alley Pond Park around the corner. Reasonably priced at $224,888 or $1750/month rent. http://www.mlsli.com/unidetailsredo.cfm?mlnum=2507172&ty… Keller Williams Realty - Contact Theresa Lupo - 516-873-7100
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