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Rent vs Buy in New York : Real Estate Advice

  • All640
  • Local Info71
  • Home Buying346
  • Home Selling52
  • Market Conditions15

Activity 67
Sat May 4, 2013
Gail Gladstone answered:
I rented until 1995 when I purchased my first home (I am 67). To me, it is like a bank account.

When I rented, I paid the landlord's mortgage. Now I pay my own and will be reimbursed when I sell.
When I rented, I had to vacate over and over as each landlord either sold their property or had family they wanted to put into it. No one can make me move out of my own home until I am ready.

Crag, do not allow society to tell you what and is your life and it is up to you to decide what is right for you. I tried both and am happier being a home owner.

Best of luck in whatever you decide.
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0 votes 6 answers Share Flag
Thu May 16, 2013
Alison Hillman answered:
You can contact the listing agent who will be able to help you learn more about that specific property (and probably will know a lot about similar properties in the area). To find an agent, just click on the yellow button on the property's Trulia listing and you will be able to start a dialogue.

Please let me know if you have any questions or if I can help with anything else. I am happy to be a resource for you. Good luck with the search!

Ali, Trulia Voices Community Manager
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0 votes 1 answer Share Flag
Mon May 27, 2013
Jenet Levy answered:
In my opinion, the best values right now are on the Upper East Side and in the Financial District. As you may know, we are trending up, and most neighborhoods right now have very little inventory. Properties are routinely sold in multiple bidding situations (bidding wars) for at or above ask. The reason the Upper East Side is good value now is that it is one of the few neighborhoods with abundant inventory and, furthermore, will appreciate in the future with the coming of the 2nd Ave. subway. The Financial District is still developing, though quickly, as a residential neighborhood. There is still room for appreciation there and more amenities are coming to the neighborhood all the time. As an investor, positive cash flow would be up to 5%, if you are lucky.

Jenet Levy
Halstead Property, LLC
212 381-4268
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0 votes 8 answers Share Flag
Mon May 27, 2013
Yul Park answered:
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

Jason Han
Chase Mortgage Banker
Cell: 516-459-7826
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0 votes 14 answers Share Flag
Mon Feb 25, 2013
Jacques Ambron answered:
If you are planning to remain in the apartment for any length of time, you are probably better better off with a 2 year lease. Otherwise you will be subject to 2 increases as opposed to 1 even thought the 2 year lease is a little more ... more
0 votes 2 answers Share Flag
Fri Mar 8, 2013
Jenet Levy answered:
Yes, it is definitely a good idea as well as a great time to buy and rent out a condo in NYC. Our market has been trending up and inventory is tight, which will only cause prices to continue to rise. That is why jumping in now makes a lot of sense. At the same time, mortgage rates are still low, though beginning to rise, so taking advantage of these historically low rates now is also wise. It is a strong rental market as well, so you should not have difficulty renting out the condo once you purchase it. ... more
0 votes 8 answers Share Flag
Thu Jan 31, 2013
Elena Ravich, Esq. answered:
I would be happy to participate and explain the benefits and how things work. Can also ask a very good and experienced coop attorney to come with me, as well
Elena Ravich
Rakita Realty
646 593 7207
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0 votes 5 answers Share Flag
Sun Dec 23, 2012
Keith Jean-Pierre answered:
In your specific situation I would suggest renting as the logical option for you. Main factor is the duration of your stay. If you end up purchasing a home and then need to sell in 2 or 3 years, you are most likely going to take a loss on the property due to insufficent time to build equity. Once you factor in closing costs, the number could be rather substantial.

Also with pitbulls, many home insurance policies will not allow them to be on the premises as they are a high liability. In that respect, it also might be hard to find a landlord willing to accept tenants with such dogs. Best of luck in your situation and if you have any other questions, please do not hesitate.
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0 votes 1 answer Share Flag
Sat Jul 13, 2013
Anna M Brocco answered:
Depends; 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. ... more
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Wed Nov 7, 2012
Robert A. Rabuttinio answered:
In my opinion it is always better to own than rent!
0 votes 5 answers Share Flag
Wed Sep 26, 2012
Anna M Brocco answered:
Rent to own apartments in the area are rare; keep in mind that if interested in co-ops, each board does have their own financial requirements that must be met in order to be approved. Also keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright... ... more
0 votes 1 answer Share Flag
Sun Sep 30, 2012
Mitchell Feldman answered:
Dear Melindagar:

If you purchase a property with less than 20% down you will have to get private mortgage insurance. This can be quite costly so keep that in mind. Your best bet is to get yourself pre-qualified with a mortgage banker to find out what you can or cannot do.

When you meet with the loan officer there are some important questions you need to ask such as 1) how much can I borrow? 2) what rate can you offer me? 3) how much will my monthly payment be for the loan? 4) how much will my closing costs be? 5) do I have to pay for PMI and if so how much will that cost?

Once you have the answers to those question you can add in your other living expenses such as monthly common charges, insurance, real estates taxes if applicable and utility expenses. See if all that fits into your budget and if it does remember... You will also save a lot of money on your income taxes when you own as oppossed to renting! Your accountant can tell you exactly how much you can save.

Also keep in min that if you are purchasing a co-op, some of them have minimum down payment requirements. These policies vary from building to building so you should make sure to only look at properties where the 10% down is permitted.

I suggest you have a good real estate agent help you. If I can be of further assistance please contact me directly. Good luck!

Mitchell Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
718-645-1665/ 917-805-0783
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0 votes 2 answers Share Flag
Tue Aug 28, 2012
First Last answered:
The bank does not have to agree to the short sale, so you may not get this property at all. I certainly hope you have an attorney working for you? If so, definitely get their advice. First find out what your contractual obligations are now on this short sale at this point, or you might end up with two apartments--one rental with a lease you are obligated to pay, and one owned by you that you are also obligated to pay for.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
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0 votes 1 answer Share Flag
Wed Jul 5, 2017
Jeannette Batsikas answered:
Basically it means that you pay rent but if you decide to buy at the end of your term the remaining rents that you paid through the term agreement gets deducted from the price. A normal downpayment for a rent to own in most cases is nothing but in some cases can be whatever you and the seller agree on. Not all of them are scams just make sure whatever you do is in writting. Hope my answer was helpful! Wish you the best! Jeannette Batsikas ... more
0 votes 16 answers Share Flag
Mon Jul 23, 2012
Eric Carino answered:
Hey Gary,

I have a two bedroom, two bath with a gym, pool and common roof deck for $5040 per month. Two months free and no fee. Feel free to give me a call @ 646.236.4818


Eric Carino
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0 votes 2 answers Share Flag
Wed Jul 25, 2012
Jacques Ambron answered:
Pros are that you can get your foot in the door to purchase in the future. Hopefully you will set a price, and the market will have gone up. In some cases some of the rent might be applied to the downpayment assisting your purchase

Cons, if the interest rates go up, you will have to pay more
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0 votes 5 answers Share Flag
Fri Jun 29, 2012
Anna M Brocco answered:
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 ... more
0 votes 2 answers Share Flag
Sat Jun 23, 2012
Grethel Abadines asked:
Sun Jun 17, 2012
Tom Gildea answered:
Google "Quicken + complaints".
0 votes 5 answers Share Flag
Thu Aug 2, 2012
Christopher Pagli answered:
Hi, if you aren't working with an agent I would love the opportunity to sit down and discuss your needs. Please feel free to message me if interested. My office is is Tarrytown and Briarcliff.

Christopher Pagli
Accredited Buyer Representative
914 406 9023
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