BUY Manhattan Apartment – perfect wedding gift?

Mediterranean Living Rooms - Kim Smart

Mediterranean Living Rooms - Kim Smart

There was a news by Carla Wilson said: “VICTORIA – Wedding registries are stretching their scope by offering well-wishers the chance to contribute to everything from a down payment on a home and a honeymoon to charities. So far, about 250 couples from Manhattan to Victoria have registered for a down payment.”
Is this a new idea? Actually, it is a good idea. Especially for 1st time buyers, if you can afford the mortgage costs, and down payment. Do it! Renting offers you NO equity, NO tax benefit, and NO protection against rent increases. Consequently, you are helping to pay the other person’s mortgage. You just help other people to pay their mortgage. Also the rental is not cheap in Manhattan.
Real estate is a long-term investment opportunity. Especial in this shifting real estate market, you may be able to purchase investment real estate that will secure your financial goals for the long term.
In New York City neighborhood, most of apartments are co-op. Co-op is more affordable than Condo. There are 85% of the building are co-op. It is the most comers buying or 1st time buyers’ option in New York City today. Co-op is buildings owned by corporations with the residents as shareholders. To purchase a co-op, the purchaser will receive a proprietary lease on an individual unit and the right to use the common areas. The benefit to purchase the co-op is lower initial purchase; control your own living space. The disadvantage to purchase the co-op is stringent co-op board and restrictions on the sublease.
One thing is for sure, the market is firming at Manhattan, NY area. And dream is on the upswing. When the housing prices go back up, you can sell it for a good price.
We are highly experienced brokers and work day-in and day-out every day, primarily in Manhattan neighborhood. We have the experience and resources to assist with what may very well be the most important transaction you make in your lifetime. If you aren’t sure of the purchase the real estate in Manhattan (New York City), please contact me directly Diana Wu at 516-320-0231 (cell) or email me at diana.wu@elliman.com, I work for The Voda Group, the  AWARD-WINNER group from Prudential Douglas Elliman.

To learn more about our custom-designed marketing plans, visit my website at:  http://www.elliman.com/real-estate-agent/diana-wu/4623 to receive a complimentary valuation of your home, or to discuss any real estate related topics, please contact us today.

Reaching out to others in the real estate community and sharing ideas is the goal of this blog, so please do not hesitate to reach out to me. All comments are welcome. Also, please feel free to email me at anytime at diana.wu@elliman.com

Other useful topical:
What You Can Get For Your Money – The Neighborhoods of Manhattan
5 Tips for Purchasing Real Estate in Manhattan
Manhattan Real Estate Glossary – Types of Rooms
Renting vs. Owning
Manhattan Real Estate – Now is the Best Time to Buyer
New York Homeowners: Sale your home at TOP Dollar – Tips for Staged the home Appeal to the Buyer

Advertisements
Both comments and trackbacks are currently closed.
%d bloggers like this: