Moving back to nyc and consider buying a place.
Reasons:
- The interest rate is low now (main reason)
- I know I want to stay in nyc for several years (happily moving back from the Bay Area)
- moving there soon and looking to rent/buy
- The rent seems high compared to 2019 when I moved out.
- Diversify my net worth from $GOOG
Reasons not to:
- I can't afford what I like the most right now
- I'll need to move most of my savings and investment to the down payment
- Probably not enough time: I need a place by January 2022. Friends told me that it takes several months to actually get one.
Preference:
- studio or 1br in UWS/UES/Hell's kitchen (I like Chelsea and the west village but can't afford it)
- close to subway stations
- those Hudson yards buildings are too far
- modern/new-ish buildings
- In-unit washer and dryer (nice to have)
The rent for apartments satisfying these conditions are easily 3000+. That's why I started considering buying.
There are many new development in LIC with tax abatement. Those are pretty tempting but I prefer Manhattan.
What do blinders think ? Thanks 🙏 !
- Buy?
- Rent?
- Buy LIC new buildings ?
Some background:
- male, single, mid 30s, gay, POC
- YOE 4 in tech
- TC 350 (vested)
#mortgage #housing #nyc #tech #realestate #faang
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comments
800K-1Mn?
I'd suggest renting for a while before you're really certain about where you want to live.
Also have you thought about Brooklyn? Williamsburg, Greenpoint, Bushwick etc are barely a 20 min subway ride from the office.
I like those new apartments (several friends live there) but I don't like LIC much.
Williamsburg is good but expensive too.
I've briefly lived in bushwick. I like it but it's a bit too far from the city to me.
And the high HOA and tax in Manhattan you mentioned is exactly why I'm still not sure if I should buy.
Ideally I want to keep my monthly payment (interest + principal + HOA + tax) < $4500.
Higher taxes