Hi Blind team,
I know that buying a 1BR apartment in NY sounds crazy, but I am just wondering if anyone has specific thoughts about buying in Long Island City or Brooklyn at this time. Non-city prices are extremely tempting, but I am from the suburbs and I know I don’t want to live there, at least not for a long time.
I am a first time buyer and I eventually do want to own an apartment or house, whether for living or as an investment. I don’t have a high TC compared to everyone on Blind... so I’m not sure if I should take the leap now, or wait until I have a higher TC and more savings.
Reasons for buying:
- No debt
- Enough saved for 20% down payment
- Have been in New York for 3 years, still love it, and would want to be there long term
- Even if I move out due to life events, I can rent it out or airbnb, and potentially move back in if life brings me back
- Don’t want to give money away to rent anymore, want a place to call my own, and tired of moving every so often
- Prices down at the moment
Reasons for not buying:
- TC is only $125,000 (not worried about monthly rent, since I spend relatively little, but I wonder if other housing fees and property tax will burden my budget?)
- I hear that real estate market lags so the price will become lower later?
- Worried that the overall NY real estate value will continue to drop, now that people can work remote from other states
I would appreciate any thoughts specific to these parameters (I’ve already skimmed other general posts about house buying). Thank you!
Want to see the real deal?
More inside scoop? View in App
More inside scoop? View in App
blind
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
FOLLOWING
Industries
Job Groups
- Software Engineering
- Product Management
- Information Technology
- Data Science & Analytics
- Management Consulting
- Hardware Engineering
- Design
- Sales
- Security
- Investment Banking & Sell Side
- Marketing
- Private Equity & Buy Side
- Corporate Finance
- Supply Chain
- Business Development
- Human Resources
- Operations
- Legal
- Admin
- Customer Service
- Communications
Return to Office
Work From Home
COVID-19
Layoffs
Investments & Money
Work Visa
Housing
Referrals
Job Openings
Startups
Office Life
Mental Health
HR Issues
Blockchain & Crypto
Fitness & Nutrition
Travel
Health Care & Insurance
Tax
Hobbies & Entertainment
Working Parents
Food & Dining
IPO
Side Jobs
Show more
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
comments
If you have the cash, to make a down payment, it might be worth while. Brooklyn is currently the hottest borough, so you may get more for your money in Queens/LIC.
That said, if you really wanna buy as an investment: I think LIC prices will go up in the next few years. But have you considered Harlem? That’s really up and coming (but safety today might be an issue)
I am also considering Harlem! It’s not my ideal location but am doing some research to see what it could be like in the future.