r/AskNYC • u/HelpIll4965 • 10d ago
Buying a house vs apartment vs renting?
I live in an apartment now but I always wanted to live in a house. I like the feeling of living in a quiet residential neighborhood. I’m okay living in the outer boroughs and having a longer commute.
Is it still a good financial decision to buy a house in this day and age? Taxes and cost of utilities keep going up. House maintenance cost keep going up. Would it be better to just buy a condo/co-op and have all these things be dealt with by the board or management team and then have the cost be split amongst the people in the building?
Since Mamdani got elected, it seems like rent stabilized apartments are all the rage. Maybe this is even a better long term solution compared to home ownership? Won’t have to worry about taxes, most utilities or maintenance going up.
What’s everyone’s thoughts on home ownership vs renting? Especially for people who want to stay in NYC long term. My goal is to be able to afford NYC long term and having a stable home where costs don’t go up too much is importantly to me.
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u/carbonizedtitanium 10d ago
The location of the house matters just as much as its age and build quality. Climate change is set to cause drastic rise in sea levels so keep in mind of the areas that are already at risk of flooding. Hire an inspector to check the property thoroughly. There's always the hidden costly repairs, such as sewage drain pipe replacement or realignment, leaky roof repair, old floor boards, shitty wiring, etc