It's looking more like 1 year at this point by the way.
Hey everyone. I grew up in NYC and moved a few times since then. I've spent 7 years abroad in total and decided to move back last year. I moved in with my mom and do not pay rent here and have been hell bent on purchasing an apartment since I came. I am now saving to open up my business and once I get that running I should be able to put down a down payment on an apartment. However, now I'm considering leaving the country again next year to go back to living in the EU.
Would it make sense to purchase the apartment if I'm just going to move. I wanted to have a place here because my entire family is here and if I move I'd consider renting it to a family member. But I don't know if it's good to have property for the sake of it if I'm not going to actually live in the apartment for a long time.
I appreciate any and all perspectives I know nothing about owning property and would be the first person in my immediate family who has purchased any. Thank you!
Does it make sense to buy an apartment in NYC if I want to leave the country in 1-2 years?
byu/TarquinOliverNimrod inRealEstate
Posted by TarquinOliverNimrod
9 Comments
No.
If you buy it then move in a year or two you could either sell it to have some extra funding towards a new place or rent it out for passive income.
No.
The cost of buying and selling, plus fees and taxes, will dwarf any rental cost you would have paid instead. It takes 10-20 years, for buying to be worth more than renting (esp in places like NYC).
So here you would lose 5-10% of the total cost of the apartment, not even talking about the massive headaches and time spent to find, buy, and sell the apartment.
r/circlejerknyc
Not at all
Hell no !
The current communist mayor of NYC is about to enact a tax specifically against people like you – in a major way. You move out – it’s not your primary residence? It’s going to receive a HUGE wealth tax – which you’ll be hit with every year.
This will make the market value of your place fall greatly.
No chance I would buy anything in NYC right now unless I was incredibly rich and didn’t care about losing some money.
No. There’s all kinds of extra fees.
No. You’ll pay $20-40k in realtor fees when buying and then selling, if you don’t rent it. Also renting to family is asking for problems; I don’t care how reliable you think they are now.