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Rent or Buy Condos for Sale in the Upper West Side NYC?

Most condos are for sale, but there are some that can be rented. Most people do not understand the difference or which one is best for them. Because everyone is different, everyone may have different needs. However, if you want to live on the Upper West Side in NYC, you may want to consider condos for sale.

Price-to-Rent

Most people choose to rent, but don’t stop to consider just how much money they will be putting into the condo with nothing to show. Renting can be a great option if you are only going to be in NYC for a short period, but most people move to the Upper West Side to stay permanently. In that case, renting doesn’t seem to make sense, and finding condos for sale to consider may be a better option.

Therefore, consider how long you’ll be renting a condo and how much it will cost per year, versus how much a condo for sale would be. Condos for sale on the Upper West Side in NYC are pricey, but you will likely love living there for many years to come. Therefore, you would probably pay a similar amount each month, but after the condo is paid off, you would own it instead of continuing to rent.

Budget

Most people rent because they cannot afford to purchase a condo on their budget, or they are worried their budget will change. A typical rule of thumb is that you can purchase a condo for sale if the purchase price of the condo does not exceed what you earn in three years’ time. Therefore, if you want to purchase a condo for $200,000 and you make $80,000 per year, you would likely be able to afford a condo on your current budget and income.

Needs

Most people want to consider condos on the Upper West Side in NYC because they are luxurious. While no one needs luxury, most people would prefer it if they could afford it. Therefore, if you are accustomed to a more luxurious living, you may find that condos for sale offer a better option than renting.

Stipulations

While owning a condo will mean dealing with the association’s rules, most landlords put more stipulations on a renter than an owner. While the decision is up to you, it may be beneficial to own a condo and have a few more options. However, consider each of the rules carefully for both renting and buying before making a decision.

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