Tag: Queens

Tips For New Residents of New York City

So you’ve decided to take the plunge and choose to live in New York City. While this is an exciting choice, it’s oftentimes a gigantic change, especially if you’re coming from a small town or someplace more rural. While you might think making the adjustment will be easy, it’s almost guaranteed you’ll have a rough time if you’re moving there and have nobody to guide you. Luckily, there are plenty of guides that feature tips and tricks to help you adjust, with many of them coming straight from the mouths of both newer and older New York City residents. Here are a few of those tips and tricks.

 

Prepare Your Budget

You’ve probably heard about this but you won’t truly understand until you experience it; living in New York City can be expensive. Many times you’ll find that living in Manhattan and other parts of the city costs double of what it cost to live where people are previously coming from, unless they’re coming from an equally pricey area such as another metropolitan area. If you think you have enough money prepared for the adjustment, think again as you’re likely under prepared. 

 

Public Transportation

Owning a car while living in New York is often no fun at all. Many New York Residents have gotten used to taking public transportation. You have the option of taking a bus, taxi or the subway, and the options vary in price and where they’ll bring you. Since traffic is always so jammed up in the city, public transportation is likely your best option so it might be wise to figure out your favorite style of transportation and stick with it.

 

Feeding Yourself

Feeding yourself when moving into the city can be a little challenging at first. Depending on where you live, you’re likely not going to be able to go to the large grocery store’s you may be accustomed to. Oftentimes you’ll be walking to the closest bodega and only getting enough groceries that you can carry home to your apartment. If that isn’t enough to satiate you, you may be tempted to order take out or go to a restaurant. While that’s not necessarily a bad choice, it’s quite expensive and can add up quickly. It’s important to figure out this balance before you overspend by eating out all of the time.

Should You Buy Or Rent In NYC?

If you’re moving to New York City, one of the hardest decisions you’ll likely have to make is choosing between buying a home there or just renting one. Many different factors come into play when making this decision. Are you planning on staying in New York for a long time? Can you afford extra chargers such as utilities, food, entertainment, and property taxes? These are some of the common questions you should ask yourself before deciding if owning your home is worth it. It usually takes about 5.6 years in order to break even after buying a home in New York, so if you think you’ll be there that long or longer, buying may be worth it. To be sure, let’s take a look at some of the other benefits that come from both buying and renting in NYC.

Renting

While a lot of people say that renting is a waste of money in the long run, there are still plenty of perks that come with it, especially in a place like New York City. First off, by renting your home you can give the neighborhood or even the building you’re in a “test drive”. It gives you the chance to learn more about the area you’re in. Another great perk to renting is that in most situations the landlord will pay for most utilities outside of electricity and the internet. You may have to pay more for these units but overall this makes things like budgeting much easier. Renting also helps you get your money situation in order in case you ever decide you do want to buy.

Buying

One of the biggest perks of owning your home is the fact that you build equity. When you rent, the landlord builds equity, meaning you get nothing but the space you’re renting. Building equity is great because once the mortgage is paid off you can use that equity to borrow money for another large purchase in your life. Buying is also great because of the tax reductions you get, as well as the potential for the IRS not applying capital gains tax when you sell your house. Finally, the ultimate benefit of buying your home is the freedom you get. You can do whatever you want to your home when you own it, but when you rent it there are usually distinct boundaries.