There are many reasons I can start numbering here as to why you should own an apartment in the Big Apple.
But I’m not going to do that, at least not at the very start of this blog post. For starters, I’m just going to quote an article published in The Business Insider, titled “Why Billionaires Are Buying NYC Property”.
“The assumption here is that rental income covers the expenses of mortgage, common charges, and property taxes,” Tan explained. “This break-even is commonly achieved with a 50% equity, 50% loan purchase.”
“The bottom line is that buying and flipping real estate in Manhattan leads to stable returns for the millionaires and billionaires snapping up these properties, whether they’re living in them or not.”
So from a financial point of view, or an investment point of view, buying an apartment in New York City is a good investment.
It will hurt your wallet
Don’t get me wrong, you won’t move through this without your wallet bleeding. Central Park apartments for sale in NYC are expensive as hell, and if you’re not making serious money, there’s no point in you reading this article any longer.
But if you’re the kind of guy or girl who regularly visits Bergdorf Goodman stores for more than just feasting your eyes upon the goods on display, then you’re the right kind of person for this article.
DNAInfo says that you’ll need around $500,000 (maybe less, if you’re lucky) to buy yourself an apartment in New York City, and it quotes experts in saying that it’s like investing in a walnut orchard – it’s an investment in your children’s or grandchildren’s future.
But New York is a big place, and you don’t necessarily need to be next to Carnegie Hall to say you’ve bought a luxurious apartment.
There are places like the Central Park South, Chelsea or Soho which offer beautiful condos for affordable prices (by New York standards, that is), and can still make you feel satisfied, whether or not you have planned to live there.
Reasons other than financial
Financial gain might be a big reason to go for a New York apartment, but that does not have to be the only reason.
The Big Apple is a great place to live. It has many theatres, concert venues, art exhibitions and sports events.
It has a lush and lustrous night life, and with a 24-hour subway, you’ll probably forget how to drive, because you won’t need your car.
Even though it might seem intimidating for being expensive, the city offers many job opportunities, and the pays are balanced with the New York lifestyle.
It is hard to go broke in the Big Apple, and even harder to stay unemployed in the city with countless opportunities.
Just typing in Google ‘Why I shouldn’t live in New York’ will give you hundreds of results, and as many reasons. Those were written by people intimidated by the world’s greatest city, and are generally wrong.
Ask any New Yorker and they’ll tell you – they wouldn’t trade their city for the world!