Own or Rent Which Works Best for You

There are a few key factors to consider when deciding whether to rent or buy real estate in New York City. If you are looking to rent, it provides a more flexible decision. Renting does not allow you to build equity but leaves you with less maintenance issues. As a renter, you do not pay taxes and homeowners insurance.

If you decide to buy a home, it provides long term stability and confirms your monthly costs. A plus is that if you choose to finance it, the mortgages interest and property taxes are deductible. You can build equity which you can tap into in the future. The downside is that now you are responsible for maintenance costs and repairs.

Both choices require the renter/owner to seek professional legal counsel to understand the paperwork of a lease, mortgage, insurance forms, and other pertinent details for a client to have clear legal advice on. David Scillieri, Esq. had over 40 years of experience in all matters. Our office can be reached at 201-796-5263.