The most desired city in America – New York. Every year, it brings in many tourists in, people looking to make their dreams come to life. The allure of the Big Apple is amplified by movies and books that showcase it as one of the greatest cities in the world. Some of it is true, but no place is perfect. Even New York has its dark side. However, masses of people still go there every year to rent or purchase a property. We are here to show you the downsides of buying a luxury property in NYC. Yet, if we can not convince you that buying a luxury property in NYC is a bad idea, considering hiring professional packers to help you move in.
The first downside on our list of downsides of buying a luxury property in NYC is tough to afford
The Big Apple has one of the most expensive housing markets in the whole of the United States. So before you think about buying you have to know what the prices are. For example, a one-bedroom apartment in the center of the city can star from million dollars. But this is a one-bedroom, not a luxury property. A luxury property can run you anywhere from 5 million upwards. So if you are thinking of staying permanently in New York, you should buy a luxury home.
But if you are looking to start your carrier there and then transition elsewhere, your better option should be to rent. If you are not planning to stay more than five years in New York, renting is even more worth than buying. To move into your New York apartment, work with experienced people who know their way around a residential move. They will give you an accurate estimate, and if you like the price, they will pack you up and move you into any place in the Big Apple.
The Big Apple can be hostile.
We mentioned in the beginning that New York has a dark side to it. Let’s explore more about it before moving and buying a property there:
- One of the downsides of buying a luxury property in NYC is that the city is dirty. Most art pieces romanticizing New York do not show you how dirty it is. There is garbage everywhere. You can see rats on the streets, and the city is famous for the smell of urine everywhere.
- The city has a problem with the homeless. New York City has had a problem with the homeless, and they do not know how to deal with it.
- People in NYC are rude and loud or, as they like to call it – “honest”. They proud themselves on being unfriendly and have no regard for others.
IF you are ready to deal with all the beforementioned things, you should buy a luxury property in New York.
The third downside on our list of downsides of buying a luxury property in NYC is that the cost of living is high
By buying a luxury home in the Big Apple, you are deciding on living an expensive life. New York is the most expensive city in the United States of America. The average cost of living in New York is way higher compared to the rest of America. And the situation gets even worse in the center of New York. Everything is more expensive in NYC, from groceries to utilities. Because of the high cost, you will need to find a high-paying job in one of the most ruthless job markets in the world. Committing to the Big Appel means committing to an expensive lifestyle.
Is New York the place you want to settle down?
Before buying an expensive property in New York, ask yourself if this is where you want to settle down. Buying a house in New York is a time-consuming decision because the housing market is expensive. You will need to way at least five years to be able to pay off the initial investment. There is always a chance of the resell value increasing, but you can never know because the real estate market in New York can be volatile. Also, if you buy a house in the Big Apple, you will be tied down by it. Buying a luxury property in New York means you won’t be able to change a job or relocate to a less expensive city or state.
We think that New York is a great place to start your carrier, and when you are ready to settle down, buy a home in a rural, more family-friendly area. So until you decide to settle down, rent in New York, and evlmoving.com can help you move in. They know the New York area, and it will be a piece of cake for them.
The final downside on our list of downsides of buying a luxury property is if you can afford the maintenance
Buying an expensive home in New York is a hassle, but when you finally buy it, you need to maintain it. And the upkeep is costly when it comes to a luxury home in New York. You will need to keep the outside in pristine condition so that you can resell it for a higher value when you want. In addition, you have to attend to the inside regularly, fix any scratched floors or damaged walls. Just living in a luxury place is expensive. The utility bill is off the roof. And the final nail in the coffin is the property taxes that are high on pricey homes. Everything we mentioned can add up over the years and real but a dent in your finances.
We have shown you many downsides of buying a luxury property and generally living in New York. So, if you decide to leave, learn how to deal with leaving New York.