The NYC mansion tax at $1mm+ makes trading up for a larger apartment more costly.
How long do you see yourself in this condo? 5+ years, the numbers should work out for you.
Your mortgage payment isn't all spend. There is a principal component where you are paying yourself back. This is lower at first and increases over time.
You can refi your mortgage if rates move lower. This is market dependent but you have that option.
Capital gains, the first $500k are excluded from gains. This is an IRS gift to homeowners.
As a real estate investor, I don't like NYC returns and cap rates (investor returns). If you work in NYC and love NYC, the decision process is different.
Ultimately is do you see any near term change in location or job. If you see steadyness, it can make sense.
How long do you see yourself in this condo? 5+ years, the numbers should work out for you.
Your mortgage payment isn't all spend. There is a principal component where you are paying yourself back. This is lower at first and increases over time.
You can refi your mortgage if rates move lower. This is market dependent but you have that option.
Capital gains, the first $500k are excluded from gains. This is an IRS gift to homeowners.
As a real estate investor, I don't like NYC returns and cap rates (investor returns). If you work in NYC and love NYC, the decision process is different.
Ultimately is do you see any near term change in location or job. If you see steadyness, it can make sense.
Statistics: Posted by eric321 — Thu Jun 06, 2024 3:00 am — Replies 7 — Views 667