The most difficult part of living in New York is paying for your lifestyle, and the most difficult part of paying for your lifestyle is paying your rent. Some people move to the suburbs, or to Brooklyn, Queens, Staten Island or the Bronx, hoping to save money. The problem with this, is that rents in even these neighborhoods keep going up and up and up as wekk. Rents in Long Island City in Queens, for example, and in countless neighborhoods in Brooklyn are now going up faster than many neighborhoods in Manhattan!
Buying a New York apartment?
So is buying your apartment the answer? Well… maybe? The only problem with buying is you have to come up with 20% or more for a down payment, and 5% or so for taxes, lawyer fees and other transaction costs. And when you own, you have to pay monthly fees to the building and monthly taxes to the city – both of which are really quite expensive. Altogether they are much more than what rent would cost, especially when you also count the mortgage payment.
So What’s a New Yorker to do?
Well, if you can’t afford Manhattan’s average $3,973 per month rent, you have to be creative. Check out this video to see a small New York apartment transform into a gorgeous amazing loft! The SoHo apartment was completely renovated by Graham Hill over the course of a year, turning only 420-square-feet into a functional 1100. A guest room for 4, dinner space for 12, an office, home theater, an office, a privacy phone room, a home theater, lots of storage space, and more. You have to see this to believe it!