Running low on cash this Holiday Season? Wish that you had a little more green to stuff everyone's stockings? Maybe the Rent Stole your Christmas! Every year, thousands of New Yorkers across this city fall victim to the Christmas Rent Grinch- Holiday parties, gifts, dinners, and cheer come with a price tag and so does renting. Spending your hard earned cash on someone else's equity just isn't wise. Owning a home allows for your money to appreciate and gain value over time as well as help reduce your tax burden. And, owning in New York can often be the same price per month as renting.
Don't believe us? Take for example the new, luxury Brooklyn development, 550 Vanderbilt. A studio purchased there with 30% down will yield a $2,488 monthly payment with the mortgage and common charges. The rent for a similar unit in the same exact building is $2,500. And while the costs are the same, the person paying to own is building equity, investing in their future net worth, and reducing their tax burden.
So plan now and next year give yourself the gift of home ownership and take back Christmas!