Do You Have Lazy Money?
Is your cash lazy? Or is your money helping you get somewhere? One of the major ways we see our clients fall victim to lazy money is via paying to rent instead of paying to own. 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 around a $2,488 monthly payment with 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 the choice is yours:
Do you want lazy money, or do you want to make your money work for you?