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Predicting
New York
Strategies
About Jeremy
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Buy or Rent?
You probably should buy if:
- You plan to stay in the new place for 5 - 10 years; and,
- You are able to buy the sort of place that makes sense for you.
Here's why:
- Over this time frame, buying will likely prove to be financially
advantageous;
- Renting for that period will likely get old. If you're renting
in a condo building, you'll be a kind of outsider, and you may
be forced to move if the unit owner changes course. If you are
renting in a building of rentals, you'll likely tire of the transient
nature of the building population.
- Owning gives you a feeling of security and stability. And it
(not quite) guarantees that you'll be able to remain where you
are.
On the other hand, if you can't make that kind of commitment, you'll
probably be better off renting.
- The transaction costs of buying and selling are significant;
- Betting that prices will real estate prices will rise over a
short period is a lot like speculation.
Buying or Renting is the big strategic question. But there are
also lots of smaller, important strategic
possibilities.
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