Buy a Condo Rather Than Rent One
After being hit by the astronomical rent in New York, many students couldn't help but start to think about a question, renting a house is so expensive, what is the concept of buying a house in New York?
Meiwo has done a little calculation for everyone, and the money for renting in New York and buying can be equal. ! Question the theory? Don't worry, look down and you'll see how reasonable it is.
-01-
Rent≥5000?
The average monthly rent in Manhattan in June of this year exceeded 5k for the first time in history, while the monthly median rent reported by Douglas Elliman and Miller Samuel /strong>It also broke through 4k for the first time in May this year.
The monthly rent on the Isle of Man continued to increase to 5,113 last month, and even the monthly rent of NJ, which claims to be the King of value for money, reached 5.5 last month. k (according to CBS News), which came as a shock to many New Yoker who have lived in New York for many years.
-02-
Buying a house = sky-high price?
When it comes to buying a house, everyone subconsciously thinks that buying a house in New York is a high price, impossible! Before, someone privately sent a private letter to Meiwo, thinking that buying a house in New York would require repayment of 1w+ a month.
But it's not. Buying a house and taking a loan is not as troublesome as you might think.
International students don't feel that this matter is too far away from you, you must know that F1 status can also loan to buy a house in New York.
-03-
Buy ≈Rent
Take the example of a boutique apartment in the Isle of Man, which has recently had a high transaction volume, buy a set of Studio for 700,000, St.udio >deposit 10%+20% down payment is 210,000, and 70% loan is 490,000.
Based on last week's 30-year mortgage rate 5.13%, you can calculate the monthly repayment amount plus tax and HOA strong>(*Homeowners Association) is $3910, which is $46,920 per year.
If calculated at 15-year mortgage rate 4.55%, the monthly repayment amount plus tax and HOA is $5002, which is $60,024 per year.
*Homeowners Association: Also known as “Homeowners Association”, and China's “Property Management strong>”Somewhat similar. This fee is called HOA fees on the list, which is equivalent to China's “property fee”, and is used for the management of community public areas.
In this way, the monthly repayment amount that you need to pay to buy a set of Studio is basically the same as the monthly rent of renting a house, or even lower< /strong>. The cost of raising a house is really not that high.
-04-
Buying a home=preserving value
After paying the down payment, all of us migrant workers in New York can work hard to pay the mortgage, but we just use the monthly rent money to repay the mortgage Degree.
And New York's boutique apartment(*Condominium) is an absolute low bubble economy, buying a house in New York = preservation, real estate appreciation income Also very stable.
If you buy a Condo in the United States, as long as you pay taxes according to the law, you can own the independent freehold property of his apartment. You must know that the same price in Beijing, Shanghai and Guangzhou is only Can own condominiums ranging from 40-70 years.
*Condominium: Condominiums. This is the type of property available to almost all foreigners from outside the United States. After you buy it, you can own the title of the house, and you can occupy or rent without restrictions.