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To be able to call New York home is a privilege and a dream of so many aspiring souls. While having multiple homes in New York City certainly is a flex, as the youth would say, in reality, it’s not that hard to get to that point. Investing in a second home in The Big Apple is one of the best decisions you could make. In fact, investing in a second home in New York is a sure way to up your passive income game. In this article, we’ll talk about where to buy your second home in NYC so that you get the most out of this investment. Feel free to go over Divine Moving & Storage NYC‘s blog pages for any further information about NYC and its’ neighborhoods.
Benefits of investing in a second home in NYC?
There is no need to say that any kind of investment in The Land of Opportunities has higher chances to pay off than anywhere else in the states. After all, New York City really is the epicenter of all major events right now. Whether you are buying your second home to rent out or you plan on living in it, you are bound to see the benefits of that decision very early on. If you opt not to rent your second home, you will be able to use it part-time and have friends over. Oh and, if you use your investment property personally for more than a few days or say 10 days, your property’s tax status as an investment property may be disqualified or so most tax accountants have told us. And here are only some of the benefits you’ll have if you choose to treat your second home as an investment property vs a personal residence:
- Your second home can serve you as a standalone business for tax purposes.
- All expenses associated with your investment property will be tax-deductible.
- You’ll be able to depreciate residential investment properties fully over less than 30 years.
Where to buy your second home in NYC?
There are many reasons why first-time homebuyers are considering second homes nowadays. The main one being that the rents are always on the rise. That has made it difficult for first-time buyers to save enough for the hefty down payments required to buy in New York City. The median sales price last year was $980,000 in Manhattan and $605,000 in Brooklyn. Additionally, very few listings are pushing up the price of starter apartments. Nevertheless, wherever your budget allows you to buy your home in NYC, it will definitely pay off. To make it a little easier for you, we will now go through our top picks for the best NYC boroughs to buy into.
Affordable Brooklyn Neighborhoods
If you are planning to buy your second home in NYC, your first safest bet would be Sheepshead Bay. A Brooklyn neighborhood known for its beaches and great seafood option. This beautiful borough had 330 apartments on the market between June and August of this year. Living expenses and rent here fall within the affordable monthly spending range. Sheepshead Bay has many different housing options you can choose from. From new developments to historic bungalows, you can find it all here. Our next two top Brooklyn picks would be Bay Ridge and Midwood. The main reason why you should invest in Brooklyn is that the median asking price in these two is significantly lower than the borough-wide median of $929,000. These boroughs require around an hour on the subway to reach the city center.
The Upper East Side, The Upper West Side & Flushing
On the beautiful Upper East Side and Upper West Side, you may see higher living expenses. But, guess that is the price to pay for a more privileged lifestyle. There are many people wanting an apartment in this area and you’ll easily rent it out and for a good price. In case you opt for these neighborhoods, we suggest hiring our Upper West Side movers for a smooth and affordable move. And in Flushing as well. These two areas made their way onto our list because they both gained a lot more inventory during this year. And with more inventory come more affordable homes to suit your budget for a second home.
Affordable options in Manhattan – do they exist?
Manhattan may not be the first place you’ll think about when shopping on a budget. Surprisingly, some of Manhattan’s boroughs can offer surprising value. These neighborhoods are still pricey though. Still, in recent years, some of the areas have come out with options for budget-minded buyers. This is in large part due to their size. The Upper East Side and Midtown East have a dense concentration of high-rise buildings. And they are also two of the largest neighborhoods in New York City, right after Queens. Which is next on our list of top picks.
Queens – the largest borough of New York City
It is often said in New York that Queens holds a whole universe within one borough. In this Eastern NYC enclave, you’ll be able to find any kind of property. Queens has it all: beachfront property, quiet suburban streets, bustling shopping locales, and tree-lined urban blocks as wide as highways. No matter what type of home you envision, you can find it here. Queens would definitely be our first choice. They also have the best movers in NYC. If you need help with a move in the city, Queens movers are your best bet.
We hope that you now have a clearer vision of which boroughs are best for you and that you’ll soon buy your second home in NYC. It is guaranteed to bring you more stability and peace of mind during the years. Divine Moving is wishing you a happy relocation to your brand new property!