Rent vs. buy an apartment in Queens

Renting versus buying, the eternal “duel”. There are plenty of considerations you might not want to overlook. Buying or renting, the moving procedure is pretty much the same. Unless you wish to know more about renting a truck, we will have you prepared for the traditional process. So in case you wish to buy an apartment in Queens in the close future, we think that you should really put some thought into some of the following aspects.

It’s a huge commitment

If you decided to buy an apartment in Queens, note that ain’t no walk in the park. Everything is interconnected. You should consider having a very stable source of income so that you know for a fact you`ll be ready to handle the monthly mortgage and eventual additional costs. Also, the yearly insurance plus the governmental taxes.

They are all adding a little to the “big total”, this is why you should start thinking ahead at all the aspects. This includes the moving company. In case you don’t want to start looking at the last minute, discover moving tips at divinemoving.com and prepare on time.

The logarithmic function of mortgages

If you’re not paying attention from the beginning, to what`s there in the contract you`re signing, there might be some future surprises. And not exactly the pleasant ones. The interest rates may increase in time, which is definitely a minus to your counts list and also to your pocket. This is a very good reason to read the papers over and over again.

Make sure you`re also looking at the bottom of the pages, in the place that the small font writing can be found. There is a very popular saying, which is not far from the truth if you asked for my opinion. “The bank is that friend which gives you an umbrella when it`s sunny outside, and asks for it back when it starts raining.” Be permanently aware and keep in mind whatever the nature of a potential contract that you`re signing with the bank is.

At the opposite pole, there is the possibility of renting, which makes the price you`re paying monthly be fixed, without the continuous stress that the amount might increase overnight. At least not without prior notice, like banks have the tendency to do.

Maintenance is your responsibility

Compared to renting, when it is the landlord`s responsibility to pay for all the possible reparations, guess what. Owning a property automatically makes you your own landlord, which implies that you should be the one fixing anything that might not be in order. There is always the alternative of paying someone to fix it for you, which means allocating extra money to an emergency fund for unpredicted situations. All of these small additional costs should also be considered once you decide to buy an apartment in Queens.

Prepare for the unexpected

You should always be prepared for the unexpected. Even dreams that took years of building, such as marriages, might end at some point. So once you`re on the edge of divorce, you will try and find a way to equally split your material possessions between you and your soon-to-be ex-partner. Movers in Queens won’t heal a heartbreak, but for sure will fulfill some of your other necessities, such as the need for relocation. This is the time when those experts can give you a hand, given the fact that your former spouse for sure won’t be doing that. This scenario is less dramatic if you`re separating, as it`s so much easier to pack and move to a new home. For both of you. nothing to share, no common belongings. Just a bag full of dreams that will already fade by the time you will say your goodbyes.

Being stuck in one place

Compared to renting, once you buy your own apartment you are going to be stuck in one place. Think if you’d miss when you can move periodically in order to explore some other parts of the city. This means less flexibility when it comes to relocating. Especially for reasons such as downsizing to a smaller apartment in order to fit your current financial possibilities. Of course, this is not a problem if you are a stable type of person. The kind that doesn’t feel the need for variety.

Values of properties change all the time

The real estate market is permanently fluctuating. So don`t be surprised if once you decide to sell, the price you`re being offered is significantly lower than the one you paid. This is the time you might be thinking about reducing potential expenses as much as possible. Learn how to prepare a floor plan to help your movers when the time comes to buy an apartment in Queens. This way, you`re doing part of their job. Which means you won`t need to put the hand too deep inside of your pocket.

It`s understandable if you are not very confident about the succession of steps you need to follow. Especially if it`s your first move. This is why you should never feel shy to ask for advice. It might be some professional counseling from an expert. Might just be a random friend who has changed his residency more often than you have changed cars. It is important to use a second opinion.

Always search for reliable assistance 

Whether you plan to rent or buy an apartment in Queens, you should be very picky when choosing your moving company. Actually, we have come up with a whole guide on how to know if your movers are reliable. You have come so far, you would definitely want to make sure that someone handles your belongings with extra care. And you`ll definitely want to see that professionalism is your chosen moving company’s motto.