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It's interesting what renovations can do for a studio, particularly glass wall for the sleeping area. But square footage is irreplaceable. The trade usually is square footage for location.
Anyone here regret purchasing a studio instead of a 1 bedroom in Manhattan? Why or why not?
Many years ago a friend of mine had trouble selling a studio in Queens. (She was upgrading to a one bedroom in Brooklyn.) So I think one needs to think carefully before buying a studio anywhere in NYC.
The OP is talking about Manhattan, not Queens. Manhattan is popular with single, young people, the type that likes studios so I would think there will always be a market for studios.
No, definitely not. I am a solo person in pre-retirement, traveling all the time, owning 3 studios in 3 different cities. In my experience, number of studios on the market is always lower than the number of people looking for them (in some places, eg, central San Francisco, studios for sale are almost impossible to come by, you can pretty much just rent them). I constantly get inquiries from realtors who have interested studio buyers, although I am not even selling anything.
No, definitely not. I am a solo person in pre-retirement, traveling all the time, owning 3 studios in 3 different cities. In my experience, number of studios on the market is always lower than the number of people looking for them (in some places, eg, central San Francisco, studios for sale are almost impossible to come by, you can pretty much just rent them). I constantly get inquiries from realtors who have interested studio buyers, although I am not even selling anything.
That's mainly because of the price point. I am considering a studio, but am also open to purchasing a one or two bedroom (really leaning more towards a one or two bedroom and use the second bedroom as an office/guest room). Whatever it is, it will be gut renovated to my tastes. So far I have seen a few VERY nice studios, even in Manhattan overlooking the Hudson. Price point wasn't too bad either, but there are other things to consider. After a down payment, closing costs and renovation, I'd like to keep my mortgage under $2,000 a month, which is doable with a nice downpayment.
For a studio, I could probably renovate the entire place for 20-30k with high-end finishes, assuming there isn't significant demo (moving plumbing, knocking down walls, etc.)
Look man when it comes to living in NYC never rent and always buy. Can not do it by yourself then find somebody to work with. If you have to rent then rent below your means. Meaning take rentals located in areas that is not so hot
Look man when it comes to living in NYC never rent and always buy. Can not do it by yourself then find somebody to work with. If you have to rent then rent below your means. Meaning take rentals located in areas that is not so hot
Or just have extra income. My extra income covers most of my rent, so I will take my salary and save it towards buying a place. Ideally looking to put away $1,500 a month or more.
It is not a bad bad bad idea, especially if it is for one person. If you are paying less than you would be renting, having a studio is a no brainer. You can pay down the mortgage in the meantime until you are ready to upgrade.
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