7 Financial Benefits of Investing In an Apartment in West Manhattan

7 Financial Benefits of Investing In an Apartment in West Manhattan

West Manhattan might not be as popular as some other neighbourhoods around, but at this moment it is financially benefiting to try and buy yourself an apartment in the area.

That part of the city is seeing some real progress, and areas being developed around the newly installed High Line are skyrocketing in value, but don’t take my word for it.

Next thing you know, you’ll be in the middle of the classiest, best-looking neighbourhood around, and it didn’t cost you that much in the first place.

When looking for West Manhattan apartments for sale, you can go for a ‘fixer-upper’ – an old former industrial property perfect for turning into a home, or you can go for a skyscraper or a taller building, in case you’re more interested in feasting your eyes upon the Manhattan landscapes.

In any case, be it a ‘fixer-upper’, the Central Park highlight Columbus Circle, or the altitude-driven view from One West End (https://1westend.com/), here are seven financial benefits of investing in an apartment in West Manhattan:

1) It’s Cheaper

West Manhattan is currently being developed furiously – Invesco Real Estate is just one of many apartment investors which are currently eyeing the neighbourhood to buy, upgrade and resell. Such a trend means that the real estate is currently cheaper, but will turn to flaming-hot-expensive in just a couple of years.

2) You can Always Rent

You might be the kind of guy who likes to rent his apartment rather than actually buying one, but owning your own place, and that place being in West Manhattan has its benefits. If you decide to move away, you can always sell / rent the place out and get extra income. And rent is not cheap in Manhattan.

3) Capital Growth

The value of your apartment will grow in time, and if you choose to buy now (while the prices are still relatively low), in due time you can earn some serious money on selling. Even if you choose not to rent, and simply sell once you move out, not only will you cover the expenses of the initial purchase, but also the expenses of living in the meantime.

4) Tax Benefits

Buying an apartment in West Manhattan can get you certain tax deductions, such as the interest on your mortgage.

5) Buying is Cheaper than Renting

As Forbes says, buying is cheaper than renting: “In the first few years, it may be cheaper to rent. But over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying.”

6) Feeling Secure

West Manhattan is not El Dorado. It’s not a risky, unsafe place to live and maybe even raise a family. The neighbourhood is safe and secure, well-built with good infrastructure and many job opportunities. If your unstable job is holding you back from buying an apartment in West Manhattan, you should not worry.

7) Capital Gains Exclusion

Here’s the deal: if you buy a place to live in, as your primary residence, and if you stay there for more than two years, you get to keep your profits up to $250,000 if you are single, or $500,000 if you are married, and not owe any capital gains taxes.

Espana Gomez is an author of this blog. Recently she works as an interior design assistant in her town. She loves daydreaming about beautiful homes and interior decor.