Benefits of buying over renting in NYC

A lot of people wonder why buying a property is more beneficial then renting. We stress that if you are renting a property you are helping the owner of the property pay his mortgage while you are stuck paying for a property that in the end you will not own. Owning your own property is the most beneficial thing to do whether its a Home, Condo, or co-op its worth it because at the end of the day it is your property to do with as you please. We’re usually asked if it is hard to get started with the process of owning your own property and the simple answer is its challenging but can be down with ease if you speak to the right people. Here are some things you can do to buy this year:

1) Pay your bills on time- This helps you to boost your credit score

2) Research some loan options- Learn which loan option fits your situation the best so you won’t be paying too much.

3) Avoid a big purchase- Avoid purchasing something big (I.E Car, Flat screen TV. ETC…) before trying to add a mortgage this can hurt your credit score.

4) Have about 3 trade lines- Lenders like it if they can see you can balance multiple payments. (EX Credit card, Student loan, Car loan). This show you are a responsible person and will make it much easier to get a bank loan.

5) Save for your down payment- The more money you have the easier it will be to get a loan. The recommended amount for a down payment is 20% of the purchase price. This will help you avoid P.M.I(Private Mortgage Insurance).

6) Credit Timeline- 6 months before your home purchase stop checking your credit score. 2 months before stop using your credit card.

If these 6 steps are followed you are on your way to purchasing a property in 2020. With the housing market on a decrease and the housing market on a decline it will be a lot easier to purchase this year and allow more people to buy their own property instead of helping someone else pay off theirs.

The Story of Astoria

Astoria was originally named Hallett's Cove after the landowner William Hallett who lived there in 1659. Hallet's Cove was then renamed after John Jacob Astor in order to convince him to invest $2,000 in the place, but Astor only invested $500. Astor never visited the neighborhood that he invested in. A long fight over naming the neighborhood finally ended with the help of Astor's friends and supporters so the neighborhood was named Astoria. Astor became the wealthiest man in America by 1840 with a net worth of over $20 million. He lived in his summer home called Hell Gate in Manhattan on East 87th Street where he could see the village that was named after him. During the 19th century, many wealthy New Yorkers built large houses in Astoria Village (12th and 14th Street) which is now considered Old Astoria. In 1839 Steven Halsey founded Hallet's Cove and created a ferry service from Hallet's Cove to Manhattan 92nd Street. Hallet's Cove became a leisurely place for the affluent New Yorkers to relax. In the late 1800s, there was an increase in the industrial life that brought German immigrants who were furniture and cabinet makers. The most famous settler was Henry Steinway who founded the Steinway Piano Company in 1853 and also built a sawmill, foundry, and streetcar line. The family created Steinway Village for their workers. Astoria and near villages were added to Long Island City in 1870. Long Island City was then incorporated to New York City in 1898.