People make money by owning Manhattan real estate. On the other side of the coin, people also lose money by owning Manhattan real estate.
Typically, buyers do not plan accordingly for life event changes that may occur within less than 5 years. A great Manhattan studio apartment that was affordable is suddenly not so great after getting married, having a baby or getting transferred to a new job location.
The cost involved in up-sizing to a bigger apartment is significant if the smaller apartment have not had enough time to appreciate in value before the owner incurs all the transaction fees all over again. Selling a home can cost the seller up to 10% of the sale price in closing costs and commissions.
When buying any Manhattan real estate, it is always good to anticipate for new additions to the family where the property is able to accommodate everyone and won’t force an early sell.
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