Buying a second home first may be a smarter financial move for New Yorkers.
To many Americans, the idea of the American Dream involves getting yourself together financially, creating enough wealth through a career to buy a main home, and then buying a second property for vacations. New Yorkers are realizing however, that this may be a bit backwards.
For less than $135,000, an amount that wouldn’t buy much of anything in the city, you can buy a second home in the Catskills, Adirondacks, or Connecticut with several acres of land, lake access, or a pool.
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A good friend of mine rents an apartment in Gramercy, but owns a beautiful home in the Hamptons. He spends many of his weekends relaxing out of the city, but is still able to work in Manhattan because of his apartment.
Now, more than ever, prices to buy in the city are historically high. It actually makes perfect fiscal sense to invest your money elsewhere, and rent a place close to your job.via ] [ via ]