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A million here, a million there, the first thing you know, you’re talking about real money.</p>
<p>I did some more research, and what’s discouraging me is the substantial closing costs, monthly fees, property tax, and general hassle factor. When you put all these together, I’m thinking two years just isn’t long enough.</p>
<p>Typically two years is not enough to warrant buying anywhere by the time you add in closing costs plus the costs incurred to resell the place.</p>
<p>Sent from my DROID BIONIC using CC</p>
<p>I live in NYC. Most people in Manhattan rent, which is unusual compared to the rest of the US. The good thing is that, while it can be hard to find a decent place to rent, it’s easier than it is to find a decent place to buy.</p>
<p>Most nice apartment buildings are co-ops and they are not going to be wildly enthused about a musician. How unenthusiastic depends upon the instrument and whether he plans to practice at home. (I think it was Emanuel Ax who was only able to buy a co-op when he agreed in writing to pay for extensive sound-proofing.) Even if he rents, make sure he checks the lease to see what it says about musical instruments. It’s not uncommon to have clauses that say you can only play between certain hours (often ending at 10 pm) or even for a maximum of so many hours per day. </p>
<p>He should check to see if Julliard has a housing office. He might want to share a place with another musician. I’d also suggests the websites of the housing offices of the other Manhattan schools.</p>
<p>Here’s Julliard’s, just in case you haven’t seen it.
<a href=“http://www.juilliard.edu/student-life/housing/nyc-apartment-hunting-guide?destination=node/19911[/url]”>http://www.juilliard.edu/student-life/housing/nyc-apartment-hunting-guide?destination=node/19911</a></p>
<p>Here’s NYU’s. <a href=“Off-Campus Living”>Off-Campus Living;
<p>The New School’s <a href=“http://www.newschool.edu/student-services/student-housing/off-campus-housing/[/url]”>http://www.newschool.edu/student-services/student-housing/off-campus-housing/</a></p>
<p>Marymount Manhattan has a good description of documents he’ll need. <a href=“http://www.mmm.edu/current/student/residence/offcampushousing.html[/url]”>http://www.mmm.edu/current/student/residence/offcampushousing.html</a></p>
<p>They give some good basic info about apt hunting in NYC.</p>
<p>My D just moved into her third apartment in NYC. She is getting ready to graduate next month and moved further uptown (use to live near Lincoln Center) as the rent is cheaper. Your S could share a place near Columbia with 2 other people and your would probably pay around $900 a month. If he moved in with people that already had a place you would not have to pay a broker’s fee for the apartment. </p>
<p>It was a bit of a hassled getting all the guarantor stuff together the first time D rented a place, but this third time was pretty easy. D used a broker to find the new place, but her fee was only 1 month’s rent which we split with the roommate. Most broker’s fees are 15% of the yearly rent. D shares a nice place with another girl in a 5 story walkup building on the 5th floor. They have Hudson River views from the roof and the apartment was just completely redone and has a new kitchen and bath and lots of light. She thinks her new place is huge (700 square feet) after her 350 square foot apartment she just left!</p>
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This is his plan, and he has some potential roommates, including somebody who was previously at Juilliard. I’ve told him that he will probably need to stick with this plan.</p>
<p>You need to buy into a building that allows rentals, roommates and sublets. </p>
<p>Unless the investment stands on it’s own, I have a simple rule of thumb for student housing: </p>
<p>Why own when you can rent?!</p>