Buy or continue to rent?

C

Candi1

Member
I currently live in a rent-stabilized apartment in NYC. When I fully retire in two year, I was thinking of possibly buying either a co-op or condo, possibly in downtown Lancaster, Pa. The only hesitation I have is that with my current apartment, the rent is limited to a certain percentage every two years. With a co-op or condo, HOA fees and special assessments can increase at any time and for any reason. I really hate what NYC has become and want out but I don't want to make a move that might be more costly than staying and which I might come to deeply regret.
 

Why Lancaster PA? Do you have friends or relatives there?

How long have you lived in a rent stabilized apartment? How do you currently get your groceries and things you need?
 
PeppermintPatty said:
Why Lancaster PA? Do you have friends or relatives there?

How long have you lived in a rent stabilized apartment? How do you currently get your groceries and things you need?
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I've lived in a rent-stabilized apartment for 10 years. My rent isn't that low (it will increase to over $1350 next year). As for groceries and other things I need, most stores are very, very walkable. I haven't been back to Lancaster for many years and I'm sure it has changed. I picked it because it's not that far from NYC, the cost of living is lower and parts of downtown Lancaster (Lancaster City) seem walkable. NYC is getting more and more dangerous every day and I just want out.
 

Here is my take on things:
I was the Treasurer of a condo I lived in for 25 years. As time went on, we had to raise fees to account for insurance, inflation, and other things.
After that, we moved to a +55 MHP where we lived for 15 years. The space rent was controlled by city ordnance.
The problem was it was like a ghost town, seeing few if any people about.
We now live in a beautiful apartment by the beach, which is also rent controlled.
NYC, even with all its problems is still a vibrant place. Lancaster, on the other hand is much slower paced and does not have the cultural offerings the NYC does,
 
Candi1 said:
I've lived in a rent-stabilized apartment for 10 years. My rent isn't that low (it will increase to over $1350 next year). As for groceries and other things I need, most stores are very, very walkable. I haven't been back to Lancaster for many years and I'm sure it has changed. I picked it because it's not that far from NYC, the cost of living is lower and parts of downtown Lancaster (Lancaster City) seem walkable. NYC is getting more and more dangerous every day and I just want out.
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That saying ā€œthe grass is always greener on the other side,ā€ is something to consider. If youā€™ve lived there for 10 years now, and know the area well, I would think itā€™s best staying where you know. Stores are very walkable.
You probably know people there, your neighbours etc., which is usually comforting.

My husband retired and no longer wanted to live where we lived.( after 27 years ) He wanted to retire in Atlantic Canada so we moved. I would do anything to move back but we canā€™t get our house back and probably can no longer afford to live there. I miss it so much.

Perhaps make pros and cons lists.
Do you know people in Lancaster, PA?
 
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bowmore said:
Here is my take on things:
I was the Treasurer of a condo I lived in for 25 years. As time went on, we had to raise fees to account for insurance, inflation, and other things.
After that, we moved to a +55 MHP where we lived for 15 years. The space rent was controlled by city ordnance.
The problem was it was like a ghost town, seeing few if any people about.
We now live in a beautiful apartment by the beach, which is also rent controlled.
NYC, even with all its problems is still a vibrant place. Lancaster, on the other hand is much slower paced and does not have the cultural offerings the NYC does,
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I've lived in NYC my entire life with the exception of six years in New Orleans. At this stage, a slower pace and lack of cultural offerings doesn't faze me. The idea of uncontrolled increases in HOA fees and special assessments does scare me though.
 
PeppermintPatty said:
That saying ā€œthe grass is always greener on the other side,ā€ is something to consider. If youā€™ve lived there for 10 years now, and know the area well, I would think itā€™s best staying where you know. Stores are very walkable.
You probably know people there, your neighbours etc., which is usually comforting.

My husband retired and no longer wanted to live where we lived.( after 27 years ) He wanted to retire in Atlantic Canada so we moved. I would do anything to move back but we canā€™t get our house back and probably can no longer afford to live there. I miss it so much.

Perhaps make pros and cons lists.
Do you know people in Lancaster, PA?
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No, I don't know anyone in Lancaster. I've already made lists of pros and cons and am continuing to still do so. My biggest concern is when I stop working part-time and have to live on SS, a tiny, tiny pension and some savings. Would I still be able to afford my rent in NYC, which will be course continue to go up. On the other hand, owning a co-op or condo means unexpected and uncontrolled HOA and special assessment fees.
 
Candi1 said:
No, I don't know anyone in Lancaster. I've already made lists of pros and cons and am continuing to still do so. My biggest concern is when I stop working part-time and have to live on SS, a tiny, tiny pension and some savings. Would I still be able to afford my rent in NYC, which will be course continue to go up. On the other hand, owning a co-op or condo means unexpected and uncontrolled HOA and special assessment fees.
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Maybe create a thread asking about Lancaster PA and find out what others think of it. Perhaps they could get you a better idea what itā€™s like there.
 
My sister and her family lived in a rent controlled NY apartment for many decades. The landlord told them the place was going to be a condo, "buy your unit or get out". Fortunately she was just at retirement age, so she moved to Florida near where her daughter lives.
 
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