Brooklyn Renters: Should You Keep Renting or Buy? Checklist by Peter Mancini Pen Realty | Member of REBNY & BNYMLS Use this checklist to make a confident move in today’s Brooklyn real estate market. Brooklyn Rent or Buy Checklist 1. Assess Your Long-Term Plans Planning to stay 5+ years? ️ Buying may be the move. Need flexibility (job, family, travel)? ️ Renting might be smarter. 2. Check Your Finances Down payment saved? (20% ideal, but 3–5% possible with programs) Credit score good? Better score = better mortgage rates Emergency fund in place? 3. Calculate Hidden Costs of Homeownership Property Taxes Homeowners Insurance Maintenance & Repairs ( NYT estimates $3K–$5K/year!) Closing Costs (2–5% of home price) 4. Research the Market Mortgage Rates: WSJ & The Real Deal say they're always shifting. Home Prices: Is it a buyer’s or seller’s market? Compare: Rental Costs vs. Mortgage Payments 5. Know Your Lifestyle Needs Want to build equity and settle in? Buy Value flexibility and fewer responsibilities? Rent Prefer predictable monthly costs? Rent