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Latest posts by Gea Elika (see all)
- The Costs Per Square Foot of Renovating in NYC - April 17, 2018
- What is an Exclusive Listing Agreement when Selling Real Estate? - April 7, 2018
- Making Sense of (FAR) Floor Area Ratio in NYC - March 31, 2018
Venturing into The Big Apple to buy your first city apartment can be a daunting idea. However, the advantages of owning a piece of New York far outweigh the challenges of coming to grips with the city’s real estate quirks and idiosyncrasies.
The following tips are your armament as you head into the NYC real estate battlefield:
Get to Know the City
Image via Flickr by Trodel
Getting to know an area before you make a commitment to buy an apartment is always a good idea, and this is especially important when moving to New York City for the first time. Each borough and neighborhood has a different mix of cultures, characteristics, and subtle nuances that make each of them unique.
If possible, spend some time in your desired area and speak to the local residents. Find out the prices available apartments are going for, what the residents are like, and their feelings about the neighborhood.
Two of the most common types of apartments available in New York are condominiums and cooperatives. Your choice will largely depend on your financial flexibility, personal taste, and lifestyle.
The main distinction between the two is that co-ops tend to be in older buildings while condos tend to be apartments built post-80s. Purchasing a condo is much like buying a house, you get the deed and ownership of the unit. In a Co-op, you get shares in the corporation and a lease which is similar to renting.
Get One Cheap
New York apartments are not typically considered as cheap. If you are willing to make certain sacrifices, however, you will be able to land yourself a nice bargain.
- Look at bigger apartment buildings – Buildings with around 30 apartments are much more likely to be rent-stabilized and more financially appealing as a result.
- Search in the winter – There is less activity in the market during the winter months and as a result, landlords are generally willing to deal on any vacant apartments they have.
- Help out with the work – Some landlords have properties on their list that could use a little work. Offer to share the costs of repairs and you can likely negotiate heavily on the price.
- Check lesser talked about areas – Less publicized areas which are not as in demand can have nice cheap apartments which landlords are desperate to offload.
Save Some Room in Your Budget
There is no such thing as a perfect apartment. However, once you have secured the keys for one that closely matches your expectations you will have the freedom to perfect it. This is one reason it helps to have a budget that will allow you to make the purchase and have some funds left over for necessary renovations.
Even brand new homes can require some post-purchase spending. Factor in decorating or possible repair costs so as not to find yourself in a situation where you have to leave your new apartment to deteriorate.
Buying your first apartment in NYC might be one of the most challenging things you have to face thus far in life, but it can also be one of the most rewarding. In the end, it is not as daunting as you think.