It’s not easy keeping up with daily expenses and the costs of housing in NYC. The city offers no end in excitement and opportunities, but all that comes at a price. When it comes to housing, that price comes in the form of either high rent or very limited living space. Given a choice, most New Yorkers are willing to sacrifice space if it means living in a hot neighborhood or a building with incredible amenities. But if you like hosting parties with more than ten people or weekly yoga classes, then space might be a concern. Generally, the further out you go from Manhattan the more space you’ll get for your buck. However, there are other ways you can save on money and get more space. Here we have a list of apartment types that will get you more space for your money.
A First-Floor Apartment
Everyone wants a nice view from their apartment, and that view tends to come with a higher price tag. One easy way to save on housing is to choose a first-floor apartment. On average, the difference in price between a first and second-floor apartment can be as much as 15%. As you move up each level, it tends to go up by another 10%, which makes the difference between a first and third floor as much as 25%. Just keep in mind that in a walk-up apartment (no elevator) this will be reversed.
A Walk-Up
Speaking of walk-up apartments, that’s your next option. If you don’t mind walking up a few flights of stairs each day, then this can translate into significant savings. Compared to an elevator apartment, the price difference between each floor can be as high as 5%. Adding to that, your legs are going seriously toned within a few months of living in a fifth-floor walk-up. But if you’re planning to spend your golden years there, then this might not be an ideal choice. Also, these types of units are typically located in buildings with six levels or less. Buildings with more than six floors must have an elevator.
A Post-War Apartment
Pre-war apartments are highly sought after for their high ceilings, thick walls, crown moldings, and other architectural details. But all the charm comes at a high price. If you want something cheaper, look instead for post-war apartments. These are buildings built just after WW 2 when there was a housing shortage. As such, they’re usually less extravagant and come with simpler furnishing. But the one major trait they still share with pre-war apartments is spacious floor plans. They may not come with all the modern amenities and floor-to-ceiling windows that you’ll see in new developments buts that exactly why they go for a lower price.
No-Doorman Buildings
No doubt, a doorman is a great extra to have. They can receive packages for you and provide an extra layer of security. But if you want more space for less then they’re an extra you’re better off without. Narrow your search down further by looking for non-doorman buildings.
Unpopular Layouts
Simple economics tells us that the more demand there is for something, the higher the price and vice versa. Open-plan apartments are currently all the rage in NYC. These are apartments in which the kitchen, living room and dining room all seamlessly blend into one. But if you prefer a traditional setup with a separate room for each area, then you stand to get a better price. Look into what the latest design trends are in the city and then look for something else.
Final Thoughts
Unless you’re in the Fortune 500, it’s just not possible to find an NYC apartment that covers all your wants and needs. You’ve got to prioritize things and make sacrifices. If space is one of those priorities, then be willing to go without an elevator, doorman, popular layout or all three. Talk with a local real estate broker and let them know what your priorities are and what your willing to go without. If space is a priority than the others really won’t feel like sacrifices when it comes time for the next dinner party.
