It’s not just young people who are making a move to the big city. Increasing numbers of empty nesters are also looking to make the switch from the suburbs to the city. The reasons range from wanting to be closer to their now-grown kids to downsizing to better convenience and cultural opportunities. At present, New York is home to almost 1.4 million people over 60, a number projected to increase to 2 million by 2040. Whatever your reasons are for moving, here are the things empty nesters should consider before making a move to the Big Apple.
Rent or BuyRent or Buy
The first thing to consider is whether to rent or buy. A rental building, as opposed to a condo, is the more stable option. A condo owner could sell at any time, which can leave you without a place to live. For shorter-term through a condo can also work. If renting, know that it’s pretty common for landlords to require that tenants make 40 times their rent to secure a lease.
If you’re looking to buy, enlist the services of a good realtor who can help you secure a good place. They can help find a good apartment and negotiate for a good price and handle the paperwork.
Be realistic about how much space you need and can getBe realistic about how much space you need and can get
If you’ve never lived in NYC before, you need to be realistic about how much space your money can buy. Even if your whole reason for moving is to downsize, be careful about going too far. You may feel that a one-bedroom apartment will be fine, but if you’re downsizing from a four or five-bedroom house, it can feel very cramped.
What sort of amenities do you need?What sort of amenities do you need?
The New York housing market is crazy for amenities now. On-site gyms, 24-hour doorman, laundry, a pool, the list goes on. All of this can seem very enticing at first but don’t get carried away. Instead, decide on what amenities are essential and which you can forgo. For empty nesters, this might be the extra convenience of doormen buildings where you can receive packages, dry-cleaning, and so on. Outdoor space such as a balcony is also a much-requested feature.
Decide on what neighborhood suits you.Decide on what neighborhood suits you.
If your moving to be close to family, this may be, decided. Otherwise, take some time to learn about the different boroughs and neighborhoods. Older people tend to favor the Upper East and Upper West sides due to their relative tranquility. On the other hand, people are coming back to the city because they want to enjoy life, making the busy atmosphere of SoHo and downtime not great. Of course, it depends on what your interests are.
The proximity of a home to public transport is a significant factor in NYC housing, especially if you’re still working. Getting around in NYC can be chaotic, making homes located closer to subway stations pricier. Those coming from the suburbs also tend to have a hard time giving up their cars. If so, be prepared for a lot of wrangling with New York parking rules. To make it easier, factor in a garage or parking space arrangement in your search.