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A first-floor apartment might be priced lower than an upper-floor neighbor, even if the space has been renovated. I remember falling in love with a first-floor unit in a grand prewar building during my apartment search a few years back. When I thought long and hard about spending my life savings on that one-bedroom unit, I couldn’t pull the trigger because something didn’t feel quite right. Knowing what I know now about the NYC real estate market, I feel confident that I made the right decision to live on a higher floor instead.
A walkup might be the exception to the rule, particularly if it offers access to a private outdoor space. But if you plan to purchase in an elevator building, you might want to avoid making offers on ground floor apartments for the following reasons.
More noiseMore noise
You will experience more street noise, but you’ll have to contend with building rackets too. Mailboxes, delivery people, more frequent opening and closing of elevators, not t mention every resident of the building could be passing by your apartment door daily.
Less securityLess security
Let’s face it. First-floor apartments are more likely to be targeted for robberies than those on high floors. They’re accessible from the street by windows. Depending on the building’s security system (doorman, no doorman, virtual doorman), someone might sneak into the lobby and look for trouble. If this is the case, it’s unlikely that a criminal will travel to a high floor because they usually want to get in and get out quickly.
Not as privateNot as private
Do you want strangers peering into your apartment and watching what you give yourself a mani-pedi? If your windows face the street, you won’t have the same level of privacy as you would even a few floors up. The other option is never to open the windows and keep your shades or curtains drawn, so passersby don’t have the opportunity to spy on your every move.
Lack of viewLack of view
Not every apartment comes with exposure, but you won’t have any exposure in a ground-floor unit unless your apartment overlooks a garden or backyard.
Less lightLess light
High floors garner more natural light, so chances are, you’ll be giving up sunlight for the duration of your time living there.
Harder to sellHarder to sell
For the reasons mentioned above, potential homebuyers might pass on your apartment when you go to market. Comparable ground-floor apartments on higher floors will more than likely move first. Or, offers may be slow going –– if you get any offers.
Lower resale valueLower resale value
In co-ops, higher floors have a more significant number of shares. Although maintenance costs are steeper, an apartment on the tenth floor will usually have a higher resale value than an apartment on the first floor. If you choose to buy a ground floor unit, know that the same square footage and condition apartment will probably sell at a higher price, even if it’s only a few floors above yours.