Location. Location. Location. We all know that location is essential no matter where you chose to live. But in New York City, buying real estate in the right neighborhood, on the right street, and in proximity to the essentials you’ll need for daily life might be more critical than it would be in other cities. Here’s why.
Due to the size of New York and the variety of neighborhoods (the city is a collection of small towns), finding your corner of the Big Apple is crucial for long-term happiness here. What’s more, no one wants to make a mistake and purchase an apartment that will lose value. By buying in an excellent location, you’re much more likely to make a profit when you go to sell.
Living near these six places in NYC will surely increase property value over time, and give you a good return on your investment.
Near a subway station
Having access to public transit and not walking a mile to the nearest subway station is high on the list for most New Yorkers. If you buy close to a subway hub, not only will you reap the benefits when you sell your apartment, but your life will be more convenient until you do.
Where you can always catch a cab
Certain sections of the city are packed with crowds of tourists, which can make hailing a taxi nearly impossible. There’s still Uber, you might say, but when taxis are in demand, more than likely, so is Uber, so even flat rates could be higher. For instance, in my neighborhood on the Upper West Side, I can always get a cab. Always.
Alongside a park
Living alongside green space is a requirement for many New Yorkers who choose to live in the city. Being surrounded by concrete gets old over time, no matter how exciting Manhattan sounds. But having a park within a short walk can enhance your quality of life immensely, leaving you with a desire to live in the city over the long-haul.
Close to amenities
Living near basic amenities might seem like a no-brainer, and in NYC, most neighborhoods offer their share of eateries and retail. But there are a few amenity deserts out there where real estate prices will be lower. Know that this is because those areas probably lack conveniences like a coffee shop, Trader Joe’s or other specialty grocery store, a bodega, and other big city necessities such as a gym and drug store.
Properties in a good school district
This one doesn’t apply if you do not plan to have kids, but if you’d like to start a family and stay in the city, living in a good school district will be at the top of your list. Bear in mind, many of the city’s best public schools have wait lists, so it’s a good idea to do some research before you decide to purchase an apartment anywhere. A private school is an option if you can afford the tuition and your child can get accepted.
Properties located nearby developments under construction
If you can stand the noise and untidiness until construction is finished, buying close to a new building could be a bright idea. New developments usually come with higher prices and tend to raise the average selling prices in a neighborhood or zip code, leaving you with a higher value when it’s time to sell.