How to Buy an Apartment in New YorkSeptember 18, 2018 - by City Guide News Desk
Are you considering a move to the Big Apple? New York is a city with an animated vibe and an active pulse. And if you truly have your heart set on living in the city that never sleeps, then you're in luck! The New York Post reports that apartment prices have declined precipitously due to so many high-end condos being built.
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For the first quarter of 2018, the average price for a New York apartment was $2.02 million, down 8.3% year-on-year. On top of the lower prices, developers are even offering additional incentives, like free parking and paying for state and city transfer taxes. Indeed, the time is now to buy an apartment in the Big Apple.
But what is the best way to go about it? Here’s a brief guide:
Prepare Your Finances
We have already given you a ballpark in terms of how much an apartment might cost in the Big Apple. Now, you can prepare your finances accordingly. Culture Trip suggests prepping a down payment that is 21–25% of the unit price, plus 5% more on closing costs. The higher you can go, the better.
Do a Rent vs. Own Analysis
Should you really buy an apartment? Or will renting one be a better option? Analyze both, and weigh up the pros and cons of each first. For all you know, renting might be the best option for you. So, take your time with this step and decide only when you’ve fully assessed everything.
Decide Where You Want to Live
Once you know if you’re going to look to own or rent an apartment, the next step is to identify where you want to live. The choice is entirely up to you, but you will have to exercise due diligence, as each area comes with different prices and advantages. Again, find the pros and cons of living in each area. Check out the prices of their apartments. If possible, do an ocular visit to get a feel of the neighborhood.
If you find an apartment you really, really like, then move quickly to secure it. The chances are the competition will be tough, so you better act sooner rather than later.
It’s always worth noting that you have the option of seeking help from a seasoned real estate broker. Unfortunately, the commission that real estate brokers take from deals is very high, especially in NYC. Yoreevo explains how the NYC property market has changed over the past 10 years, with broker services that were once at a premium a decade ago now having little to no value. For instance, 10 years ago brokers did the heavy lifting in terms of searching for properties and analyzing the real estate market. Now, you can do a property search online, and do you own market analysis using data available on the internet. There are, nevertheless, companies that provide full service representation for less, and this means you’ll need to be prudent in choosing a real estate broker in the event that you want one.
Once you’ve gotten yourself your own Big Apple apartment, all that’s left is for you to move into your new home. And this is where our tips on ‘How to Quickly Move to NYC’ will come in handy. You’ll obviously need to take stock of your inventory, and then find the best movers. Changing your mailing address is a must, too!
So, I suppose we’ll see you in New York!