How To Buy An Apartment In NYC? Here’s what to Consider

By: ROS Team

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Looking to buy an apartment in NYC?

Well, you are not alone as thousands of potential homeowners must be on the hunt for a house.

New York City’s real estate is complex, competitive, and confusing.

Many buyers don’t know where to start or what to look for. Maybe your dream apartment is eyeing by other parties. What if you end up with a home that is away from transportation or work? Or there may be hidden prices down the road.

Don’t worry!

We will help you stay organized and smart so that you can get a hand on the right apartment in NYC. All you need to keep the following tips in mind while buying an apartment in NYC.

1. Consider the Location:

Location plays an important role when it comes to buying or selling the property. You like to purchase a home in the vicinity of shopping, school, work areas, and transportation.

There is no use in buying a home in a remote location or an unsafe district. It not only causes inconveniences but also makes it hard for you to sell your home later. The point is here to pick the safe and convenient neighborhoods you want to live in.

2. Keep a Watchful Eye on Competition:

New York is known for highly competitive real estate. Demand for apartments in Manhattan and Brooklyn is always on the rise, especially for cheaper multi-bedroom apartments.

Good thing is that there is no shortage of supplies to meet this ever-increasing need for housing in NYC. And that’s too on great prices.

It lets you spend time shopping around, waiting for the right home, and negotiating. However, don’t lose the heart if you lose out on the deal. Instead, it is a great opportunity to come back with more determination to search for a dream apartment.

3. Understanding the Prices Range in Each District:

NYC is made up of five boroughs, or districts, each with its own price range:

  • The Bronx features affordable apartments with the median list price of $3, 29,000. However, the borough has limited transportation options. Good thing is that it houses many points of interest, such as the New York Botanical Garden and Zoo.
  • Brooklyn is counted among the most expensive places to live in the country. No doubt it features a median list price of $799,000. The borough is known for its vibrating nightlife, art and culture, and parks.
  • Manhattan is the most expensive borough in NYC with the median list price of $1,980,000. After all, it is the heart of the city where many people dream of living. Manhattan boasts the hustle and bustle New York City is known for, as well as dining and entertainment. It is the home of world-famous attractions like Times Square and Broadway.
  • Queens offers mid-range apartments with the median list price of $555,000. It is a melting pot of different cultures.
  • Located on the outskirts of NYC, Staten Island features the median list price of $549,000. Living in this borough means feeling disconnected from the rest of the city. However, it offers a spacious housing space and lots of open parking spaces.

4. Get Ready to Pay Other Charges:

We wish we could get the apartment by paying off its money only. But there are other charges you need to consider.

  • 20% of the apartment’s cost in your down payment.
  • 1% Mansion Tax is imposed on the apartment worth over $1 million.
  • The Fee of Real Estate Agent (if you hire them).
  • Other Closing Costs are bank fees and the appraisal fee.
  • Building Maintenance Fees.

5. Facilities to Look For in an Apartment:

It is important to look for some amenities in an apartment for your convenience. These might include:

  • Parking
  • Elevator Availability
  • Pet Policy
  • Doorman
  • Daycare for Elders
  • Sublets

6. Condo or Co-op:

This is an important point to consider while buying an apartment in NYC. You have to choose between condo and co-op. Both have their own pros and cons.

For example, Co-ops are affordable, but they are dominated by many rules and regulations regarding pets and sublease.

If you are ok with paying more and want to live independently, a condo is a suitable housing option for you. There are typically no restrictions in condos and you can sublease your apartment from day one. The condo also goes well with your investment purposes.

Read Also: Condo Vs. Apartment

7. Get Preapproved:

It is important to get a pre-approval letter from your lender or mortgage broker.

A pre-approval process tells you what prices range can match your budget. Another benefit is that realtors and sellers will take your seriously and allow you to view the property in person. Thirdly, it will make your mortgage process faster and easier. The process is simple—a lender will verify your income, run your credit and ask about your current liabilities and assets.

So these are some things you should ponder when looking for a house in NYC. What do you think? Let us know by commenting below. All the best!

Read Alos:

Mortgage Pre Approval Vs. Pre Qualification
What is the Difference Between Buying and Renting an Apartment?