We hope that you have started to find some apartments of interest. We wanted to share with you our top 5 tips for finding an apartment in New York City:
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| You'll find it helpful to understand what items you are willing to compromise on and those that are non-negotiable. Some of the key items to consider are: |
| How important is a doorman? |
| How important are building amenities such as a pool, gym, garage, outdoor space? |
| Does the building need to be pet friendly? |
| Do you want a newly renovated apartment? |
| How important are apartment features such as closets, natural light, views, etc ? |
| The minimum number of bedrooms and bathrooms? |
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| New York is a city of countless interesting neighborhoods, each with its own distinctive character and amenities. Knowing which ones are of most interest to you will help you narrow your options. |
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| Concerning timeframe, most people either have a specific event driving their decision (relocation, life event such as marriage or new children or lease expiration) or are more driven by “when I find the right property”. It will help your process to understand what your own timeline is. For budget, keep in mind the monthly expenses (taxes and common charges or maintenance) to arrive at your preferred budget range. And talk to your accountant and/or financial advisor to discuss what percentage is appropriate for you to finance, if any. |
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| In general, there are two key forms of property ownership in NYC – condos and co-ops. The primary difference between the two is that with co-ops one purchases shares in a corporation (and that corporation owns the building) whereas with a condo, one actually purchases the real estate directly. A significant portion of the NYC housing stock is comprised of cooperatives (known as "co-ops") and they are especially common among pre-war buildings. There are pros and cons of both ownership types and before you focus on one or the other, be sure that you understand both. |
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| Given its size and complexity, navigating the NYC real estate market on your own can be a daunting and frustrating experience. There are countless issues that you’ll have to be aware of and, without assistance, coordinating appointments, offers and board packages can become a part-time job. Also, keep in mind, that all listing agents represent the seller and have a fiduciary responsibility to the seller. As a result, it can be much more difficult for a listing agent to adequately represent both the buyer and the seller and therefore we recommend that buyer’s work with their own agent who will have undivided loyalty to you, the buyer. |
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If you have any questions concerning any of the items above – or anything else related to the NYC market – please reach out. We’re NYC real estate experts and are keen to share our experience, knowledge and love of the city with you.
Call us anytime – we’re at 212-755-5544 – or just reply to this email.
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Happy apartment hunting,
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Your CityRealty Team!
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An equal housing opportunity