Has the time come for you to buy an apartment in NYC? If it has, well, congratulations are in order. But, before you open that bottle of champagne and before you start celebrating with your loved ones, know that buying an NYC apartment is going to be the most stressful experience of your life. Why? Because the real estate market there is one of the craziest in the world. The prices go up and down all the time, the apartments sell out in a blink of an eye, and other buyers like yourself will do anything just to ‘win the competition’.
Yes, buying an NYC apartment will be stressful. But, no, it will not be impossible. As long as you prepare yourself ahead of time, you will be fine. However, how does one do that? Well, we are here to answer that question. That is, we are here to tell you all you need to know before buying an NYC apartment so that you can prepare.
Assess Your Finances
One of the most important things to know before buying an NYC apartment is that the prices of real estate here are high. They are not just high – they are high on steroids! For instance, if you wanted to buy an average-sized apartment in NYC, you would need to spare around $2 million for it. Of course, the prices depend on the location, so, if you want something cheaper, pay attention to the Bronx’s Parkchester or Briarwood in Queens. And, if you want something really posh, then check out neighborhoods such as Noho, Hudson Yards, and Nolita.
Thus, before buying an apartment, assess your finances. Talk to a financial advisor, if necessary, and see how much money you can afford to spend. Moreover, if you plan on getting a mortgage, talk to a mortgage lender too – and talk to him ahead of time! Just as previously mentioned, all the apartments sell out quickly here, so, have your finances to be able to act quickly too.
Know What You Want
Apartments in NYC come in all shapes and sizes. Thus, before you start your ‘hunt, be sure to know what you want. The best thing you can do is get a piece of paper and write down all your needs and preferences. For instance, write down your desired location, square footage, number of rooms and bathrooms, nearby amenities, etc. When you decide to move to NYC, you should know there are many skilled people at your disposalwho can help you with heavy furniture and other moving-related tasks.
Once you know exactly what you want, buying an NYC apartment is going to be much easier. And, it will be much faster too! Just think about how much time and energy you will save by checking only the apartments that fit your must-have list. Moreover, with this wish list, you will do your real estate agent a favor too!
Find a Good Real Estate Agent
Once you decide to buy an apartment in NYC, you should turn to professional real estate agents. They are the only people who can help you find an apartment that fits your budget and all of your needs. Moreover, they are the only ones who will be able to guide you through the process of buying an apartment in this crazy real estate market.
However, choosing a real estate agent is not the same as choosing a wallpaper color for your bedroom. You can just walk into the store and pick one, no. Your real estate agent must be a person of trust – he (or she) must be reliable, professional, experienced, and local. So, hire an agent that was recommended to you or prepare to do a lot of researching and interviewing.
Find a Reliable Home Inspector
If you ask professional movers such as those from usantini.com, they will tell you to have the entire apartment inspected before moving in. Why? Because, unfortunately, many NYC apartments are flawed. Of course, those built recently are in much better condition, but, be aware of those in older buildings. You can encounter problems with plumbing, electricity, gas, walls, floors, etc. And, although some problems like leaky faucets and out-of-place wires can be easily and cheaply fixed, others cannot. Some problems will require a lot of your time, energy, and money to fix, and some will not be fixable at all.
Moreover, a home inspector is there to prevent you from buying an apartment that is over priced too! So, be sure to hire one as soon as you find an apartment you like. And, don’t try to cut corners on this one – you need to have a reliable and experienced home inspector if you want to buy an apartment that is in good shape.
Once you find an apartment you like, that is, once you find an apartment you can afford and an apartment that has everything from your wish list, it is mandatory to act quickly. Don’t spend too much time thinking about whether you like the kitchen or how will you decorate your bedroom. There is no time for that! If you don’t give your deposit and if you don’t make an agreement with the seller as soon as possible, trust us, somebody else will snatch that apartment. So, act as fast as you can. Have your money, your inspector, and your movers on speed dial!
As you have seen, there are many things to know before buying an NYC apartment. We mentioned just some of the most basic things, so, don’t hesitate to continue researching. The more you are prepared, the better! And, if you have some things that are troubling you, talk to your real estate agent – that professional is there to advise you on everything real estate-related.