What to Look for When Buying New York Real Estate
|
|
By Bill Greenly - HousingInfo.com
Jan 24,2008
|
The New York real estate world is a tricky one. Property in this "Alpha City" is at a premium, which means prices are high and buyers cannot afford to make mistakes when judging the market. Here are some ways to make sure you know exactly what you are buying and that you get the best deal when it comes to New York real estate.
Buying New York Real Estate and Understanding Square Footage
In many cities, the square footage of an apartment is a standard affair. In New York, this is not so. In a city where every square foot is worth big bucks, the temptation to exaggerate the total square footage is great. Sellers may include outside walls, unusable space and common areas in estimating the square footage. Even if you look at the apartment and are happy with the space, a bad estimate can cost you when it comes time to sell. Make sure a professional measures the square footage of a potential property so that you have an exact number before you buy.
Real Estate Appreciation in New York Happens Fast
Over the last couple of decades, gentrification has occurred in New York City at an incredible rate. Today's rundown building in a bad neighborhood could be tomorrow's multi-million dollar apartment complex. Try looking at the low end of New York real estate. Taking a few chances could reap big dividends a few years down the road.
What to Look for When Buying Real Estate in New York -- Be Careful of 2nd Avenue
A construction project is underway to build a new subway line up 2nd Avenue. This could take many years to complete. The loud noise, redirecting of traffic and other construction inconveniences could make real estate in this area undesirable to buyers for years to come.
Know About Parking Facilities for Your New York Real Estate Property
Parking is at a huge premium in New York City. If the property you are purchasing comes with parking facilities, this is a huge bonus, whether you are interested in using the parking for your own purposes or renting it out. Find out if the property you are considering offers parking and factor this into your calculations.
Find an Accredited New York Realtor
Not just anyone in the real estate business can call him or herself a Realtor; a Realtor is a real estate professional registered with the National Association of Realtors, and hopefully the New York Association of Realtors. These Realtors have access to the MLS, a type of Multiple Service Listing exclusive to New York City. This listing will allow the Realtor to identify all of the property available that fits a buyer's specifications.
The Outer Boroughs of New York Also Have Real Estate
Consider buying property in Brooklyn, the Bronx, Queens or Staten Island. Much of the property in these areas is a brief subway ride from Manhattan, providing buyers with all the benefits of Manhattan living, without the sometimes intimidating price tag. In addition, these boroughs contain their own cultural attractions, including the Brooklyn Botanical Gardens, Coney Island, the Staten Island Ferry, Flushing Meadow and Shea Stadium and Yankee Stadium.
Remember that in the current state of the national housing market, it may be difficult to turn around any property quickly for a considerable profit. Investors should consider they might need to hold onto property for a few years to get full value, even after they have invested additional money in improving the property. An ideal situation can be buying a property to live in or rent out until it is profitable to sell. |
Print
E-mail
Del.icio.us
Digg