Buying a house or apartment in New York City is a significant decision, not only because real estate in the city costs a lot, but also because of different sets of requirements and regulations in each NYC borough. For instance, the regulations when purchasing a property in Manhattan are different from Queens. If you are a first-time property buyer in New York, you need the help of real estate property experts who can guide you through a smooth transaction.
Real estate agents are the usual go-to people when purchasing real property. However, some choose to hire a New York residential real estate attorney to ensure that every aspect of the transaction is thorough and avoid common real estate scams. These scams are prevalent in hot housing markets where transactions are fast because of the high demand for properties. Having a lawyer screen through the property and its documents can make it easier for you to sell it should there be a need in the future.
Why buy a house in NYC?
New York City is considered among the most highly urbanized cities in the world, serving as a hub for business centers, the best restaurants, Art Deco architecture, world-class theaters, and major music venues. The city is bustling 24/7, making it a center of commerce of its surrounding areas.
For this reason, NYC property prices are stable and always in demand. While there have been reports of a slight downturn in housing sales prices in some areas of New York due to the pandemic, median sales prices remain high. It is a very stable investment, especially if you’re thinking of leasing or selling the property after some time.
Tips when buying a house in NYC
Consider both the house and the neighborhood
The house may seem perfect—the ideal number of bedrooms and baths you need, a good view, the right size, and the right price. However, there’s more to buying property than just the house structure. You need to assess the neighborhood, proximity to work and school, and the real estate regulations in the area.
Hire a real estate agent or a residential real estate attorney
You should hire someone to help you if it’s your first time purchasing a house in NYC, making an international purchase, or not being aware of the real estate statutes and regulations in NYC. A real estate agent can provide you with complete support from every purchase stage, from searching for a property to buy to processing the necessary paperwork. Real estate agents receive payment on a commission basis for every successful transaction. If you are purchasing a property with complicated transactions, you may want to consider hiring a real estate attorney. They can review contractual agreements, facilitate the transfer of titles, help you avoid scams, and negotiate property prices.
Thoroughly study your financing options
You need to do extra work in this area. You will have to study and compare the interest rates of several lenders when it comes to mortgages. Request a loan estimate or a mortgage preapproval to see a breakdown of the costs and see which gives the best deal. A pre-approval also gives you better access to view some properties because it shows you are a serious buyer.
Look beyond Manhattan and consider outlying boroughs
Manhattan attracts a lot of property buyers because the world regards it as an entertainment capital and business center because of NYC. However, if you want to be more careful about property investing, you should look into nearby areas where properties have not reached their peak prices. These include Queens, Staten Island, the Bronx, and Brooklyn. This way, you can avoid competing with luxury developers in Manhattan and ensure that your property has a greater potential for returns.
Make better offers
Purchasing a house in NYC is a bidding war, and you need to make sure you are included in the list of buyers being considered by the sellers. You can negotiate better deals by making offers such as waiting contingencies, offering a rent-back agreement after closing, or an escalation clause. However, these offers are not without risks, so it’s best to consult with a real estate agent or an attorney if you want to sweeten your offer.
Buying a house in NYC is a very stable investment. With the comprehensive support of a real estate agent or a real estate attorney, you can navigate New York’s hot housing market without any worries. Purchasing a house in NYC takes a lot of work and personal research. Don’t leave the final decision entirely to your agent or attorney. Instead, empower yourself with knowledge of the NYC market to make sure you make the most informed decision before buying.