Finding and buying your dream home in NYC can be a tricky task, especially from a financial standpoint. For many, and possibly you too, the scariest thing is the price, as some houses and apartments can cost $1 million in Manhattan, while the average price in Queens or Brooklyn sits at around $700,000. Also, sellers usually want a 25 percent down payment that does not help those looking for a house in the Big Apple.
Of course, there’s hope for future house buyers such as you. The number of homes on the market, both apartments and houses, are on the rise, meaning that buyers can find the deals they’ve been looking for for a long time. It’s also good news that real estate prices have been going down in the past months. This doesn’t mean that you can afford a luxurious house in the best parts of New York City, but you can get a decent home that caters to all your needs.
If you’ve made up your mind and want to buy and move into a home in NYC, you need all the help you can get. We made you a guide with all the necessary information you need to pay attention to find the home of your dreams.
- Homes are expensive in New York City
You’re probably well aware that homes cost a lot in the city that never sleeps. The median price can go up to $800,000 for a great-looking house in a fine neighborhood. Of course, Manhattan is still the most expensive area, while Brooklyn remains the most affordable region in the Big Apple.
Why do they cost so much? It should come as no surprise that NYC has always been way too expensive. This phenomenon is mostly because the city is a financial and cultural hub, not only in the US but also in the entire world, meaning that it attracts wealthy people and businesses. And this has a deep impact on real estate prices.
- The best time to make a purchase
Any real estate expert will say that the best time to buy a home in the US is at the end of summer. However, that’s not the case with New York City. If you want to find a great deal, you should try during the fall or spring. You have to buckle up, though, as these two time periods can become highly competitive. Luckily, you also have a lot of options and homes to choose from.
If you want the purchase to be as cost-effective as possible, try to avoid buying a house during winter. The cold months are the worst time to decide when it comes to buying a home. During the December-February time window, there are just a few listings on the market, which also means that you, as a buyer, can’t score a great discount.
- The types of homes that you might like
Many people wanting to move to NYC are looking for a great condo. One of the great things about buying a condo is that you have full ownership of it. Plus, it’s easy to sell or rent these apartments if you decide later in life. Condos are an excellent choice for you if you’re not looking for something long-term.
However, if you want to go for a long-term investment regarding a home, you can choose a co-op. In such a building, owners get a share in the association: all the shareholders are the owners of the buildings and its units. The one thing you need to remember about co-ops is the boards. They can determine whether you can rent out your apartment or even make significant changes to it.
For some, the dream home in NYC is a townhouse. One can serve as the perfect family home. These are narrower than detached homes, but they have a rooftop and a relatively big backyard.
But for most, the dream is buying a detached home. However, you can’t find one of these if you’re planning on moving to Manhattan. However, if you’ve wanted to relocate to one of the outer-borough neighborhoods, you are in luck, as there are plenty of detached houses there. For example, Forest Hills is a great place, while Ditmas Park offers many options.
- Moving in
After you’ve bought your dream home, it’s time to move in. As this can be an exhausting and problematic task, you can make your life a lot easier by hiring a professional moving company. Highly-skilled movers NYC have all the necessary tools and a good workforce to make the relocation as efficient as possible.
When you go with the pros, your only job is to tell them your inventory and where you want to move. The experienced movers will take care of everything else, such as packing, transporting, and unpacking your belongings and placing them to their new spots in your new home.