New York City is one of the most vibrant, bustling places in the world. It's a mecca for foodies, fashionistas, and culture aficionados. And, of course, it's an amazing place to call home. But if you're thinking of purchasing property in NYC, here are 7 things unique to NYC that you should take into account before making your final decision.
- Location, location, location: Everyone knows that real estate is all about location. In NYC, this could not be truer. When considering a property, be sure to take into account the neighborhood it's located in. Is it close to public transportation? Are there any schools or parks nearby? What's the general feel of the neighborhood? If you're looking for a quiet neighborhood, you might want to avoid areas that are close to bars or nightclubs. All of these things can have a big impact on your quality of life. Take some time to explore the surrounding area and get a feel for the neighborhood before making an offer on a property.
- The building: Take a look at the building itself, not just your unit. Is it well-maintained? Are there any obvious signs of disrepair? How old is the building? These are all important factors to consider, as they will have an impact on both the value of the property and your monthly maintenance fees (if applicable).
- The Bones of the Space: When looking for a home, train yourself to look past the interior decor choices of the previous owner, and focus on the big picture. Pay attention to the structural elements like ceiling height, square footage, layout, sun exposure, views, good sized bedrooms, items that you can’t change. Take into consideration whether there’s central air, the condition of the hardwood floors, and that only minor renovations are necessary.
- Maintenance fees: Be sure to inquire about them before making an offer on a property. Maintenance fees can vary widely from building to building, and will be an additional monthly cost on top of your mortgage, so it's important to know what you're getting yourself into before signing on the dotted line.
- The amenities: Many buildings in NYC offer incredible amenities like doormen, concierges, gyms, rooftop decks, and more. But these amenities often come at a cost (usually in the form of higher monthly maintenance fees). Be sure to weigh the cost vs. benefit of these amenities before making your final decision on a property.
- Future plans: Are you planning on starting or adding to your family? If so, this is something to take into consideration as it can affect the size of house you need and proximity to parks, daycares, schools, etc.
- WFH? Hybrid? What is your current work setup? Will you need a home office? Good lighting? Space for a desk? Make sure to take your current (and possible future) work requirements into account when thinking about the size and layout of your home.
Last but not least, don't forget to listen to your gut feeling when evaluating potential properties! After all, you'll be living there—so you want to make sure it feels like somewhere you can truly see yourself calling home sweet home someday soon."
Purchasing property is a big decision—especially here in New York City! By keeping these 8 things in mind during your search process, you'll be well on your way to finding the perfect place to call home sweet home.