Are you planning on moving to New York City? Thousands of people move to NYC every year. Some with the dreams of becoming movie stars or Broadway actors, others want to join the masters of the universe on Wall Street, and some just want to be a part of the most impressive city in the United States.
Whatever your reason for moving to New York, you will need to do a bit of research before you jump into the property market to purchase your first apartment. Here is a list of six tips you can use to make your search for your first home in the city a smashing success.
#1 Long term or Short term?
How long do you intend to stay in New York? If you are a med student studying your undergrad degree and will be around for four years or more, then you will probably want somewhere that you can enjoy living and then sell for a profit in a few years’ time when you graduate. However, if you intend to keep the property for as long as possible, then you should consider looking for undervalued deals that could earn you a good capital appreciation over the long term.
#2 Select Neighborhoods with Potential
Finding value is not hard in NYC, all it takes is knowing the right people. Search for recommended agents and brokers in select boroughs of New York. These professionals will have a list of undervalued properties in neighborhoods that are undergoing urban renewal and restoration projects. Buying into this type of market can see your homes valuation skyrocket when development projects are completed.
#3 More Rooms or More Square Feet?
Always look for the smallest property with the most amount of rooms. Living space is valuable in the city and the more rooms you can add to your apartment the better. Extra rooms are particularly helpful if you want to save on the first few years’ mortgage payments by taking on a housemate to rent one of the rooms.
#4 Raising the Money
Depending on your credit score, you may receive a favorable interest rate on a home loan from the bank for your new New York City apartment. However, don’t loan more than you can afford. If interest rises, then your monthly payment can skyrocket to a figure that you can’t afford and you may be forced to default on the loan.
#5 Taking Care of Legal Issues
You will need an attorney to help you with the legal paperwork of purchasing your first apartment. Search on Facebook to find a legal service operating in your chosen borough of New York City.
#6 Moving In
Hire New York City cleaning services to clean the apartment thoroughly before you move in. A fresh start will ensure that your new home is free of mold, dirt, and grime. Select a moving service that has a good reputation to prevent your possessions being damaged in the move to your new apartment.
The Final Thought
The hustle and bustle of NYC give the city a unique atmosphere found nowhere else in the United States. City living isn’t for everyone; you’ll have to deal with noise and activity all night in certain neighborhoods. However, if you are young and enthusiastic, your new home in the Big Apple will be exciting and rewarding.