7 Steps to Purchasing Your First Apartment in New York City

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New York City, The Big Apple, home to icons such as Times Square, the statue of Liberty and Central Park. NYC is Americas largest city and the financial hub of the country.

The fast-paced lifestyle of New Yorkers means that the city is alive at any point of the day. Streets hum with excitement from sun up til sundown.

Moving to New York is an exciting experience and if you have the good fortune of being in the position to purchase some real estate in the city, here are seven steps you can use to select your first NYC apartment.

 

#1 Work with Professionals

An essential step in the process of finding a new apartment is to work with professionals. Speak to local property agents and brokers in the borough where you would like to stay. Brokers will have their ear to the ground and will know where to find a good deal.

 

#2 The Quest for Value

Don’t be afraid to look at areas where you would not expect to find a deal due to the status of the neighborhood. There are many areas of New York that are being renovated and revitalized. Urban restoration projects and travel projects are completed all the time, and they can improve the valuation on the neighborhood. Speak to your broker or agent about areas that they may know of where you can find real value.

 

#3 Space is at a Premium

The more apartment you can get for your money the better. Go for the number of rooms over the room size. If you ever need to sell or rent the property, new tenants will prioritize rooms over square footage.

 

#4 The 10 to 1 Rule

Always look at at least ten properties to find one good deal that you can make an offer on. Sometimes you may strike it lucky and find a great apartment that suits your needs immediately. However, it would be wise to take a look around at other options before you make your final decision.

 

#5 Inspecting the Property

Hire a professional property inspector recommended by your property broker or agent. The property inspector will be able to look for hidden defaults in the apartment that you may not be aware of. Faulty wiring, mold on the walls, and plumbing issues will be uncovered by the inspector if there are any present.

 

#6 Raising Capital

Try to put down as large a deposit as you can and make sure that you do not loan more money from the financial institution n\than is necessary. Interest is set to rise over the next few years, and this will impact the amount of your monthly mortgage repayment. Speak to an accountant about the financial costs involved before you sign the paperwork.

 

#7 Hire Legal Counsel to Close the Deal

You will require an attorney to assist you in the final stages of closing the deal. Your attorney will also look through the contract of sale and let you know if there is any misrepresentation in the contract clauses.

 

Closing Off

When the big moving day arrives, hire a moving service that is trustworthy a reputable. Your possessions will remain intact, and nothing will be broken by the moving staff. Look online for a hire maid service to clean your new place the day before you move in.

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