New York City boasts a huge array of housing options, from five-story walk-ups and tiny efficiencies to multi-bedroom apartments and homes. Thanks to the variety of boroughs, districts, and neighborhood, you may be surprised to find many houses for sale within your price range. If you are prepared to rent or purchase a home, follow these tips to navigate the process with ease:
Examine Your Budget
Home ownership is rewarding, but it can be easy to be swept up in theeagerness and glamour of owning a home outside your price point. Before browsing any options online or in person, create a budget and stick to it. Include a rough estimate of electric, water, insurance, transportation fees, and any other associated costs. A good real estate broker will work within your price range without pressuring you beyond it.
Know Your Neighborhood
When it comes to New York City neighborhoods, there are many factors to consider. Are the houses on your block older, with neighborhood association rules and regulations? Is your new home in a trendy district that may be noisy or high-traffic? Do you have children who need a school or park within walking distance? Are you easily able to access grocery stores or other markets? Some factors may be flexible, but knowing which points you are unwilling to budge on will help narrow your search.
Parking and Transportation Considerations
Many homes for sale in NYC have a garage, but others may only have restricted street parking. If you have multiple vehicles or work unusual hours, be sure to ask about parking restrictions or fees. Otherwise, pinpoint the nearest bus and subway stops and calculate the length of your new commute.
Ask for Disclosure Statements
Disclosure statements are a way for you, the buyer, to learn more about the house and its surroundings. The seller is responsible for collecting information about the property, such as its leaky windows or loud neighbors. Other forms of disclosure statements include notices about nearby, long-term construction or development projects. Through the use of disclosure statements, the buyer is more educated, and the seller is better protected from future legal action.
Prepare for a Property Inspection
Full disclosure up front can help the seller and give you, as abuyer, peace of mind. Still, inspections are essential before closing. A property inspection is typically performed while in escrow, where an independent party holds onto funds until both seller and buyer have committed to the sale. The home inspection may bring new issues to light, which you can discuss with your seller or real estate broker. Once you are prepared to begin the search, browse a list of the homes for sale in NYC and enjoy the process of finding your new property.