New York City is one of the most expensive zip codes in the country that attracts thousands of new buyers each year looking for a home or investment property. Manhattan’s real estate market still holds strong compared to other popular destinations around the world. Particularly, the high-end luxury market for real estate continues to soar with lucrative sales transactions well over millions of dollars year after year.
Before you start your property search, it’s important to understand your needs so you can narrow down the property selections that best suit you.
Is it for you, for you and your spouse, a family home, or an investment property? Are you looking for a condo with all the luxury amenities such as a building gym, residents lounge, and rooftop terrace? Or, are you interested in more privacy such as a townhouse that will provide you with your own personal walk-in entrance? Remember to consider factors such as upkeep/maintenance when property searching. How is the condition of the building interior and exterior? Are you planning to renovate or are you looking to move into a place that is move-in ready with minimal fixing?
How much can you afford? Will you be financing or is it an all cash offer? You can speak to a mortgage broker to get pre-approved for a bank loan if financing is your option. Ask for a financial analysis on your current situation. At The Modern Agent, we are happy to provide you with a customized Financial Analysis form upon beginning your search for a home. This helps you run a scenario of what your monthly carrying costs will be for a particular property, including the tax benefits.
Which neighborhoods appeal to you? Are factors such as school district of concern to you? Think about commute time to and from school or work. It has to fit your lifestyle.
Determine which type of residency interests you. These range from older historic buildings to brand new developments. Determine which type of neighborhood works best for you: from well-established, to trendy, and up-and-coming.
Today, the internet provides a wealth of knowledge for the masses. You can do your own comparable market analysis aka (comps) by researching what’s the going market price of homes selling in your neighborhood or the neighborhood you would like to live in. It’s important to do your own research prior to seeking the help of a real estate agent so that you can make sure you are not being misinformed.
As much as it is important for the buyer to do their own research prior to starting the property search, we do advise buyers to seek help from an experienced real estate agent. By doing so, your agent will be able to help with all the details of home buying process from financing, to negotiation, and closing. A good agent will be able to point to you a reputable lawyer for solid legal advice. Entrusting the help of a reputable and reliable real estate agent is equally important so that when you have closed the deal and become the new homeowner, the ultimate result is one that makes the most economic, financial, and legal sense for your specific needs.
Best of luck property searching! If you have any questions, please don’t hesitate to contact The Modern Agent! (email@example.com)