When it comes to luxury living, few cities offer as much as New York. From modern penthouses to Victorian rowhomes to Gilded Age mansions hidden between high rises, luxurious housing is as much a tradition as it is an ongoing development.
For first-time buyers, the process can be overwhelming, if not intimidating. The following is an essential guide to help better understand the various factors involved in the hopes of making the best decision possible.
Options
Generally speaking, buying an apartment in New York boils down to two choices: condos and co-ops. The former is not much different from buying a house, except instead of a standalone structure, you’re sharing walls with multiple dwellings other than your own. Co-ops are more like shares in a company. There are other differences, but that’s the primary distinction.
Once you decide whether to go the condo or co-op route, it’s time to create a list of units you’d like to visit. Save yourself a lot of time and effort by browsing images of properties online. While there’s always the possibility of editing after the fact, digital photography has gotten to the point where it’s practically indistinguishable from seeing the space in person.
If you like what you see, check for any units currently listed for sale. Consider looking at other properties managed by the same real estate firm. Companies like HFZ Capital Group are typically involved in several projects at any given moment, carrying their focus on luxury and style from one development to another.
Amenities
Which amenities do you want? Perhaps more importantly, which do you need? A parking garage might be enticing in a city like Atlanta, but it’s not as useful in New York. Access to private greenspace might sound unnecessary in Seattle, but prized in most of Manhattan. The preferences are ultimately yours, but consider the practical aspects of what you’re after.
If you’re unsure which amenities to look for, seek advice from experienced professionals in the Manhattan real estate business. They have the skills and expertise to assess the options and highlight the ones with the most to offer. Even better, they’ll back up their opinions with facts and keen insights.
Investment
The return-on-investment for real estate in New York has been on an upward trend for decades. It makes it easy to assume you’ll always make money buying and selling properties in New York.
Like most things in life, it’s rarely that simple. The cost of doing business in the world of New York real estate makes it very difficult to do more than break even. The two exceptions tend to be those who invest in multiple properties and those who don’t sell for several years, if not decades down the road.
Opportunity
If you’re investing in luxury units in New York for a quick profit, you’ll most likely be getting into the rental business. An alternative is a short-term vacation situation. Both are heavily regulated in New York. You’ll most likely be doing business through a property management service, so finding the right one will be crucial.
Buying a luxury home in New York might sound like a scary process to some, but the important thing to remember is you’re not alone. New York is a city where high-end living is practically commonplace. In some zip codes, it’s the only option available. Take your time to find the perfect place. It’s the best way to start life in the big city.