Buying a house in New York might seem intimidating at first. Why not? If you look at the numbers, you will be shocked. As per the current scenario, the median sales price of homes in New York is $622,026. The price went up by 3.4% on last year.
But there is good news. Despite the high price of the properties, the New York Housing market inventory is increasing.
New York has been a desirable place to buy property for years, but as the years have gone by, it has only gotten more competitive. The most important thing to remember is to equip yourself with knowledge of how to navigate the New York market.
Here is the thing you need to know when house hunting in New York:
Have A Tight Budget
As beautiful and exciting as the possibility of moving to New York is, it’s also important to remember to keep a budget because New York is notoriously expensive.
The cost of living in New York itself is one of the highest in the country, and no wonder the housing market is equally expensive. The housing market can get competitive since the city is full of people looking for homes.
Having a tight budget is essential so you won’t find yourself falling in love with a property you can’t afford. You can ask for the services of the CNY Realtor to help you find the best property that suits your budget.
Also, you can plan out your monthly budget for your necessities like transportation, bills, and groceries so you’ll be able to sustain yourself throughout the month.
Do Research On Which Neighborhood You Want To Settle In
New York is huge and vast. It has a number of neighborhoods that range from fast pace to lively and artistic. One of the first things you can ask yourself when preparing to move to New York is, “Where do I want to live?”
Visiting the neighborhood, you’re interested in to see which local stores and restaurants are close by is a good idea.
The reason why visiting the neighborhood beforehand is essential is to see if it’s an area you would be happy residing in.
For example, if you’re someone who depends on public transportation like the subway, you want to ensure that your neighborhood is close enough for you to successfully rely on.
Another tip for house hunting would be to visit the neighborhood at night as well. This is to see what the nightlife is like there. Is it loud? Is it safe? These are the questions that will come up when viewing the potential neighborhood.
Determine The Most Important Features
New York is huge and has so much to offer, so make sure that you explore all your options. You need to write down which features you’re looking for and which are essential to you. Knowing in advance what you’re precisely looking for will help get you closer to your dream home.
There are unique types of homes you can choose from in New York.
Condo apartments
If you like living in a skyscraper and want to own a piece of property that’s attached to other units, this choice is for you.
Townhouse
It’s usually attached to other townhouse buildings and often are duplexes that are used for the whole family or rented as separate spaces.
Loft
They’re very popular if you want an open floor plan while saving space and there are several lofts available in New York.
Detached home
These are relatively more expensive in New York because space is a luxury in the city, but nonetheless less the option is still available.
Get A Home Inspection
Getting a home inspection is a crucial step in the home buying process, and buying a home in New York is no exception. Home inspectors are licensed to check if the homes are in good condition before the sale.
For example, they check things such as plumbing, lighting, and the state of the walls and roof. This becomes especially crucial if you’re buying property from a city where there are a lot of old buildings.
Getting a home inspection report might also give you leverage in the negotiating process; if something isn’t up to date, you can argue for a lower price for the fact that you have to either fix or upgrade some areas.
The Process Of Closing The Deal
After you hire a home inspector and they’re satisfied with the report, you can continue with your plans to buy the house. You’ll be presented with a binder of important documents to consider.
These include the selling price and how much the down payment is, just to name a few. If everything goes well from there on, you’ll be able to close the deal by signing the contract and having the title deed transferred to you as the new owner.
Do Watch For The Red Flags
You can never find a perfect home. However, when you are house hunting, it is necessary to look for potential red flags before you sign the contract paper.
When you are looking at the listing, always be sure to avoid the homes that don’t have any:
- pictures of the rooms,
- kitchens, and
- Bathrooms.
Moreover, you might find properties where the price is too good to be real or a house that quickly returns to the market after the last sale.
These depict that the property has some issues related to the structure. There are also possibilities that some factors are affecting the value of a house.
Other than that, you must take a proper room tour to find out the issues like,
- Water damage,
- Molds,
- Cracks,
- Termites, and
- Saggy ceilings.
There can be issues right beneath the property that you might niot be able to find out. In such cases, you must ask your agents questions. You can also ask for an inspection report before you buy the home. This can help you be aware of the issues and find potential remedies.
Enjoy Your New Home!
House hunting in New York can be competitive, but it’s beneficial for you to know what to expect.
You must understand two basic things. One is what you want in your home. Second, the amount you’re willing to spend will help you find your dream home.
You must have precise answers to these questions. The most important thing to remember after you buy your dream home in New York is to enjoy it!
Happy House Hunting!
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