Buying Manhattan real estate may seem like it’s only attainable for the Wall Street success stories or top level city executives. However, buying in this city is the same as buying in any other city – you have to take the same steps to get there (it just might empty your wallet a bit more).
Owning property in Manhattan is a great accomplishment that takes some planning. Here is what you need to know to be a savvy buyer in the New York City market.
Research the market to be realistic and informed about current prices. Knowing your market can also help you decide what area you would like to call home and what you can truly afford. Check out Platinum Properties’ NYC Neighborhoods page to find out about each area’s nightlife scene, peace & quiet, or best areas for shopping. Find out which areas are trending in Manhattan and which will be in high demand in the future when you might want to sell.
Do some serious saving. Anyone who owns property can tell you that in order to buy, you must save. It takes most smart buyers years to save enough to buy New York City property. If you are serious about buying, be serious about saving. Every saved dollar counts. From packed lunches to date nights in, everyday savings is crucial. For first-time buyers, closing costs add thousands of dollars onto the sales price, so it’s important to be well informed and financially prepared.
Know your needs and understand you might have to make some sacrifices. Think about where you can cut spending. Do you really need to buy that morning coffee or can you make it at home before running out? Two nights of bar-hopping can equal one week of starvation when you’re on a savings budget. Consider your priorities. Find a balance that works for you. Welcome to living the Big Apple!
Platinum Properties agents are the absolute experts at finding the right apartment for you and your budget, let us help.
For more tips on the buyer’s market, visit our Buyer’s Guide.