A first-timer’s guide to buying an apartment in New York City

Posted by Julia Bishop on December 19th, 2019

When checking out New York property listings sites, or looking for apartments for rent near you, one thing that might derail you is having absolutely no clue what you are doing or looking out for.

Do you settle on a neighborhood first, or choose a broker? Do you receive pre-approval for a mortgage? Being a novice never helps. If you are a newbie, below are some the takeaways that can help you find, and lock down the perfect apartment for rent near me deals:

Baby Steps:

The biggest mistake first timers make is that they do everything backwards. First of all, you need to explore a neighborhood, before talking to mortgage brokers for pre-approvals, and them looking for a broker.

Exploring a neighborhood and narrowing down your search, helps you quickly eliminate the areas you might not like. Then, it wouldn’t hurt to get your mortgage pre-approved early, as it not only informs you of how much you can afford to spend on a property, it also has to be included in all your bids.

To find a broker, you may have to rely on referrals. The internet is not so bad as well. All you need do, is run deep background checks on the various reps to see what they’ve sold, what they currently have listed, and if the properties meet entertainment venues near me.

Co-ops or condos

In New York, condos and co-ops make up the bulk of non-rental housing. And, before anything else, you need to know which of best suits you. A condo would be perfect if what you want is a newer structure with more amenities, and a unit that can be easily rented out. While, a co-op is best if you want a more like-minded community with cooperative apartments.

Dig into data

Analyzing real estate data would help you see how far your money can go in various parts of town. When you know the type of property you would be most interested in, and what the units are selling for, you would understand what’s within reach.

Data you should look out for, include: track listing prices, inventories and sales prices. By comparing these data to last year’s, you would have a sense of where each area is heading.

Act Fast

In the real estate business, you have to be smooth. When you find out that inventory records are low this year, you might want to stay away from first-time purchases. Being aggressive is a way to win in this market; if you find a very good opening, go for it. It’s also best to submit quick offers and be prepared to pay over ask. Good luck out there!