How much does it cost to buy an apartment in NYC? The ironic answer to this question is: “Expensive.” Still, people bought and continue to buy apartments and even houses in this city. In this article, we will help you navigate the housing market. Even people on a tight budget can find suitable options in seemingly hopeless times.
Before we talk about how to buy a house in NYC, let’s do a little research. Have you already chosen a suitable area or are you still open to new ideas? It’s also important to determine how quickly you want to move. If you are willing to wait, the obligator should consider buying a home in a building under construction. For example, Vineyards at Blue Point is a great option. This complex of condominiums and townhouses will be completed next year. The first buyers can choose the most successful locations, which in a year will increase in price by 2 or 3 times. Now let’s move on to our recommendations for buying house in New York.
How much do homes cost in NYC?
According to estimates of financiers and realtors, the average income of a New Yorker does not exceed $ 60,000 per year. Considering that the typical price for an apartment in Brooklyn is about $ 800,000, buying your own home seems impossible. But banks and lending companies are helping to solve this problem. It is important that buyers are willing to accept a smaller area, a remote area, or other additional terms.
For example, if Manhattan is your goal, be prepared to pay at least $ 1.6 million for a small apartment. Those who agreed to move to Brooklyn in 2019 needed to spend about $ 970,000. Experts say that prices will gradually decline in the future. This is due to an increase in the number of proposals and a large number of new buildings.
Why is it so expensive?
The sharp jump in property prices triggered the 2008 crisis. After the recession, a financial recovery began. A large influx of investment has led to the emergence of many new construction projects. Investors preferred to invest in luxury real estate, which could not be cheap. Home prices in the secondary market have also gradually crept up to reduce the gap with luxury housing.
When is the best time to buy?
The real estate market in New York differs from the general situation in the United States. Usually, experts advise buying houses at the end of summer. During this period, buyers have more choice and a chance to get a discount. But a different trend has developed in New York. In the spring, you can expect the largest number of new offers. If you are not too financially limited, but at this time you will definitely find the house or apartment of your dreams. In the fall, there are many average and not very successful options on the real estate market. But during this time, shoppers on a budget can look forward to the biggest discounts. If you understand that the bank will not approve of a mortgage for a large amount, and you really want to buy a home, then in the fall you have every chance to fulfill your dream.
Homebuyer Considerations
To get a good deal, you need to prioritize correctly. Experienced realtors advise you to move in stages:
- List important characteristics of the house (area, number of bedrooms, secondary market or new building, maximum value);
- Check your credit rating and get a preliminary approval of the mortgage from the bank (before that, study the offers of several banks);
- How long are you willing to wait for the move after purchase;
- Is it important for you to be able to rent this property in the future.
New or resale?
Buying real estate on the secondary market is justified if you really want to live in a certain area or you do not have enough money for a new home. In other cases, it is better to pay attention to new buildings. To buy an apartment in a newly built complex, you do not need to wait. But the move can take a year or more. If you are not ready to wait that long, consider the already completed new complexes. An excellent option would be to buy a townhouse in the Enclave Pleasantville NY. We assume many advantages of cooperation with the developer:
- New buildings are equipped with energy saving equipment;
- Walls in new houses have improved heat and sound insulation;
- In the near future, you will not need to make repairs.
If after the purchase you find flaws in the premises, the contractor will fix them free of charge.