New York City is one of the most desirable places to live in America. Known for doing things on a grand scale, it’s bustling lifestyle, and lucrative career choices, the city that never sleeps is the ultimate dream for millions of individuals. But with the cost of living in New York City coming in at 138.6% more than the national average, you have to be smart when it comes to selecting the perfect property.
Wait it out
Yahoo! reports that during the second quarter of 2019, properties in New York City spent an average of 131 days on the market before being sold. As a result of this long waiting period, sellers started dropping their asking prices at the highest level in almost a decade. This demonstrates how buyers are in the driving seat. So, when it comes to shopping around for a New York City home, look for ones that have been on the market for some time as you’ll likely get the best bargain. You should also avoid putting in a swift offer on a property until the price has been dropped at least once.
Consider a luxury property
You might think that purchasing a luxury property, such as a condo, is an unaffordable dream in New York City, especially as the New York Times reports that the average price of them is $1.5 million. However, as 25% of all condos built since 2013 remain unsold, there is plenty of room to negotiate on price. What's more, the benefits of condo living include no maintenance fees and shared repair costs so, in the long run, you'll benefit financially. Most people looking to become a homeowner will borrow the funds required to purchase a property. While the sum needed for a condo will be slightly higher, you can save cash by shopping around for the best home loan deal.
Get more for your money
New York City might be one of the most expensive U.S. cities to live in but there are still ways to ensure that you don't spend more than you need to. Properties in Windsor Terrace typically start at half the price of those in nearby Park Slope, according to the New York Post. Whereas, in Forest Hills, a condo can be picked up for $200,000 less than in Long Island City. This shows the importance of considering property in less-known areas of the city.
Living in New York City needn't be just a dream when you follow these tips. By biding your time and shopping for the right type of property in the cheapest areas, you'll be living your NYC dream in no time at all.