Real Estate in New York

Buying Real Estate in New York

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Buying real estate in New York is a separate art. Usually, an investor is helped in this matter not only by a realtor, as in many other cities of the world, but by a whole team of professionals. A practicing American broker tells you why this is necessary and how the process works.

How to Search for Real Estate in the USA

You should start the purchase with a preliminary selection of the object. You can search for real estate in the USA on local popular portals. The main ones are:

  • Zillow
  • Trulia
  • Redfin
  • ZipRealty

Also study real estate offers in the USA. You can sort ads by the parameters that are important to you, save your favorite options and subscribe to updates. You can also submit a request for the selection of an option according to your requirements – realtors will send you a selection themselves. Articles and news about the USA will help to understand the situation in the local real estate market.

Why New York?

Real estate in New York is in consistently high demand. There are several reasons for this. First, it is the largest city in America, as well as a recognized world center for finance, technology, art, fashion, and media. It is one of the most popular tourist destinations in the world: more than 66 million tourists visit the city every year. It is also the largest transport hub: there are three airports and a seaport in New York. And there are prestigious universities and some of the best schools in America.

New Yorkers have the highest per capita income of any region in America. The city is home to more than 100 billionaires and more than 3.4 thousand super-rich people (owners of net assets of $30 million, not counting the cost of basic housing). This means that the effective demand for real estate is secured.

At the same time, it is customary to rent housing in the city – 67% of apartments are rented. In addition, right now is an exceptionally good time to buy: mortgage interest rates are close to historical lows.

Who Can You Not Do Without When Buying A Home

Before starting the process of buying a home in the USA, you must assemble a team of professionals. It usually includes a real estate broker, a bank employee or mortgage broker and a real estate lawyer. As with most teams, the stronger the individual players, the better the result will be. So carefully and thoughtfully choose the people you will work with.

The first person a buyer consults about buying a home is usually a real estate broker. Of course, he must have a license, but it is also necessary that you are comfortable working with him. The broker should specialize in the areas where you plan to buy a house, must always be in touch by phone and email, be ready and willing to answer all your questions, and inform you about new apartments in the market.

An experienced real estate agent will noticeably help in the search for ideal locations and market analysis, will represent your interests in negotiations with the seller, and will recommend other qualified specialists that you will need.

Your real estate broker will coordinate the activities of the rest of the team, and there may be many of them: a lawyer, mortgage brokers, housing inspector, property law specialists, accountants, financial consultants, surveyors, architects, appraisers, employees of construction companies, designers, movers, etc.

How the Broker Helps with the Search for a Home

At the beginning of working with a real estate broker, tell him about your priorities and preferences. The price range, preferences by area, the size of the apartment, the necessary amenities in the house, and also explain whether you are buying a property for your own residence or for investment. Remember: flexibility in any of these areas will significantly increase your chances.

The broker will select apartments that meet your requirements and invite you to view them in person or online. While browsing, ask him to take notes about each place you visit. It is easy to forget or confuse the features of apartments, especially if you view several locations in one day.

  • What is the visual condition of the house, lobby, elevators, corridors? If the building needs repair, you will have to plan additional monthly maintenance costs, as well as a separate amount to cover the cost of repairs.
  • Where is the apartment located in the house? If the windows face the street, it will be sunny in the house, but noise may interfere with you.
  • What is the condition of other houses or buildings in the block? If neighboring houses are in poor condition, this can reduce the resale value.
  • Infrastructure. How close is the house to shops, schools, garages and public transport stops?
  • Are there parks, museums, restaurants nearby? What is the reputation of public schools in the area?
  • How long has the place been on the market? If they have been trying to sell the apartment for a long time, it is possible that the house has problems or it is difficult to negotiate with the seller.

New York

When choosing a home in a megalopolis, you need to take into account many important points, and the broker will help you take into account all the details. After viewing the houses, take the time to choose carefully. Weigh the pros and cons. Take into account the monthly maintenance costs, the estimated value when reselling, and get the required funding. Only after that can you make the final decision.

Read More on KulFiy

Ways to Begin Investing In Real Estate with Little or No Money

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