Manhattan is considered as the heavily populated borough in New York City. The total area is composed of 33.77 sq miles. The population reaches up to 1.619 million with an unemployment rate of 7.2 percent.
If you are planning to buy a Manhattan real estate, you got the right decision because this place is considered as the most exciting, culturally diverse, and historically rich city in the whole world. The Manhattan’s home ownership comes with complete backyard, cultural landmarks, and tantalizing restaurants. The city has a wide range of entertainments, nightlife, and shopping malls. Like the life in New York, the Manhattan real estate market grows fast with many housing options to select at any time.
It is very important to prepare when it comes to home buying adventure so that you will get the property that suits your needs. As a home buyer in this city of most renters, you will have a substantial reward. The rewards include greater equity, overall control of the environment, and tax benefits.
1. The Major Considerations
Before buying a Manhattan real estate, it is important to ask questions if you can afford or not. It is exciting to live in Manhattan knowing lately that you are short of cash especially when it comes to down payment.
The best method to compute for the Manhattan real estate prices is by using a mortgage calculator. With the use of this clever tool, lots of first time home buyers found out that actually they can afford to buy as what they have expected to. Before searching for the Manhattan real estate, it is best to be pre-qualified for the mortgage. Doing this, can make you a wise and attractive candidate in the home buying process.
2. Find A Good Neighborhood
The Big Apple has many diverse and dense universe. In just ten blocks away, you can enjoy finest Italian lunch. Because the city has many cultural diversity, find and consider which part of the city suits your lifestyle.
3. Buying Alternatives
There are many buying options when it comes to Manhattan real estate. You can choose cooperatives or condominiums and both advantages and disadvantages that you should assess carefully when deciding to buy one.
The most widespread home buying option in the city of New York right now is called cooperative because of the high prevalence. The cooperative provides property buyers a kind of corporate property ownership and own small property percentage through a proprietary lease. The property unit value is determined on shares for that space, building location, and services. Moreover, the shareholders are ruled by the Board of Directors that decide the maintenance fees, lease regulations, and building policy.
Advantages of Cooperatives
- Lower down payment
- Greater availability
- Great control of your space
- Have thicker walls, the inner dimension is big, and prewar style
- Lease restrictions
Disadvantages of Cooperatives
- Arduous admission process
- High monthly fees
- Subleasing restrictions
Advantages of Condominiums
- The approval procedure is easy
- Flexible financing options
- Greater leasing freedom
- Low cost of maintenance
Disadvantages of Condominiums
- Higher legal responsibility
4. Hiring a Manhattan Real Estate Agent
Due to the flourishing of properties in Manhattan real estate market, the difficulty in the buying procedure and fast turnaround are common. To be successful in terms of home search, the help of a real estate broker is important. Navigating the whole New York city is challenging but with the right agent, everything goes smoothly. The Manhattan real estate agents have the proper tools and many connections that suits your needs.
The guidelines outlined above can help you in getting your Manhattan property.