When many Americans dream of living in NYC, people are frightened of the housing market. There are many reasons Big Apple attracts newcomers worldwide. From job opportunities to breathtaking sights and a fashionable lifestyle. People come here to fulfill their dreams. And if living in a rented apartment in Manhattan is fun till some point, then comes a moment when you dream about owning a place. Let’s figure out where you should look for houses in New York City for better investments.
Reasons why you should invest in your own property in NYC
There is nothing wrong with renting a house or an apartment. Yet buying your own place comes with a list of benefits and advantages.Here are some main reasons people are buying houses in the Big Apple. Be careful, after reading those you will Google the best sites for property search in NYC.
1 Sense of freedom
Renting a place means being dependent on your landlord. That brings headaches with unexpected contract termination, increasing rent prices, and dealing with roommates. The rental place hunting is even more frustrating and full of scams. Owning a house brings a sense of security and freedom from leaving all of this stress in the past.
Buying real estate in NYC is a massive investment, yet it’s one worth making. Putting your assets in the property is a secure life-long plan that improves your credit.
4 Financial gain
Some neighborhood in NYC is quite expensive to live in. Years of rent could cost you more than a one-time purchase of a property. And if buying a house is a good investment, paying rent is just wasting your savings. NYC real estate market is growing and definitely guarantees you a profitable sale when the time comes. Additionally, a home purchase will add to your deduction during tax-filing season.
4 Space for self-expression
If you have ever lived in a rental unit, you know the frustration of not being able to change anything. Constantly making sure that furniture won’t scratch the floor and nothing won’t damage the paint. And God forbid you to put up any art or shelves using nails. In your house, you’re free to re-decorate and renovate it as much as your creative soul wants. Got tired of the white walls? No problem, just grab a bucket of paint to brighten your home!
What you should consider when choosing a house in New York City
- Your budget and affordability of preferable neighborhoods;
- Crime rates and safety in the area;
- Commuting to work, office, school. The traffic, bike lanes, what transport options you have there;
- The quality of life and a lifestyle. Are you going to be comfortable living in the area? Does it match your interests and needs?
Top of NYC’s hottest locations for house-hunting
West Chelsea, Manhattan
For a truly NYC experience, you have to choose a Chelsea for your permanent residency. Here you’ll find everything one is looking for when coming to the Big Apple: art galleries, museums, fashion events, trendy cafes, and restaurants. West Chelsea is an excellent option for many young and dynamic people. The real estate there is airly affordable due to the lack of a transportation system.
Greenwich Village, Manhattan
Famous picturesque streets, lovely restaurants, and trendy concept stores make it one of the most wanted neighborhoods in Manhattan. Greenwich Village is full of families and young professionals. However, the crime rates are not promising as on the rest of the island. But if you want to feel that you live up to your American Dream in the heart of NYC, here is where you should buy a place.
Famous for its views of the bridges, architecture, and friendly atmosphere. DUMBO is one of the safest areas you can find in NYC. The commute to Lower Manhattan is easy and fast. DUMBO is home to the hottest singles in town, many entrepreneurs, museum and art lovers, and young professionals. However, it as well attracts young families making the area kids-friendly.
Many New Yorkers start to miss nature after living in Manhattan for a while. And that’s how why they choose the Bronx. The crime rates are fairly low, houses are spacious and big, and the river bank opens outstanding views. Riverdale is a perfect area for families, singles, young professionals, and active people who want to enjoy a slow life. Colonial architecture makes the streets look movie-like. The real-estate market is growing offerings, new construction projects, and many pre-loved options.
Are you interested in the historic architecture in suburban New York? If you cannot wait to renovate the old 1920s house, you should definitely check the Fieldstone. Considered a part of Riverdale, the neighborhood often gets sleep on. However, it’s a perfect place to start a family.
Forest Hill, Queens
That’s where you go if you want a quiet life, with your dog running in the backyard and friends coming over for the barbeque and big kids’ birthday party. The area is safe and populated by families and retirees. You can find a great deal for a spacious single-family house, either new or with a great history and vintage looks. Forest Hill is a hidden gem for fun and peaceful suburban life.
Always research the neighborhoods you’re interested in. Sometimes there are hidden issues that even realtors won’t tell you, like the weird smell on the streets. When in doubt, spend one day in that neighborhood. See if the commuting was easy, how everything looks in reality and not on photoshopped posts in the blogs, and check for yourself the ambiance.
If you’re ready to commit to a house in NYC but have financing issues, you should consider exploring your options with first-time buyers’ governmental programs. With the HomeFirst Down Payment Assistance Program, you can increase your chances of getting a lovely house in the Big Apple.