Step 1: The 4 Most Important Things To Consider When Buying an Apartment in New York City

New York City has some of the most diverse housing options available; which means as a buyer, you have literally thousands of options. To make it easier to navigate this extensive (and sometimes overwhelming) market , we have compiled the 4 most important things to consider when buying an apartment in New York City.

1. Budget. This is the most obvious factor when considering buying an apartment in New York (and the most important). The price of an apartment varies depending on a number of variables -size, building, location, type, features, age, etc – so it’s crucial that you establish your budget first.

Most buyers will obtain a mortgage to finance the purchase, so it’s important you become “pre-qualified” with an active New York City mortgage lender. You can see the benefits of becoming pre-qualified here.

2. Neighborhoods. There are dozens of neighborhoods in Manhattan, each with its own personality and feel. Location is crucial when choosing an apartment – do you want to be close to work? Close to your children’s school? Near Central Park? Next to great restaurants?

Consider these things very carefully, and establish what your priorities are. The city is relatively small and the public transit system is remarkably efficient, but you don’t want to live 5 blocks from the Subway Station when being close to public transportation is important to you. There are many neighborhood guides that will help you choose – click here to see one of the best.

3. Apartment Features/Size. New York City is known for having apartment buildings with excellent features and many options. Do you need a one or two bedroom? Large living room? Big kitchen? Space for a maid or home office? Are views important to you?

Keep in mind that while features are important, there is a price attached to each one. Make a list of what you need, and what you want, and prioritize them based on how much you are willing to pay for each one.

4. Building Type and Amenities. Last but not least, you have to decide what type of building you would like to purchase. Do you want a co-op or a condo? (Read the differences between the two here).

Now determine what features are important to you – doorman, concierge, health club, in-house dry cleaning, pre-war, pet policy, pool spa, etc. This can be a daunting task, but there are a variety of sites that have profiled each building and rated it according to each of these features so you can find the one you want. For instance, CityRealty.com has profiled virtually every condo, co-op and apartment in the city, and you can search all of them for free here.

Best of luck finding your dream apartment, and if you need any help finding what your looking for, contact CityRealty.