6 Tips For A Successful House Hunt In NYC
Hunting for houses in any city can be strenuous and time-consuming. However, house hunting in New York City is even more complicated and exhausting. One moment you notice a house is up for sale, and the next second, someone else has it. Not only that, you could get a place with a specific price tag without knowing that several more hidden fees could swing you above your budget.
The housing market in New York City is pretty tricky and confusing, and that is why this article majors on essential tips that would help your house hunt within the city without stress and wastage of money. Here are six helpful tips for a successful house hunt in New York.
Prepare Your Maximum Budget
Before you begin your search, it is important to punch the keys to your Cost of Living Calculator and determine how much you can afford to acquire a house in NYC from your salary. For instance, you could ask yourself, condo vs coop; which would suit your needs and income? Note that you are not only thinking of the price of the house but also the cost of living. Would you be able to sustain the monthly rent, afford groceries, transportation, and so on?
You should remember that the cost of living in NYC is relatively high compared to other cities, and you should not be too quick to make your conclusions. As mentioned earlier, there are usually a lot of hidden fees under any price tag you see. Having a planned maximum amount you can spend on getting a house helps you stay within the budget you can afford, no matter how enticing the offer looks.
Start The Search Early
You may not get the best out of your search if you take hurried steps. Getting the perfect apartment in NYC requires a lot of research and findings on the neighborhood. Getting one close to your workplace or frequent destination, where you can get a comfortable and affordable place, is another consideration.
Start your search at least a month before, determine neighborhoods of interest, the type of apartments in those areas, and the cost of living. You may be desperate, but you need to select the best options for you and your needs.
Wait Till After Summer
As much as possible, try to avoid house hunting in NYC during summer. Searching for an apartment in New York during summer is chaotic and tight due to a greater demand for houses during this season. During this time, families have more flexibility in their schedules to look for where to stay while young school graduands move into the city to look for jobs. Invariably, there is a spike in demand, leading to increased prices. If waiting till winter is possible, then you could consider it. There may not be as many offers as during summer, but you will be saving your wallet and your sanity.
Choose Rent-Stabilized Apartments
A rent-stabilized apartment is protected against a sudden and unreasonable spike in rent. Although the prices are not entirely immune to increase, they are kept reasonable as they are adjusted annually by the NYC Rent Guidelines Board. Also, with rent-stabilized apartments, you have the guaranteed right to renew your stay if you want to. New tenants can’t be considered over you without seeking your consent to keep the house or not. It would therefore be of great advantage if you could choose rent-stabilized apartments.
Schedule Viewings Early
As mentioned earlier, there is always great demand and competition for houses in New York that you can’t afford wastage of time. If you come across an apartment that catches your fancy and looks like it suits your needs, don’t wait till later to view the house. Schedule your viewing appointment as soon as possible and check for essential things like major appliances, cell phones reception, rodent invasion, etc.
Prepare Your Documents And Money
There is no time to waste as there are at least ten willing buyers for the apartment you are seeking to buy or rent. By the time you view the apartment and check for the necessary things that tick your box, you should apply for the apartment right there and then.
Acting fast means having necessary documents prepared like your bank statements, job offer letter, photocopy of your ID, and, more importantly, the payment for the first month’s rent and security deposit.
The term called New York minute is very real. Following the tips highlighted above can ease your house-hunting in New York City. Don’t forget to prepare your budget, list your essential needs and goals, prepare your documents, and start your search early and carefully. Last but not least, be ready to pay as soon as you’ve ascertained the house suits needs and cross all your checklists.