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TIPS for Renting OR Purchasing Real Estate in NEW YORK CITY!

Ingrid Boyd

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Ingrid Boyd
Licensed Real Estate Salesperson
Tel 917.946-8740

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TIPS for Renting OR Purchasing Real Estate in NEW YORK CITY!


NEW YORK is anything but your typical State. Sometimes this is the only place you'll ever see it happening like this so COME PREPARED! There are 5 Boroughs of New York: Brooklyn, Bronx, Queens, Staten Island and Manhattan. The most popular is Manhattan. Due to the high demand and limited resource of Real Estate, landlords in New York tend to operate from a capitalistic standpoint.i.e. show me the money. It doesn't matter who you were where you are coming from - in this part of town money talks. FOR RENTALS: Especially in Manhattan, always think downsize. Sorry to disappoint you, but 9 out of 10 times your apartment here is going to be the size of just 1 bedroom in your former house; and cost 5 times as much. Generally, the further downtown you go, the smaller the size of the apartment. The upside being - downtown is the most popular part of the city, and everyone wants to be there. Nevertheless, it's always buzzing with activity, and there's always something FREE and entertaining to do. On a beautiful summer day you can walk from the Financial District to Midtown in a short space of time. It's approximately 1/2 hour by train from one end to the next, and buses run quite frequently in every direction. THE NEIGHBORHOODS: The Financial District and Battery Park City are cookie cutters - doormen buildings with elevators and amenities. Tribeca is where the well to do live, almost ghost town. Soho, West Village, Greenwich Village, East Village, Lower East Side are filled with activities and character. The West Village being the most popular and the east village the most artistic. The Meat Packing District is where the partying begins. Chelsea is the most expensive neighborhood. Gramercy and Flatirion District are more on the reserved side. Midtown West is the Theatre and Fashion District primarily loaded with tourist attractions, and Midtown East is more sedate. The Upper West Side is for the newly weds and East Side all the way up tend to be for the gentry. Harlem is the new Midtown, and Columbia University and the hospitals are the hub of the Upper, upper west side. The fact that an apartment is available today doesn't mean it will be there tomorrow. The more popular the neighborhood, the less likely. Fall and Summer are the moving months, and during the Winter you may receive incentives for moving. Because it's so cold, no one wants to move. Landlords vary, and the more financial security and stability you can prove, the better your chances. The Pre-requisites for approval include: . application fee . last 2 bank statements . last 2 income tax returns . last two pay stubs . picture ID . If you are a Student (you will need proof of a school acceptance letter AND a GUARANTOR. . If you are an International Student you will need extra security and/ an INSURENT.  FOR SALES: Always be Pre-Approved before you contact a Broker. Once you have identified an apartment of interest, and after pre-approval you arrange to view. Be prepared to pay a down payment of at least 10% to take it off the market AND you NEED a lawyer. In order to save you the headache and stress, always use a lawyer for due diligence. Your Broker submits an offer, and when it's accepted the seller's lawyer sends your lawyer the contract; you review and resend.ALWAYS negotiate. Then you make arrangements for contract signing, and close the deal with the balance of the payment. Sales transactions generally take 1-2 months while a rental deal may take 1-2 days. The more prepared you are the easier the process. Always chose a reliable and honest Broker to work with. Many brokers have access to the same inventory - there are only so many streets. NB: Brokers don't work for FREE, its their occupation, so be prepared to pay. Brokers are not TOUR GUIDES, it's not a hobby. Sometimes the landlords pay a part of the fee, so you don't have to pay OR all of it depending on the season, etc... so be reasonable. Living in New York City is like checking into an hotel - your accommodations reflect your budget. If you want more, you generally have to pay more. But it's a lot of fun, and there's no place else like it in the world.

REAL ESTATE is the most solid investment you could ever make!