The real estate scene is different everywhere you go. In some places, the cost of living seems next to nothing, but in others it’s outrageous in others. New York City is, and always has been, one of those cities where the cost of living tends to be higher than almost anywhere else — at least in this country.
If you’re planning on relocating to the city, there are a few things you must know about New York City real estate, no matter which borough or neighborhood you intend to live in. Knowing what to look for in an apartment in New York City can help you navigate the city’s real estate scene.
Expect to pay more in Manhattan
It should come as no surprise that Manhattan has many of the most expensive addresses in the country. Depending on which part of Manhattan you choose to settle, you might be able to buy a custom home on several acres in other parts of the country for what you’ll be paying for an apartment.
If you want to pay a bit less for New York City real estate, you’re going to want to think outside the box that includes Park Avenue and consider something not too far away but far less expensive, such as Hells Kitchen.
Space is at a premium
When buying or renting in New York City, space is definitely at a premium. For example, in your Florida home town, a house described as cozy might mean it only has 1500 square feet of living space. In New York, however, cozy might mean less than 500 square feet.
It’s important to have a Realtor
There’s so much to learn about New York City if you’ve never lived there before. Even if you are a frequent visitor, it can be challenging to navigate the neighborhoods and understand the difference between a co-op and a townhouse.
A great Realtor knows his or her New York City neighborhoods, from Midtown to Hell’s Kitchen. A top real estate agent is able to take what you want and turn it into reality … or at least as close to reality as your budget allows.
Understanding the New York City real estate scene requires a bit of research. It’s not like the real estate situation anywhere else in the US. There are significant differences in the city that never sleeps, and that’s what makes hiring the right Realtor such an essential part of the apartment-hunting process.