New York City real estate can be a great investment, but it is very expensive. Although condos have been traditionally less expensive than single-family homes, that isn’t necessarily true for NYC.
Real estate in the Big Apple is almost always appreciating, including Upper East Side condos. People who are ready to buy condos in New York should be aware of what to do.
Down Payments for Condos
The expected down payment from most lenders will be 20% for a condominium. Although buyers may occasionally find a lender with smaller down payments, they usually need to negotiate for it. For busy buyers, hiring a real estate lawyer to negotiate is an option.
Plan on Looking for a Few Months
Although it takes a lot of money to buy real estate in New York City , the market is tight. NYC is a desirable location for many people, so they are always moving there. Plan on spending one to four months looking for a place to live in the Big Apple.
Know What to Search for
Before beginning a search for a new home, the buyer should determine what they want and need. If being close to restaurants or iconic architecture is desirable, a condo around 200 East 83rd could be right for them. Buyers should write down a list of amenities and features of the neighborhood where they want to live.
Searching for a home in New York City isn’t easy, but knowing the wants, needs, and being ready to negotiate for a better price can help buyers find one of the Upper East Side condos of their dreams.
