Owning a house in New York is many people’s ultimate life goal. After all, as legendary Michael Scott said, who wouldn’t like to live in a city so great they named it twice? The problem is, though, the NYC real estate market is not as great as all popular sitcoms show. It’s something many buyers fail to realize when looking for a house in the Big Apple.
They believe they’re buying their dream Friends apartment, only to realize later they’ve put themselves in a disastrous situation. That’s because being a property owner in New York comes with many hidden costs you have to take into account when doing your research. And that’s exactly what we will discuss in the following article.
Read on to learn more about the potential expenses of living in the wrong New York house. Considering them before the purchase will help you avoid many disappointments in the future and ensure you find the perfect home:
It goes without saying that you should always purchase a property you can afford. But we get it. Sometimes a house just looks perfect, and a real estate agent can be very convincing as well. Mix these two factors, and you get a recipe for buying a home you cannot afford. And if there’s one thing true about the New York housing market, it is that living in the wrong house can bury you in financial debt.
The only way to avoid this classic mistake is to be patient. Take your time, consider all the potential costs involved in owning a property, and get a reliable mortgage with interest rates that won’t cause you sleepless nights. Be a reasonable buyer and don’t purchase any property impulsively. It might be a mistake you can’t afford to make.
Many people claim that there’s no such thing as a bad location in NYC. After all, the famous subway connects every part of the city, right? There are also buses and railway lines. And how about nice yellow cabs? Considering all that, New York does look like a perfect place for everybody. The only thing is, public transport shouldn’t be your primary concern.
First of all, some neighborhoods can get noisy at night. Others aren’t as attractive for potential buyers due to their bad reputation, making it much more challenging to sell a house for a good price if you decide to move. And last but not least, even if the NY public transport is great, getting from one end of the city to another can be exhausting. With that in mind, buying a home that’s far from your work or school might not be the best idea.
To say that New York City isn’t the cheapest place to live would be an understatement. However, considering that you’re looking for a house there indicates that you’ve already estimated most of the living costs included. But have you looked through your potential ownership expenses? It’s something many new homeowners fail to do, only to find out later that they live in a home that is too expensive for them.
That’s why before you buy your NY house, you should calculate your mortgage payment, utility fees, and taxes. You also must take all the bills into account. In short, there are many things to consider before you buy and move into a new place, so it’s worth taking your time to see whether your budget will survive your decision in the long run.
Repairs & Maintenance
While all the ownership expenses are relatively easy to calculate, you should also prepare yourself for additional costs, such as repairs. You never know what can go wrong, and real estate agents tend to hide all the potential defects when showing houses. Long story short, if you aren’t careful enough, you may soon find yourself paying a lot of money on repairs.
To avoid unpleasant surprises, check the house you wish to buy thoroughly and ask a realtor as many questions as possible. Sure, you might consider damages as an opportunity to pay less, but conducting many repairs usually proves to be much more costly in the long run. Also, it will make a property more challenging to sell in the future.
Becoming a New Yorker is not a straightforward process. You have to become one, though, if you wish to survive in this concrete jungle. NYC is a fast-paced city, and if you aren’t able to adapt, it will eat you alive, especially if you find yourself in the wrong neighborhood. That’s why it’s always a good idea to create a basic plan on what you expect from your NY living.
For instance, if you want to start a family there, you should look for a bigger home, preferably near the suburbs where it’s much quieter. However, if your goals are more job-related, living in Manhattan will provide you with the most opportunities. In other words, buy a home that suits your lifestyle. Otherwise, you might be forced to search for a new place to live sooner rather than later.
Although many people dream of owning a property in New York City, this dream could soon turn into a nightmare if you buy the wrong home. Unfortunately, it’s relatively common among NY new homeowners to have overly high expectations. That makes them accept every deal, only to make their NY fantasy come true.
The problem is, though, life is not a sitcom. Heroes of shows like Friends or Sex in the City could afford luxurious apartments in the very center of New York, but the reality is entirely different. The Big Apple’s real estate market is one of the most expensive ones in the country, and there are many expenses one has to consider before making the final decision.
With that in mind, be a patient and reasonable buyer. Always double-check every home on sale and make sure your budget is tight enough to afford all expenses, both expected and unexpected. Doing all that will ensure you buy the right home for you and your family.