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Last updated on July 17, 2019
If you are looking to realize your dream of buying or renting an apartment in New York City, chances are that you’ve been planning and saving for a while. Although it is true that the property market is incredibly competitive relative to the rest of the country, getting your hands on an NYC apartment is completely doable. Before you start shopping, however, you may want to familiarize with some pointers that will make your life easier.
In This Post:
Cost of living
The cost of living in New York City is considerably higher than in other parts of the country. You have to make sure that you would be able to survive on your salary. If you don’t have a job yet, you need enough savings to carry you through your months of job searching. Although it may be true that your salary will be higher in New York City than someplace else, the costs of living are higher as well. Make use of a cost of living calculator to determine if you will be able to make ends meet. To start the process of finding a place to rent, visit RDNY and start shopping around.
Work towards a date
Moving to New York City requires tons of planning, researching and organizing. To protect yourself against inaction and procrastination, set a date for when you want to move. Give yourself enough time to research different areas and apartments, to find a job, and to save money for unexpected expenses. If possible, wait until summer is over. New York City tends to get incredibly busy. Economic activity skyrockets and demand for housing increases, making it difficult to find a place that is suitable for you.
Find a trusted broker
To increase the chances of finding your dream apartment, it is advisable for you to find a broker. The majority of brokers in New York City require a broker fee between 9 percent and 17 percent, which can be costly. If you don’t want to use a broker, this can limit your search as some apartments require a broker fee if you want to sign a lease. A trusted broker can, however, speed up your search and provide you with valuable information regarding the neighborhoods that you are looking at.
When you browse for apartments online, and you find a place that looks like it meets your needs and requirements, it is important to schedule a viewing immediately. There are probably many people that are looking at the same apartment, and if you don’t act swiftly, chances are that you will lose out. When you arrive for the viewing, inspect the apartment from top to bottom. Make a list of all the things that are important to inspect. This includes things like cell phone coverage, closet space, and distance from shops and medical institutions.
When you arrive at the viewing, make sure that all your documentation and money for the down payment are ready so that you can fill out the application and close the deal immediately. The documentation you may need include a certified copy of your ID, bank statements, proof that you have a job offer, and money for the first month’s rent as well as the security deposit.
Have low expectations
Living in New York City is often associated with a high-end Manhattan lifestyle and a living room view over the city skyline. The hard truth is, however, that it’s not always as glamorous. You may have to come to terms with the fact that affordable New York City apartments are small and may not have everything that you need. Affordable New York City apartments are not impossible to find, but you will need to find a comfortable compromise zone. On top of that, you may have to consider getting a roommate. Just make sure that it is someone that you know well.