Dos and Don’ts of Buying Real Estate in & Around NYC


This may go without saying but when buying a home in NYC, you should be prepared to pay higher prices than in other parts of the country. It’s vital to research the different neighborhoods to determine which one best suits your needs. And with that, you’ll discover the various taxes, fees, and closing costs associated with purchasing your home in that specific area. Let’s go over some extra tips when you’re purchasing a home in the Big Apple.

Get a Top Notch Agent

there are plenty of reliable real estate agents and brokers who can help you find the perfect place for your budget. Brooklyn and Queens are affordable areas with home prices cheaper than surrounding areas. Staten Island, the Bronx, and Manhattan all have their own pockets of potential as well. You can find yourself a needle in the haystack if you get yourself a highly-rated real estate agent.

Depending on your particular wants and needs, some of the safest and most up-and-coming neighborhoods in New York City would be Chelsea, Murray Hill, Prospect Heights, and Long Island City. However, wherever you land, research an agent and set up a meeting right away to outline your specifics. Maybe you need something close to your new job or your child’s school.

Have Savings

Any large purchase is going to require savings. There is no difference in purchasing a home. In fact, it will probably have to be one of your largest nest eggs, especially if you’re seeking a home in New York City in any of the boroughs. If you have a good-paying job and plenty of equity, you’re already riding on Easy Street. 

Generally speaking, the purchase price of a home will vary depending on the size, location, and other factors. Generally, you will need to save enough for a down payment of at least 20% of the home’s purchase price and closing costs of around 2-5%. You will also need to consider other costs such as taxes, insurance, and maintenance.

For example, if you’re looking at Long Island houses for sale, you may see them ranging from around. $750,000. The more money you can put down, the better. So it would be a good idea to have around $150,000 in savings to put towards your mortgage loan. If you have more, then by all means, put more down! You’ll pay the full amount in cash if you’re lucky enough to have that sort of savings. 

Know What to Expect

If you’re hoping to score a spot on the Upper West Side, you can expect to be smack dab in the middle of the city and most likely on a specific floor of a high-rise building. Many of these homes cost millions. You wouldn’t expect to find a huge house with a yard here in the city. Although there are many amenities to living in a high-rise, it’s vital to know what you’re wants and needs will be.

Those hoping to escape the concrete streets and the overflow of people bustling through the city should consider homes in the suburban areas or perhaps New Jersey. There is always going to be a lot happening in New York City, there’s no escaping that. But you can still have a bit more privacy in Montauk as opposed to 62nd street. 

Writing down all of these tips will help you conclude purchasing a home. Whether this will be your first home or perhaps a place to retire, every home purchase is an important journey and every aspect should be considered. Hopefully, some of these tips will send you off in the right direction.