Home hunting in New York City is a unique experience and since there are so many listings in Manhattan, a seasoned and experienced real estate broker can guide you towards a home that meets your needs and within your budget. However, some people get into a mindset that may leave them at risk of losing out on a great opportunity. When viewing properties, be sure to keep the following in mind:
- Look past bad décor
Because of some buyers’ lack of vision, looking past bad décor or décor that simply does not meet their taste or style can play a major factor in achieving a lower purchase price. If they can envision what is possible, they may find the ‘frog that becomes a prince’.
- Consider flaws that cannot be changed
Good values can be found in flawed apartments, but expect a longer sales process. Such flaws can include:
- A dark apartment; although some people may prefer that over another property that receive a lot of natural sunlight
- No views
- High monthly maintenance
- Odd layouts that cannot be corrected, such as a small living room with no ability to expand, or a room without a window (which is not considered a room by NYC standards)
- Consider how long you plan to own the property you are about to purchase
If you plan to live in an apartment for 7 to 10 years, don’t worry too much about a small difference in value. Negotiate as effectively as possible to purchase a property at the lowest possible price. If you find an apartment that appeals to you and find yourself close to an agreement on price, but you still need to increase your offer slightly beyond what you were planning to pay, I would generally say “go for it.”
History has repeatedly shown that real estate—like everything else—is cyclical and that values increase over time. Therefore, if the new apartment or house would accommodate you for a reasonably long period of time, trying to exact the last dollar from a seller in a negotiation may not be the wisest thing to do, especially if you really want that particular apartment.
That said, if you plan to live in the apartment for a shorter period of time and your long-term plan is to sell it and purchase a larger unite keep in mind that when you sell and buy again, and if you are buying in the same general location, the price in various segments of the real estate market will have moved up or down in tandem. This means that if the market is down when you sell and you do not recover the entire value on your current home, your next purchase will also be affected by the same market condition and you will be able to purchase a larger home at a price that corresponds to the overall decrease in prices.
For more information about buying or selling an apartment please do not hesitate to contact me for a meeting or for a free copy of my complete New York City Real Estate Buyer’s Guide by emailing email@example.com or calling 646-665-4961.
All the best–