You finally have enough money to buy a home and have chosen Manhattan as the place you would like to live. First of all, congratulations. Buying a home is no small step, especially in one of New York City’s hottest real estate markets. Secondly, because investing in real estate is a major step, you want to do it right. Here is a detailed guide to help you find the perfect home in Manhattan. Once you settle into your new house, you can enjoy the architecture, cuisine, art, and culture this nexus offers without stressing over the deal you just signed.
Homes for Sale in Manhattan
While the pandemic did impact the Manhattan real estate market, it remains very competitive. The median value of a home for sale in Manhattan is $1.1 million, one of the highest values in the United States. The market comprises 70 percent co-ops and 30 percent townhouses and condos.
Condos are generally 30 percent pricier than co-ops. For instance, a co-op studio apartment may cost $265,000, while a similarly sized home in a condo may cost $500,000. Closing costs in Manhattan also often surpass the sale price by between 2.5 and 6 percent. This is why you should always make allowances in your budget, including planning for attorney and agent fees.
Living in Manhattan: Manhattan Neighborhoods
Manhattan is a hub for different cultures, art, and people. Before you buy a home here, you should familiarize yourself with the neighborhoods and find one that fits your preferences and budget. If you prefer a quiet neighborhood with lots of privacy, for instance, consider the Upper West Side.
The Upper East Side is ideal for art connoisseurs and people who enjoy an active life, as it is home to the Museum Mile and many upscale restaurants and shops. SoHo also offers a high-end experience, while NoHo is more bohemian and the former home of Britney Spears and Cher.
West Village is adorned with stunning brownstone homes, charming bookshops, and chic cafes. Meanwhile, Gramercy is quiet and attracts fewer tourists.
Buying a Home in Manhattan
But finding a neighborhood and home, you like is only half the battle. You should also handle the following key aspects of purchasing a home:
Most contracts specify that sellers must present their properties in full working condition. This means they usually fix the appliances, plumbing, heating, and more. However, it is important to arrange an inspection to ensure everything is working as it should.
Attorneys and Agents
It is the norm in Manhattan real estate to hire an attorney to help you navigate different aspects of a home purchase. They can perform due diligence on things like the amenities and insurance covers. Meanwhile, you should also hire an experienced agent and find a loan officer and mortgage banker.
Manhattan listings often attract cash offers, which sellers prefer because they speed up the buying process. This can sometimes put you at a disadvantage, especially if you need a mortgage loan, but a good agent can help you present a competitive offer the seller cannot resist.
Making an Offer
Once everything is in place, you can make an offer. Your offer must be both competitive and complete. For instance, it should include a preapproval letter from your lender and a REBNY financial form. You can also write a personal letter to the homeowner to set yourself apart.
Talk to a Manhattan Realtor
Manhattan remains one of the best places to live in New York City. And whether you are looking for a condo, townhouse, or studio co-op apartment, it pays to work with a real estate agent familiar with the area. We can help you find and buy the perfect home for your taste and preferences by negotiating and guiding you through the entire buying process. Call us today to learn more.