You’re living the dream now. A respectable figure in the bank, an arguably good number of choices to find a sense of solace in a place like New York—but wait. Since you have come so far, you would want to make the most of your money and space now, wouldn’t you?
Assessments—The How’s (for the House)
Before you finally decide what space in New York you would like to have to call ‘home’, you must check all avenues (pun intended), and be thorough with your neighborhoods. If you want to know how investors and renters do the same, here is all the information you need.
1. Investors Care About the Quintessential Element—the Market
Before you go and get the grandest house money can buy, think of it from the investor’s point of view. There are always controversies surrounding the housing market, but one this is for certain—an appreciating asset almost always stays so.
For this, you need to think of it from the grander scheme of things. Think about it, is the neighborhood worth investing in? Is the general demographic here worth investing in housing? Will you be able to find tenants who are willing to provide that scrumptious rent, in case you wish to rent out your property?
For instance, Tribeca, Brooklyn Heights, and of course, Hell’s Kitchen—these are places where your tenant money will come in handy, and boy will it be luscious. Ask yourself if the neighborhood is worth investing in, before getting a house there.
2. Significant Services are as Important as the Market
Once you have understood the value of the immediate neighborhood of your market, consider its most important accessory—services. This goes beyond the Ubers and the food delivery apps.
Services would mean anything that adds value to your life in the neighborhood. This could range from fire stations, gas stations, to even things like pharmacy-at-your-doorstep initiatives. Remember that services are as important as the market itself, and goes a long way in determining the most appropriate neighborhood for you.
3. Safety, or Lack Thereof, is a Deal-Breaker
Speaking of services, safety is our topmost concern. Sure, some would prefer calling it a right rather than a service, but for the sake of convenience, we can consider both. Choosing the right neighborhood can be an arduous affair, especially if you aren’t aware of its safety.
Take it as mere generalization, but neighborhoods that are notoriously unsafe have issues with both safety services as well as housing-associated things, like insurance. As a general rule of thumb, if your neighborhood seems to be shady with insurance, it is probably not worth considering at all.
This becomes super important if you wish to rent out your property. Tenant insurance in NY is usually pretty affordable, accessible, and transparent for any future renter of your property; but if your neighborhood shows signs of absence of any, then it is probably worth a reconsideration.
4. Commute Times Make it a Luscious Proposition
As stated before, keeping all the attributes surrounding housing is as important, as, say, choosing a valid upgrade for the house itself. Just like how housing upgrades make your living indoors more fruitful, things like commute times determine how good your life will be outside.
If your neighborhood is not very centralized, or is in the peripheries, it might just be a bummer. Commute times take up a big chunk of your life, and as you know, time is money. Having a house in the peripheral neighborhoods of New York can make it a rather meandering experience.
On the other hand, if you actively choose to avoid the hustle and bustle of the main areas like the Financial District or Battery Park City, the peripheries are a good choice. Moreover, if you wish to save some money on your housing, the peripheries might get you cheaper alternatives.
The case is quite the opposite in case you wish to rent out your property. Rents are significantly higher in the heart of New York, and that is where you should look, in case rent is a priority.
5. Resale Values can tag Prosperous Neighborhoods
Sure, we have elucidated a lot on renting out your property. But what if you’re in it for the resale itch? What if your modus operandi surrounding properties involve quick selling and reselling them?
Folks who are in it for the constant selling-reselling proposition ought to look at places like Gramercy or Murray Hill. If you wish to be too adventurous and are seeking an array of ‘micro apartments’ to buy and sell rapidly, then Kips Bay is your place to go to. Think about it, renting and selling have different pitches—naturally, neighborhoods are quite stark too.
6. Immediate Environment—What is it that You Wish to do?
Now that we have moved past generalized or geographical environments, you can focus on the specifics of the immediate environment. Choosing the right neighbourhood can be done on the basis of your immediate environment too.
What is it that you are seeking? If you wish to live in the bustling city, but away from the generalized noise, your housing might be more expensive. If you end up getting a house near the highway or immediate traffic—sure, it might be cheap; but selling it can be burdensome too.
Investors and renters are extremely shrewd about this. You need to have a clear vision regarding what you wish to do with your house. Based on that, you can choose a geographical place; after this, and only after this, you have to assess your immediate needs. The process might sound like a cascade, but it is easy to comprehend.
Final Words—Look into the Future
Finally, as an investor, you ought to look into the future of the said housing. Oftentimes, what people do is get a plot in a rather suburban place, and wait for it to grow and develop into the newest and hottest place in the district.
When it comes to New York for instance, to be specific, Brooklyn—the future is in the greens. Greenpoint, Greenwood, Fort Greene—all are hot and soon-to-be extravagant prospects. As an investor, always look forward into the future, and secure one for yourself right away.
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