Buying a Family Home in NYC from Out of State: Tips and Hints

Long-distance house hunting needs a little more preparation than shopping for a home down the street. After all, different states have different sorts of homes and land for sale, as well as different home-purchase rules you should know of. However, it's definitely not impossible, especially nowadays and after the COVID-19 pandemic showed us how many things we can actually do remotely. Plus, you have us to help you. So before you reach out to experienced real estate professionals and start looking, here's everything you need to know about buying a family home in NYC from out of state. And to help you prepare for your move to NYC, we've gathered some additional information. Now let us begin!

Things to know about NYC before buying a family home and moving

Moving is never easy, and if you're moving with kids, things can only get more difficult. Not only do you have to break the news to them, but you'll also have to suffer the consequences as most kids aren't really fans of these types of changes. This can all feel overwhelming unless you do your research and prepare well.

Caption: NYC is a multi-cultural metropolis where everyone can find a perfect place for themselves.

Alt-tag: A view of the Central Park ice rink during winter with skyscrapers in the background

One of the first things to do before buying a family home in NYC from out of state is research what's waiting for you in the city. Regardless of if you're coming from New Hampshire or all the way from California, trust us–NYC is unlike anything else. So, here's what you need to know about this majestic city before moving there with your family:

• New York City is really that expensive, but there are still safe and affordable neighborhoods with great schools, lush green spaces, and budget-friendly housing.
• Prepare for high taxes because, as an NYC resident, you'll have to pay the federal income tax, the state income tax, and the city income tax.
• More than half of households in NYC don't own a car, and having in mind how dense traffic is, it's probably the best idea not to get one. Subway is probably the best solution.
• But have in mind that, even with the subway, it takes a really long time to get anywhere in NYC. So if you don't want to be late for work or your daughter's ballet recital, make sure to plan your commute in advance.
• New York is the city of opportunities, and your kids will have a chance to experience cultures from all over the world without having to travel further than several blocks. How amazing is that?

Guide to buying a family home in NYC from out of state 

Buying a property comes with a set of challenges, even when you're buying in the same apartment building or street. However, buying in NYC from out of state comes with even more obstacles. So before you start searching for your new NYC home, here's what you need to know in order to prepare and go through this process as easy as possible.

Consider your finances

When going into any real estate adventure, the first thing you need to do is thoroughly analyze your finances and determine how much you can spend. We probably don't have to mention how expensive NYC real estate is, so you need to ensure your budget can handle such a big transaction.

Keep in mind that buying a home comes with more costs than simply the property's price. Even though closing costs in NYC are split between seller and buyer, they can still be quite high. Plus, NYC has something called mortgage tax. It's between 1.80% to 2.80% of your purchase price and can raise your closing costs quite a bit.

Caption: It's important to set a realistic budget and stick to it.

Alt-tag: Person typing on a laptop that's located on a desk next to a coffee mug

Also, don't forget to consider the costs of your relocation. They can vary greatly depending on where you're moving from. It's a very different process if you're moving from New Hampshire than if you're coming from Oregon or Nevada. If you want to get from New Hampshire to NYC quickly, it will be easy and relatively inexpensive to hire interstate movers. On the other hand, relocating from Oregon might cost you a small fortune.

How will you pay for your NYC family home?

You can pay in cash or get a mortgage to finance your property. However, don't just go to your neighborhood bank and ask for a loan. Instead, do your homework because your local bank is unlikely to offer better rates than outside lenders. Getting pre-approved for a mortgage is a good idea. This will signal the sellers that you are a serious buyer, giving you a slight advantage over other purchasers.

You'll need to write two checks after making an offer: earnest money (usually 1% of the buying price) and an option check. The option check is normally a few hundred dollars, but it allows you to cancel the transaction within a certain number of days.

Buying a family home in NYC from out of state on your own isn't a good idea

Even if you are well-versed in the NYC real estate market, hunting for a home on your own is never a good idea. Because you're buying out of state, finding a reputable local real estate agent is even more vital.

However, don't hire the first agent you come across. Do your homework instead. Conduct multiple interviews and conduct web research. Don't forget to read reviews and testimonials posted by previous customers. This will assist you in selecting an agent to deal with.

House hunting in NYC from afar

Now that you've sorted your finances, it's time to start looking for your family home in NYC. Because you're buying from afar, the best place to begin is with an online property search. This will give you an idea of the types of properties that are available within your budget.

Also, don't settle for the first appealing neighborhood. Instead, research and look at homes in different areas based on your needs. For example, if you have a large family, you'll want to reside in a safe neighborhood near reputable schools.

Caption: Make a list of homes you want to see in person and make sure to schedule appointments so you and your family can see them.

Alt-tag: Real estate agent showing a blueprint to a family of five that's buying a home in NYC from out of state

This is why it is critical to hire a local real estate agent. They'll have useful first-hand knowledge to provide because they've worked in such fields. Even though it's very easy to buy a house online these days, you should still pick a few properties you like and make an appointment to see them in person.

Final thoughts on buying a family home in NYC from out of state

We hope our tips and hints make the process of buying a family home in NYC from out of state as easy and as smooth as possible for you. Remember—the key is to prepare well, and you can't do that if you don't have adequate help on your side. So make sure to reach out to NYC real estate experts like Immacolata Giocoli of Tyler Vincent Real Estate and let them help you and your family find a lovely new home. Best of luck!

Meta description:

Even though it might sound impossible and challenging, buying a family home in NYC from out of state can be easy if you follow our advice.

Photos used:

https://www.pexels.com/photo/signages-for-real-property-selling-8292794/

https://www.pexels.com/photo/people-ice-skating-in-the-park-near-high-rise-buildings-4451525/

https://www.pexels.com/photo/a-woman-showing-a-family-a-house-layout-8729964/

https://unsplash.com/photos/eveI7MOcSmw