Is living in New York something you’ve always dreamed about? Well you've just joined a group of millions of other people with the same desire. But what is that which draws so many people to find their spot in this city and have a new beginning? The answer is both simple and not because each person is attracted by something different. And while it has so many things to offer, those who are planning to move here need to be aware of the fact that life in The City costs a lot. And as renting in NYC can be pretty much stressful, we’ve decided to give you a couple of tips to help you out.

Be prepared for a thorough search

Renting a property is not just choosing a house or apartment based on their inner or outer appearance. It is so much more than that. When you are deciding where you are going to live, you need to look the situation from many different angles. Seeing all aspects of your moving in, especially if you are coming to NY from another town will really help you have a better perspective. You see, New York is nothing like the cities you’ve even been to. It has a unique personality, and rules are different here. So, if you’re used to the small-city vibe, you may need a little more time to get used to the circumstances around here. And that also applies to the search of an appropriate housing in NYC.

Know what you are paying for

Let’s imagine that you’ve found an apartment you wish to move to. The next step is defining what is meant by your monthly rent. What exactly does it cover and if there will be any additional fees? These are questions you will have to talk through with the landlord directly.

Quick tip: Do not sign any papers until all the items on it are sufficiently well explained. This is also one of the most important rules in case you wish to buy an apartment in NYC.

Some landlords require from their tenants to pay for gas and electricity, whereas heat and water bills are included in their monthly rent. However, these things depend from a landlord to a landlord. This is why it is very important to make this clear with them before you sign the contract.

Questions about the lease

Another important aspect of renting in NYC is the question about the lease terms. Usually, landlords will offer you one or two years of lease. Which option will suit you better will depend on the conditions the landlord offers? The biggest advantage of a two-year lease is that the rent will stay the same for both years. Or, the rent will be increased by the end of the year and that is something that has already been predetermined and pre disclosed.  

All in all, you need to be familiar with the situation because only that way will you be able to decide which way to go.

Being a good tenant is of great importance

One-year lease is valid only for a year time. After that you will have to wait for the landlord’s decision about your future status, whether you’ll remain to be a tenant or will you need to start looking for a new apartment.
For many, a two-year lease is a better option when they are sure they want to stay in some place for a longer time. But for that to happen, you will need to fulfil one of the most important requests and that is that were a great tenant. The one no one complained at, and who never caused any kind of trouble but was always on time with paying the rent and obeying the rules.

Does your budget support the rent?

When you start looking for a property, that is when you need to be absolutely informed about your credit score and the budget limit. Statistics show that there are a lot of people who fail to understand that one of the deciding factors for getting the approval is to know their credit score. What is more, this information could be simply obtained if you just pay a visit to your bank. It will take you just a little to get every information you need. With that, you can apply. Some landlords will require at least 40 times the rent of your monthly income. But as this is something that vary from landlord to landlord it will need to be further investigated.  

On the other hand, it is well-known fact that rents in New York are much higher than in the most other major cities in the US. However, this should not discourage you from looking for an apartment/house to rent. For instance, moving in the Brooklyn area usually turns out to be the most convenient option when all parameters are included. So, why wouldn’t you take a look at this borough and get more for your money?

What if you have a pet?

This turned out to be a big issue with many people who are renting in NYC for the first time. However, the answer to this question is simple. If you want to rent an apartment for longer time, you will have to tell your potential landlord about it. You cannot hide the pet hoping it will go unnoticed. What you can do is to offer pet security deposit. Also, offer the Rider which will cover some damages made by a pet such as tearing or chewed. Also, be aware that the pet gets the residency in NYC after thirty days.

No matter how long you will be renting in NYC, it is truly important to be completely honest with the landlord as mutual respect is more than necessary. Every issue can be solved and every question can be answered, but for the good start make sure that you show respect.

AskImma Giocoli Broker – Owner of Tyler Vincent Real Estate Inc. She WILL get you moving !

By: Betty White

Guide to buying a fixer-upper apartment in NYC

A fixer-upper apartment in NYC is a perfect solution for homeowners looking for an affordable property to purchase. Although, there are a few drawbacks that you must take into consideration, for example, the fact that your new home will need some serious makeover. Sure, some of these apartments are livable, and it is possible to get your keys and move in straight away. But if you wish to have a new picture-perfect apartment, you will have to invest some time and energy. Not to mention preparing your finances, so you do not run out of money in the middle of the renovation. Here is everything you need to know so you can plan accordingly.

Before purchasing a fixer-upper, ask about the building policies for renovation.

How easy or difficult it will be to renovate will depend on the type of building the apartment is located in. Therefore, before your adventure of buying begins, think carefully about where you should look for the apartment. For example, if you purchase real estate in the co-op, you will need the approval of the building's board. They usually have strict rules about the time of day you can work so as not to disturb the neighbors. Likewise, if their "wet over dry" rules are strict, you will not be able to make significant changes to the floor plan. On the other hand, you will have more freedom in a townhouse or single-family buildings. But even there, for major renovations, you will need permission from the Department of Building.

Make a detailed plan

When buying a fixer-upper apartment in NYC, a plan is of the essence. It takes no less than six months and more to find and sign the paper on a home. Next is the mortgage and the renovation approval, which can also drag on for months. After that, you need to make a timetable of how long the renovation will last. In this case, many factors can prolong the work, and it all depends on how much you plan to change. For example, it will not be a problem if you wish to design a home office or a study. But changing the placement of your bathroom or demolishing few walls will take a while. So you need to make a detailed plan with all the steps and approximately calculate how long it will last. Also, always go through the apartment with an expert that can tell you precisely what is possible to do and what not.

Have the support of a good team of professionals

When shopping for an apartment that you are planning to fix, it is always best not to do it alone, but in the company of experienced people who can best advise you. They will know better than you what matters the most in New York apartments and will be able to find the property that meets all your requirements. Therefore, make sure you have a real estate agent and an attorney. For the renovation part of the work, you will need a good architect and a general contractor. However, never settle for the first one you find. Instead, make sure you get estimates, references, and portfolios of previous works from at least three contractors. Do not hesitate to ask them as many questions as you have until you get a sense that they are the right fit for the job.

Common mistakes when buying an apartment in NYC

Often, people start celebrating too early, thinking that everything is done and they are about to receive the keys to their dream home. But then they find out they made one of the mistakes when buying an apartment that cost them everything. To become a proud owner of an NYC apartment, you need to avoid making poor decisions by being well informed on what not to do. Firstly never shop for real estate without an agent. The seller will have their agent present, and their only job is to get the best possible price for their client. Next, ensure you have the right mortgage plan, especially if you are not qualified for the best one. If you make a mistake and take one that does not have ideal rates, you will not be able to pay it off. Likewise, no matter how much you like an apartment, always stay within the boundaries of your budget.

Prepare a renovation budget

When you start making plans on how much a fixer-upper will cost you, you need to add the renovation expenses to the price of the apartment. They might add up to a considerable sum of money, but there are always low-budget home improvement ideas that are a lifesaver. For a professional job of home remodeling in New York, rates go from 100$ to 200$ per scare foot. And they too depend on many factors, like the quality of the materials. Also, if you wish to entirely structurally change the layout, get ready to spend a hefty sum of money. Likewise, if you get an apartment that needs a lot of work to even become livable, it will take a lot of time and money to make it so.

Appraise the conditions of the home

You need to know what you have on your hands, so it is essential to evaluate the home's conditions. Do not make the mistake of buying a fixer-upper apartment in NYC that is beyond saving. If there is a mold in the apartment and you realize it is a problem with the entire building, no amount of work will make it go away. Thus, it is best to have a walk-through with a construction specialist to tell you what all the flaws are. Then, try to imagine if what you are planning is possible with that piece of real estate. Likewise, always look at plumbing, electricity, and the overall state of the building. With a good plan and the right team of people, you will have a dream home in no time.

It is always recommended to work with a Licensed Real Estate Broker in N.Y.C. like Immacolata Giocoli of Tyler Vincent Real Estate.

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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.

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Renting vs Buying in NYC: How to Decide?

Alt-tag: A family taking a key from a woman deciding on renting vs buying in NYC

Living in New York is everything but affordable. People come to the Big Apple chasing dreams and careers. Since this is what we're all willing to pay for, the demand for apartments here is high - and so is their price. Buying a residence is quite expensive, and so is renting. It's so expensive that it became kind of ''a thing'' for New Yorkers to shamelessly ask strangers how high their rent is. Should you rent or should you buy? Let's consider the topic of renting vs buying in NYC together to help you make the best decision.

Renting vs Buying in NYC: the prices

The first thing you need to know in order to make a well-informed decision is the prices on both sides of the spectrum. It seems like the rent prices in New York hit the ceiling every year. However, the ceiling somehow becomes even higher each year. The average renting price for a two-bedroom apartment in the Big Apple is 2,224 dollars. This is almost double the national average, which is 1,360 dollars! 

As for buying - the average cost of a square foot in NYC is around 850 to 1600 dollars. This means that if you want to have a studio in New York, you'll have to have a half-million dollars. 

Alt-tag: Piles of money in a briefcase

Caption: Renting vs buying in NYC – it depends greatly on how much you’re willing to spend.

It depends a lot on the part of the city you choose

Of course, the prices of apartments in Midtown and Inwood are very different. It really depends on the neighborhood you choose and the lifestyle that is possible there. The most expensive neighborhoods to live in New York are:

1. Midtown
2. Tribeca
3. SoHo
4. Flatiron District
5. Chelsea

On the other hand, the most affordable neighborhoods you can live in are:

1. Inwood
2. Fort George
3. Washington Heights
4. Hamilton Heights
5. Chinatown

Renting gives you the flexibility

Purchasing a home is a wise decision if you anticipate remaining in the same location for at least five to seven years and have the financial resources necessary to do so. If, on the other hand, you are uncertain of where your life will take you, either emotionally or professionally, it is frequently preferable to stick to renting. Renting is flexible and based on a commitment of one year rather than purchasing a home outright.

Buying grants stability 

Think carefully about where you want to go in a few years. Do you plan on making any significant life changes in the near future (such as getting married, having a kid, or switching employment) that would entail a move? Alternatively, do you plan to remain where you are?

If you want to remain in New York for the foreseeable future, buying a home will provide you with a "feeling of belonging and sanctuary amid tough times." However, renting is the better option if your stay in New York City will be less than three years.

Make sure everything is thought through

If you decide to stay in NYC for a very long time, it's best to consider all the steps that will get you there. One of the most important considerations is planning a move, especially if you're moving interstate. For example, if you're moving to New York from New Jersey, you need to make interstate moving checklist. Pro movers say it's best to follow the plan to detail if you want to have a smooth and secure moving and a new beginning of your life.

Rent if you want to live lavishly without breaking the bank

Maybe you're young, single, a live-in-the-moment kind of person. Or, you have a family and need a bigger room than you can afford to purchase in New York City. In both cases, renting is a far better option if purchasing would require too many sacrifices. Some people who opt to rent do so because they can afford a certain level of contemporary luxury on their rent check. The same amount of money put toward a mortgage each month may mean settling for a smaller apartment in terms of square footage, amenities, and location.

Alt-tag: A woman looking out a huge window in NYC

Caption: Landscapes in NYC can be astonishing, but how much are you willing to sacrifice for them?

Buy to achieve the tax advantages of ownership 

Borrowing money to make a purchase increases your buying power, which may qualify you for a tax break. Most purchasers who finance their purchases with a mortgage will profit from both the leverage that will increase the value of their initial equity investment and the amortization that will reduce the total interest paid over the life of the loan. Capital gains may be deferred under the 1031 exchange regulations for homeowners who want to hold onto their homes as investments in the future. So, buying your first condo is not such a bad idea as far as your bank is concerned.

Rent now so you can afford to purchase when the time is right

As professionals at Van Express Movers suggest, renting is likely the default setting for most people looking to purchase in New York City, but it can become a well-thought-out plan if you know exactly where and what you want to buy. Imagine that the ideal apartment is only slightly out of reach financially but that it would be within reach with another year of saving. You're going to put your apartment hunt on hold while you save more money this year to purchase a more affordable apartment.

There is, of course, danger in pursuing this plan. Your dream property may become even more out of reach if the NYC market continues to strengthen while you wait.

Alt-tag: A woman writing next to moving boxes

Caption: Rent now to move to your dream house one day

Final thoughts

Many factors strongly influence the final decision on the subject of renting vs buying in NYC. The strongest ones are your finances, lifestyle preferences, and where you see yourself in the future. Taking the future into account is crucial. Make sure to imagine all the scenarios, both with you renting and buying a property. Consider all the little things that would happen either way. That is the best way to make the best decision for yourself and make your dreams come true.

Meta description: Renting vs buying in NYC: the everlasting dilemma. If you want to solve the confusion and make the right decision, follow the experts’ advice.

Focus Keyphrase: renting vs buying in NYC

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