Maximize Real Estate Profits
What are your goals?
The first step to buying real estate in New York City involves understanding what you are looking to achieve. If you are looking to maximize your returns and maintain asset stability, it is essential to purchase a quality investment. There are many factors that can influence an apartment's potential, and we specialize in looking for opportunities that fit the appropriate criteria:
It is also important to note that whether it be for a primary residence that you choose to live in, or a property for which you seek to collect rental income, all real estate purchases are big investments and should be treated as such. Certain basics of a good real estate investment can often be overlooked by the novice buyer. Here are some of the property features you should be looking for when buying real estate in NYC:
Location is fundamental to maximizing real estate profits when buying property in NYC. There are many options of neighborhoods, and even within these neighborhoods, there are unique enclaves. Neighborhoods that should be looked into more closely are those with good infrastructure and amenities in place, population growth and new developments. There are just as many established neighborhoods to consider as there are up and coming neighborhoods that will continue to see a lot of growth. Popular cultural institutions, restaurants, cafes and access to night life are also important considerations.
Proximity to Transportation
In NYC, it is important to be close to public transportation sources, specifically the subway system. Since the subways are like the arteries of the city and take people across all the boroughs, there is a lot of value placed on the convenience to the nearest station. There are also more than 10,000 yellow taxis in NYC, and many other alternative options like Uber and Lyft. Buying property that is easily accessible by services is also advantageous when considering investment value.
Many buildings offer a range of amenities. They can include gyms, pools, roof decks, children's playrooms, club rooms, lounges, cinema rooms and conference rooms to name a few. These types of amenities add tremendous value to apartments. When it comes to resale value or rental prices, these amenities will help you maximize profits.
Doorman vs. No Doorman
24-Hour doorman buildings offer both convenience and a sense of exclusivity. People pay for this exclusivity. However, in the past few years, there has also been a move towards developing buildings with part-time doormen and some with no doormen at all. While once upon a time this was not favorable, today, this brings down the cost of building expenses and also creates a boutique vibe. Boutique properties often are valued at higher prices than their non-boutique peers.
Low Carrying Costs
Apartments with low carrying costs are a key factor in maximizing profits from buying real estate in NYC. Many apartment developments have tax abatements, which were provided by the government to incentivize property development. The developers have passed these savings onto the owners of these properties. Additionally, many buildings are built today with resource efficiency in mind, which also helps offset monthly common charges.
At Blooming Sky, we connect you to premier brokers in NYC who use the above criteria as guiding principles to help clients find the best real estate opportunities across Manhattan, Brooklyn and Queens. Whether you are buying for your own personal use, or as an investment property, these are important criteria to consider when buying real estate in NYC.