Starter apartments can be found in pretty much every neighborhood of New York.
Upper Manhattan is a great fit for first-time homebuyers because of factors such as finances, budgets, and personal preferences. First, remember that a starter apartment is not meant to be your ‘forever’ home. It’s a launching pad that will be upgraded as major life events unfold.
Prepare yourself: starter apartments are typically studios, alcove studios, or one-bedrooms and often have small layouts, small kitchens, and simple appliances. Once basic needs are met, budget permitting, you can then look for additional amenities such as space, light, choice views, or a balcony.
It’s all about affordability and untapped potential. Choosing the right neighborhood is everything: with the equity, starter homes accumulate over time, buyers can often use them as a stepping stone to a larger home.
Making a profit on the home is contingent upon a number of factors, including how long you hold the apartment for, what kind of market we’re in when it comes time to sell, and what kinds of upgrades were made to the unit.
If you want to make your money back, do not spend more than 10% of the purchase price on renovations.
Check out Pedro Paredes, Licensed Real Estate Agent at The Bizzarro Agency, with some advice on what to consider before your renovate.