How to Choose The Right Neighborhood

There are many calculations New Yorkers make when choosing where to live…

And even if you have the means to afford to live wherever you want, there will be trade-offs.

 

Here are 5 things to consider when picking a neighborhood in the city:

1. Don’t get bogged down! Just because a neighborhood is supposed to be hip or was made famous by a TV show doesn’t mean it’s the right place for you. Instead, consider your specific wants and needs before settling on a place.

2. Figure out what matters most to you: location, space, or price! If space and price are your biggest concerns, you may end up living in a neighborhood that’s a bit off the beaten path. If you’re invested in a location with lots of amenities and things to do, you’ll almost certainly end up paying more in rent.

3. How important is being close to nature? New York may have a reputation as a concrete jungle, but there are plenty of areas where green space is abundant… Fort Tryon and Inwood Hill Park are enormous and close to the vibrant neighborhoods of Inwood and Washington Heights.

4. Take public transportation options into account. The MTA does not serve all parts of the city equally, so don’t get stuck in a “subway desert”. Even so, prepare to spend a lot of time on the subway. The average one-way commute time in New York City is about 36 minutes.

5. Treat the entire city like your neighborhood! Researching neighborhoods extensively before moving means that you’ll find a ton of places you want to explore! Once you have a home base, spend the rest of your time doing just that.

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Should You Rent or Buy?

Should you keep renting, or are you ready to become a homeowner?

Consider the following when making a decision:

1. Timeline: It can take three months or more from contract signing until the time you get your keys.

2. The Market is Shifting: Inventory is up and prices are going down. With more choices, it’s the perfect time for first time home buyers to start looking. [UPDATED: THE MARKET HAS SHIFTED AGAIN DUE TO COVID19]

3. Disappearing Opportunities: Prices are at average much lower than Lower Manhattan. However, rezoning and new developments are going to soon change this.

4. Personal Finances: Some co-ops only requiring 10% down, so if you saved up some cash and built your credit, this is the best time to start your home buying process!

Join Simonne Hill, Licensed Real Estate Agent at The Bizzarro Agency, for an important chat on what it means to be a potential first-time homebuyer, below.

 

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